Insurance (General Provisions) (Amendment) Regulations 2008

Status:

Published in Subsidiary Legislation Supplement
on 02 Dec 2008

No. S 618

Insurance Act

(Chapter 142)

Insurance (General Provisions) (Amendment) Regulations 2008

In exercise of the powers conferred by sections 11, 52(1) and 64(1) of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Insurance (General Provisions) (Amendment) Regulations 2008 and shall come into operation on 2nd December 2008.

Amendment of regulation 3

2. Regulation 3 of the Insurance (General Provisions) Regulations (Rg 17) is amended —

(a)

by deleting the words “or marine mutual insurer” in paragraphs (1), (4) and (7) and substituting in each case the words “, marine mutual insurer or Special Purpose Reinsurance Vehicle”;

(b)

by inserting, immediately after paragraph (3), the following paragraph:

“(3A) A Special Purpose Reinsurance Vehicle shall pay to the Authority an annual fee of $5,000.”; and

(c)

by inserting, immediately after the definition of “marine mutual insurer” in paragraph (11), the following definition:

“ “Special Purpose Reinsurance Vehicle” has the same meaning as in the Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008 (G.N. No. S 617/2008);”.

[G.N. No. S 748/2007]

Made this 28th day of November 2008.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[ID05.1V32; AG/LEG/SL/142/2002/1 Vol. 11]

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