Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003

No. S 682

Insurance Act

(CHAPTER 142)

Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003

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

PART I

Preliminary

Citation and commencement

1. These Regulations may be cited as the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003 and shall come into operation on 1st January 2004.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“approved MAT insurer” means an insurer which is for the time being approved under regulation 5;

“claim liabilities”, in relation to an insurer, means the obligation of the insurer, whether contractual or otherwise, to make future payments in relation to all claims incurred during a financial year (other than payments which have fallen due for payment during the financial year) in respect of policies issued by the insurer under these Regulations, whether or not they have been reported to the insurer, and includes expenses that the insurer expects to incur in settling these claims;

“designated country” means a country or territory specified in the First Schedule;

“designated entity” means any person who is licensed, registered, approved or otherwise regulated under the law of any designated country to carry on the business of providing MAT insurance in that country;

“gross liabilities incurred in respect of policies issued”, in relation to an insurer, means the sum of the claim liabilities and the premium liabilities in respect of policies issued by the insurer under these Regulations without deduction for reinsurance;

“gross premiums written” means the amount of premiums written without deduction for reinsurance;

“MAT insurance” means insurance of risks comprising —

(a)

maritime shipping and commercial aviation and space launching and freight (including satellites), with such insurance to cover one or both of the following:

(i)	the goods being transported;
(ii)	the vehicle transporting the goods and any liability arising therefrom; and

(b)

goods in international transit;

“premium liabilities”, in relation to an insurer, means the obligation of the insurer, whether contractual or otherwise, to make future payments in relation to all claims incurred after the end of a financial year in respect of policies issued by the insured under these Regulations, and includes expenses that the insurer expects to incur in administering the policies and settling the relevant claims.

(2) Any reference in these Regulations to the domestic liabilities of an approved MAT insurer shall be construed as a reference to the liabilities incurred by the approved MAT insurer as a result of carrying on the business of providing MAT insurance under insurance policies to persons in Singapore.

Made this 22nd day of December 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.30; AG/LEG/SL/142/2002/1 Vol. 3]

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