No. S 683
Insurance Act
Chapter 142
Insurance (Intermediaries) Regulations 2003
In exercise of the powers conferred by sections 35Y, 35ZA, 35ZC, 35ZD, 35ZE, 35ZG, 35ZN, 35ZO, 36, 52(1), 56A(3) and 64 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 (Intermediaries) Regulations 2003 and shall come into operation on 1st January 2004.
2.—(1)  In these Regulations, unless the context otherwise requires —
“applicant” means an applicant for registration as an insurance broker referred to in section 35X of the Act;
“exempt direct insurance broker” means an exempt insurance broker carrying on business as a direct insurance broker;
“exempt insurance broker” means any person who is exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) of the Act in respect of carrying on business as an insurance broker;
“exempt reinsurance broker” means an exempt insurance broker carrying on business as a general reinsurance broker or a life reinsurance broker;
“net asset value”, in relation to a company, means the excess of the value of the assets owned by the company over its liabilities.
(2)  For the purposes of the definition of “net asset value” in paragraph (1) —
(a)in determining the value of the assets owned by a company, any amount on account of goodwill or of any other intangible assets shall be disregarded; and
(b)in determining the amount of the liabilities of a company —
(i)all contingent or prospective liabilities shall be taken into account; and
(ii)any amount on account of any liability related to the share capital of the company shall not be taken into account.
Made this 22nd day of December 2003.
Managing Director,
Monetary Authority of Singapore.
[ID 05.1 V.30; AG/LEG/SL/142/2002/1 Vol. 3]