2. Regulation 2(1) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) (referred to in these Regulations as the principal Regulations) is amended —
(a)
by inserting, immediately after the definition of “money market debt security”, the following definitions:
“ “mortgage insurance policy” means a policy that protects against losses on mortgage loans arising from default by borrowers;
“mortgage insurer” means an insurer registered under the Act which has liabilities in respect of mortgage insurance policies;
“net premiums written” means the net amount of premiums written by an insurer after deduction of return premiums and payments in respect of reinsurance business ceded;”;
(b)
by inserting, immediately after the definition of “policy assets”, the following definition:
“ “political risk insurance policy” means a policy that protects against losses from business operations as a result of adverse political developments;”; and
(c)
by inserting, immediately after the definition of “total risk requirement”, the following definitions:
“ “trade credit and political risk insurer” means an insurer registered under the Act which has liabilities in respect of trade credit insurance policies or political risk insurance policies or both;
“trade credit insurance policy” means a policy that protects against the risk of non-payment of goods and services by buyers and importers;”.