Insurance (Accounts and Statements) (Amendment) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 27 Dec 2007

No. S 734

Insurance Act

(Chapter 142)

Insurance (Accounts and Statements) (Amendment) Regulations 2007

In exercise of the powers conferred by sections 17 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 (Accounts and Statements) (Amendment) Regulations 2007 and shall come into operation on 1st January 2008.

Amendment of First Schedule

2. The First Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) is amended —

(a)

by deleting paragraph 14 of the Instructions for completion of Form 1, Notes, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii);

(b)

by deleting sub-paragraph (g) of paragraph 18 of the Instructions for completion of Form 1, Notes, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii) and substituting the following sub-paragraph:

“(g)

“Others”, which includes any exchange translation reserves resulting from the translation of the statement in this form from a non-Singapore dollar denominated functional currency to the presentation currency in Singapore dollars, any contingency reserves prescribed under the Act or any rules or regulations thereunder, and any liability other than the items described in sub-paragraphs (a) to (f) above, for example special reserves.”;

(c)

by deleting paragraph 19 of the Instructions for completion of Form 1, Notes, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii);

(d)

by deleting paragraph 12 of the Instructions for completion of Form 2 and Annexes 2A to 2J and substituting the following paragraph:

“12. “Other income” includes gains due to exchange rate fluctuations, foreign currency translations and any net decrease in the total contingency reserves maintained by the insurer during the period.”;

(e)

by deleting paragraph 28 of the Instructions for completion of Form 2 and Annexes 2A to 2J and substituting the following paragraph:

“28. “Other expenses” includes depreciation on fixed assets, losses due to exchange rate fluctuations and foreign currency translations and any net increase in the total contingency reserves maintained by the insurer during the period.”;

(f)

by deleting paragraph 13 of the Instructions for completion of Form 6 and Notes;

(g)

by deleting paragraph (e) at Row No. 12 of Form 21 and substituting the following paragraph:

“(e)	other financial resource adjustments”;

(h)

by deleting paragraph (e) at Row No. 14 of Form 23 and substituting the following paragraph:

“(e)	other financial resource adjustments”;

(i)

by deleting the words “Any qualifying Tier 2 instrument approved by the Authority as a Tier 2 resource” at Row No. 18 of Form 23 and substituting the words “Other Tier 2 resource”; and

(j)

by inserting, immediately after paragraph 4 of the Instructions for completion of Form 23, the following paragraphs:

“5. “Other Tier 2 resource” includes any qualifying Tier 2 instrument approved by the Authority as a Tier 2 resource.

6. A reinsurer incorporated in Singapore shall calculate the C1 requirement in relation to its insurance funds established and maintained under the Act in respect of offshore policies and in relation to the assets and liabilities of any of its branches located outside of Singapore in accordance with the Third Schedule to the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and provide the breakdown of its calculation in this Form under the section on additional information.”.

Transitional provision

3. Notwithstanding anything in these Regulations, Form 1, Form 2, Form 6, Form 21 or Form 23 in force immediately before 1st January 2008 shall continue to be used for any accounting period, or quarter of a year, ending on or before 31st December 2007.

[G.N. No. S 39/2006]

Made this 24th day of December 2007.

ONG CHONG TEE

Acting Managing Director,
Monetary Authority of Singapore.

[ID05.1V32; AG/LEG/SL/142/2002/1 Vol. 10]

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