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.”.