Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004

No. S 804

Insurance Act

(Chapter 142)

Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004

In exercise of the powers conferred by sections 9, 18, 36, 52(1) and 64(1) 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 (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004 and shall come into operation on 1st January 2005.

Definitions

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

“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88);

“Protection and Indemnity Club” means an insurer registered under section 8 of the Act as a direct insurer to carry on general business and who is permitted to carry on protection and indemnity insurance business only;

“protection and indemnity insurance business” means the business of insuring against third party liabilities and expenses arising from owning, or operating, ships as principals;

“valuation date” means the date on which the assets and liabilities of a Protection and Indemnity Club are valued.

Made this 23rd day of December 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.31; AG/LEG/SL/142/2002/1 Vol. 6]

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