3.—(1) An applicant for registration as a Protection and Indemnity Club shall be exempt from regulation 3 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
(2) For the purposes of section 9(1)(c) of the Act, the Authority shall not register an applicant as a Protection and Indemnity Club unless the applicant has a paid-up ordinary share capital (or its equivalent recognised by the Authority as applicable to the applicant under the laws of the country or territory in which the applicant is incorporated, formed or established) of not less than $25 million.