Amendment of regulation 2
2.  Regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations (Rg 9, 2004 Ed.) (referred to in these Regulations as the principal Regulations) is amended —
(a)by inserting, immediately after the definition of “accounting period”, the following definition:
“ “Accounting Standards” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);”;
(b)by inserting, immediately after the definition of “Chain of Security”, the following definition:
“ “collective investment scheme” has the same meaning as in section 2(1)of the Securities and Futures Act (Cap. 289);”;
(c)by inserting, immediately after the definition of “Council of Lloyd’s”, the following definitions:
“ “counterparty” means any person who is under a financial obligation to the Service Company, as an agent of a syndicate, in respect of the business of the syndicate written by the Service Company;
“debt security” includes any debenture, bond or note;
“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88);
“equity security” includes any stock, share, depository receipt or unit in a collective investment scheme;”;
(d)by deleting the words “Lloyd’s Underwriting Agents Byelaw (No. 4 of 1984)” in paragraph (a) of the definition of “managing agent” and substituting the words “Lloyd’s Underwriting Byelaw (No. 2 of 2003)”;
(e)by inserting, immediately after the words “Lloyd’s Substitute Agents Byelaw (No. 20 of 1983)” in paragraph (b) of the definition of “managing agent”, the words “or the Lloyd’s Underwriting Byelaw (No. 2 of 2003)”;
(f)by inserting, immediately after the definition of “New Central Fund”, the following definition:
“ “permitted trust outgoings” means —
(a)in relation to an insurance fund for Singapore policies established under regulation 11 (1)(a), Permitted Singapore Policies Trust Outgoings, as defined in the Lloyd’s Asia (Singapore Policies) Instrument made by the Council of Lloyd’s on 13th February 2002; and
(b)in relation to an insurance fund for offshore policies established under regulation 11 (1)(b), Permitted Offshore Policies Trust Outgoings, as defined in the Lloyd’s Asia (Offshore Policies) Instrument made by the Council of Lloyd’s on 13th February 2002;”;
(g)by inserting, immediately after the definition of “premiums trust fund”, the following definitions:
“ “quarter” means any period of 3 months beginning on 1st January, 1st April, 1st July or 1st October of any year;
“reinsurance recoverables” means any amount that a Service Company is entitled to recover on behalf of a syndicate, but has yet to recover, from its reinsurance counterparty in respect of claims that have been paid by the Service Company on behalf of the syndicate;”;
(h)by inserting, immediately after the definition of “Service Company”, the following definition:
“ “subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50);”;
(i)by inserting, immediately after the definition of “syndicate”, the following definition:
“ “unit”, in relation to a collective investment scheme, has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);”; and
(j)by deleting the full-stop at the end of the definition of “valid claim” and substituting a semi-colon, and by inserting immediately thereafter the following definition:
“ “valuation date” means the date on which the assets and liabilities of the business of a syndicate written by a Service Company are valued.”.