PART I | 1. These Regulations may be cited as the Insurance (Lloyd’s Asia Scheme) Regulations. |
2. In these Regulations, unless the context otherwise requires —| “accounting period”, in relation to a syndicate, means the period beginning from the commencement of insurance business in Singapore by the syndicate under these Regulations or 1 January of any year, as the case may be, and ending 31 December of that year for which accounts relating to insurance business carried on in Singapore by the syndicate under these Regulations are kept, unless otherwise allowed by the Authority; [S 1094/2020 wef 31/12/2020] |
| “Accounting Standards” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); [S 814/2004 wef 01/01/2005] |
| “administrator”, for the purposes of these Regulations other than the definition of “member of Lloyd’s” in this regulation, means Lloyd’s of London (Asia) Pte. Ltd.; [S 180/2015 wef 01/04/2015] |
| “agent”, in relation to a member of Lloyd’s, means an agent in respect of the carrying on of insurance business in Singapore by the member with authority to enter into contracts of insurance on behalf of the member; |
| “Annual Report” means a report of Lloyd’s (including any statement of account) for each financial year that is submitted to the members of Lloyd’s; [S 839/2018 wef 01/01/2019] |
| “binding authority” means an agreement between a Service Company and a coverholder under which the Service Company authorises the coverholder to enter into a contract of insurance on behalf of the members of a syndicate for whom the Service Company acts as an agent; [S 180/2015 wef 01/04/2015] |
| “Board”, in relation to the administrator or a Service Company, means the board of directors of the administrator or the Service Company, as the case may be; [S 180/2015 wef 01/04/2015] |
| “Chain of Security”, in relation to a member of Lloyd’s, means the member’s premiums trust fund, funds at Lloyd’s as defined in paragraph 17 of the Lloyd’s Membership Byelaw (No. 5 of 2005), other personal wealth of the member and the New Central Fund; [S 839/2018 wef 01/01/2019] |
| “collective investment scheme” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); [S 814/2004 wef 01/01/2005] |
| “Council of Lloyd’s” means the Council of Lloyd’s established by the Lloyd’s Act 1982 of the United Kingdom; |
| “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; [S 814/2004 wef 01/01/2005] |
“coverholder”, in relation to a Service Company, means a person authorised by the Service Company under a binding authority to enter into a contract of insurance on behalf of the members of a syndicate —| (a) | for whom the Service Company acts as an agent; and | | (b) | who have authorised the Service Company to enter into such binding authority with the person; [S 180/2015 wef 01/04/2015] |
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| “debt security” includes any debenture, bond or note; [S 814/2004 wef 01/01/2005] |
| [Deleted by S 1094/2020 wef 31/12/2020] |
| “equity security” includes any stock, share, depository receipt or unit in a collective investment scheme; [S 814/2004 wef 01/01/2005] |
“executive officer”, in relation to the administrator or a Service Company, means any person, by whatever name described —| (a) | who —| (i) | is in the direct employment of the administrator or the Service Company, as the case may be; | | (ii) | is acting for the administrator or the Service Company, as the case may be; or | | (iii) | has an arrangement with the administrator or the Service Company, as the case may be, to act for the administrator or the Service Company; and |
| | (b) | who is concerned with or takes part in the management of the administrator or the Service Company, as the case may be, on a day-to-day basis; [S 180/2015 wef 01/04/2015] |
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“final judgment” means any final judgment given or made by a court of competent jurisdiction and includes a final award in proceedings on an arbitration (if the award has, in pursuance of the law in force in the place where it was made, become enforceable in the same manner as a judgment given by a court in that place) where —| (a) | there is no right of appeal against the judgment or award; | | (b) | the time within which an appeal may be made has expired; or | | (c) | the relevant member or Service Company has confirmed that it does not intend to appeal; |
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| “holding company” has the same meaning as in section 5 of the Companies Act; [S 665/2010 wef 04/11/2010] |
| “Lloyd’s” means the society of underwriters known in the United Kingdom as Lloyd’s and incorporated by the Lloyd’s Act 1871 of the United Kingdom; |
| “Lloyd’s Premiums Trust Deed” means a trust deed made by a member of Lloyd’s in a form determined by the Council of Lloyd’s as a form of trust deed in accordance with the provisions of which the member is to carry to a trust fund all amounts received or receivable by him, or on his behalf, in respect of any insurance business; |
“managing agent” means —| (a) | a person listed as a managing agent on the register of underwriting agents maintained under the Lloyd’s Underwriting Byelaw (No. 2 of 2003); or [S 814/2004 wef 01/01/2005] | | (b) | a person appointed to perform the functions of a managing agent under Part K of the Lloyd’s Underwriting Byelaw (No. 2 of 2003); [S 814/2004 wef 01/01/2005] [S 839/2018 wef 01/01/2019] |
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| “member of Lloyd’s” means a person admitted to membership of Lloyd’s as an underwriting member and includes, where the context so requires, any person who has ceased to be a member of Lloyd’s and any administrator, administrative receiver, committee, curator bonis, executor, liquidator, manager, personal representative, supervisor or trustee in bankruptcy, or any other person by law entitled or bound to administer the affairs of the member or former member concerned; |
| “New Central Fund” means the fund established under the Lloyd’s New Central Fund Byelaw (No. 23 of 1996); |
“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; [S 814/2004 wef 01/01/2005] |
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| “premiums trust fund”, in relation to a member of Lloyd’s, means the trust fund set up with respect to the member’s insurance business (other than long term business) constituted or regulated under the Lloyd’s Premiums Trust Deed and includes the member’s Singapore Policies Trust Fund and Offshore Policies Trust Fund constituted by the Lloyd’s Asia (Singapore Policies) Instrument and the Lloyd’s Asia (Offshore Policies) Instrument made by the Council of Lloyd’s respectively; |
“quarter” means —| (a) | a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year; and | | (b) | for a quarter in which a syndicate first commenced an insurance business in Singapore under these Regulations, the period beginning on the date on which the syndicate commenced the insurance business in Singapore and ending on the last date of that quarter, |
| and “quarterly basis” is to be construed accordingly; |
[S 1094/2020 wef 31/12/2020] |
| “reinsurance recoverables” means any amount that a Service Company or any coverholder authorised by the Service Company is entitled to recover on behalf of a syndicate, but has yet to recover, from the syndicate’s reinsurance counterparty in respect of claims that have been paid by the Service Company or the coverholder, as the case may be, on behalf of the syndicate; [S 180/2015 wef 01/04/2015] |
“senior officer”, in relation to a Service Company, includes —| (a) | a director, a secretary or an executive officer of the Service Company; | | (b) | a receiver or a manager of any part of the undertaking of the Service Company appointed under a power contained in any instrument; or | | (c) | the liquidator of the Service Company in a voluntary winding up; [S 180/2015 wef 01/04/2015] |
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| “Service Company” means any company registered with the administrator under regulation 6; |
| “subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50); [S 814/2004 wef 01/01/2005] |
| “syndicate” means a member of Lloyd’s or a group of members of Lloyd’s underwriting insurance business at Lloyd’s through the agency of a managing agent to which member or group a particular syndicate number is assigned by or under the authority of the Council of Lloyd’s; [S 180/2015 wef 01/04/2015] |
| “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); [S 814/2004 wef 01/01/2005] |
| “valid claim” means a claim for a sum of money which is admitted to by the foreign insurer or its Service Company or which is payable under a final judgment; |
| “valuation date” means the date on which the assets and liabilities of the business of a syndicate written by a Service Company are valued. [S 814/2004 wef 01/01/2005] |
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2A.—(1) The forms and annexes and notes to the forms which are to be used for the purposes of these Regulations are those set out at the Authority’s website at http://www.mas.gov.sg, and any reference in these Regulations to a numbered form or annex (where such number includes alphanumeric characters) is construed as a reference to the current version of the form, annex or notes (as the case may be) bearing the corresponding number which is displayed at that website.| (2) All forms and annexes and notes to the forms used for the purposes of these Regulations must be completed in the English language and in accordance with such instructions for completion as may be specified in the form or by the Authority. |
[S 839/2018 wef 01/01/2019] |
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