Definitions
16.  For the purposes of this Part —
“Singapore Insurance Fund” means any insurance fund established in respect of Singapore policies under section 16(1)(a) of the Act;
“Singapore Insurance Fund Assets” shall be the aggregate of all assets for which valuation bases are specified in regulations 5 to 14 and any other asset which the Authority may allow;
“approved financial institutions” means banks, finance companies and merchant banks approved by the Authority or other commercial banks licensed in a foreign country;
“related”, in relation to any company or financial institution, has the same meaning as in section 6 of the Companies Act [Cap. 50];
“property shares” means shares that are classified by the Stock Exchange of Singapore or other stock exchanges as property shares and, in the case of unquoted shares, means shares of any company whose investment in property constitutes not less than 50% of its total assets;
“liquid assets” shall consist of securities of the Singapore Government and public authorities of Singapore, cash and deposits in Singapore dollars in approved financial institutions, and bills of exchange in Singapore dollars accepted or endorsed by banks licensed under the Banking Act [Cap. 19], which arise from bona fide commercial transactions and which are payable within 3 months;
“office building” means buildings owned by the insurer and used as the headquarters for its operations in Singapore and which the insurer occupies at least one third of the office space;
“overseas assets” means loans to and securities issued by non-residents, deposits and property held overseas;
“unsecured loans” means loans given without security;
“written premiums” means gross premiums during the accounting period in respect of Singapore policies issued, and reinsurances accepted, which are entered in an insurer’s register of Singapore policies, reduced by return premiums and premiums in respect of reinsurances on Singapore policies ceded during the accounting period to a registered insurer.