Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations

Insurance Act

(Chapter 142, Sections 52(1A) and 64)

Rg 14

G.N. No. S 681/2003

REVISED EDITION 2004

(31st December 2004)

[1st January 2004]

PART I

PRELIMINARY

Citation

1. These Regulations may be cited as the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations.

Definitions

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

“approved general reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to general business;

“approved insurance broker” means a person who is for the time being approved under regulation 4;

“approved life reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to life business;

“approved MAT insurer” means an insurer which is for the time being approved under regulation 5 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations (Rg 15);

“approved MAT insurance broker” means a person who is for the time being approved under regulation 4 in respect of MAT insurance business but not any reinsurance business;

“designated country” means a country or territory specified in the First Schedule;

“designated entity” means any person who is licensed, registered, approved or otherwise regulated under the law of any designated country to carry on business as an insurance broker;

“insurance broker” means a person who is or has been carrying on insurance business as agent for insureds or intending insureds;

“MAT insurance” means insurance of risks comprising —

(a)

maritime shipping, commercial aviation, space launching and freight (including satellites), with such insurance to cover one or both of the following:

(i)	the goods being transported; and
(ii)	the vehicle transporting the goods and any liability arising therefrom; and

(b)

goods in international transit;

“MAT policy” means a policy relating to MAT insurance;

“net asset value”, in relation to an entity, means the excess of the value of the assets owned by the entity over its liabilities.

(2) For the purpose of the definition of “net asset value” in paragraph (1) —

(a)

in determining the value of the asset owned by the entity, any amount on account of goodwill or of any other intangible assets shall be disregarded; and

(b)

in determining the amount of the liabilities of the entity —

(i)	all contingent or prospective liabilities shall be taken into account; and
(ii)	any amount on account of any liability related to the share capital of the entity shall not be taken into account.

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