11.—(1) Where the Authority is satisfied that there exists a ground on which the Authority would be empowered by regulation 7 to withdraw the approval of an insurer, the Authority may require that assets of the insurer of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in Singapore.
(2) The Authority may direct that, for the purposes of any requirement under this regulation, assets of a specified class or description shall or shall not be treated as assets maintained in Singapore.
(3) The Authority may direct that, for the purposes of any requirement under this regulation, the domestic liabilities of an approved MAT insurer, or such liabilities of any class or description, shall be taken to be the net liabilities after deducting any part of them which is reinsured.
(4) A requirement imposed under this regulation may be framed so as to come into effect —
(a)
immediately after the day on which it is imposed; or
(b)
after the expiration of a specified period,
or such longer period as the Authority may allow.
(5) Subject to paragraph (6), in computing the amount of any liabilities for the purposes of this regulation, all contingent and prospective liabilities shall be taken into account but not liabilities in respect of share capital.
(6) For the purposes of this regulation, the Authority may by notice in writing specify the basis on which the value of any assets and the amount of any liabilities shall be determined.