SECOND SCHEDULE
Regulation 17(2)
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(APPROVED MARINE, AVIATION AND TRANSIT INSURERS)
REGULATIONS
RETURNS TO BE LODGED BY APPROVED MAT INSURERS
(SINGAPORE BUSINESS) (FORMS 1 TO 2)
NAME OF INSURER _______________________
FORM 1 — STATEMENT OF PREMIUMS, CLAIMS AND COMMISSIONS IN RESPECT OF MAT INSURANCE BUSINESS FOR PERIOD FROM ___________ TO _____________
 
Co Code
 
Year
 
Month
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
S$
Particulars
Row No.
Marine
Aviation
Other MAT business
Total
Cargo
Hull and liability
Cargo
Hull and liability
A.PREMIUMS
 
 
 
 
 
 
 
 Gross premiums
1
 
 
 
 
 
 
 Less: Reinsurance business ceded
2
 
 
 
 
 
 
 Net premiums written (1-2)
3
 
 
 
 
 
 
 Net premium liabilities at beginning of period
4
 
 
 
 
 
 
 Net premium liabilities at end of period
5
 
 
 
 
 
 
 Premiums earned during the period (3+4-5)
6
 
 
 
 
 
 
B.CLAIMS
 
 
 
 
 
 
 
 Gross claims
7
 
 
 
 
 
 
 Less: Recoveries from reinsurance business ceded
8
 
 
 
 
 
 
 Net claims paid (7-8)
9
 
 
 
 
 
 
 Net claim liabilities at end of period
10
 
 
 
 
 
 
 Net claim liabilities at beginning of period
11
 
 
 
 
 
 
 Net claims incurred (9+10-11)
12
 
 
 
 
 
 
C.DISTRIBUTION EXPENSES
 
 
 
 
 
 
 
 Commissions paid
13
 
 
 
 
 
 
 Reinsurance commissions
14
 
 
 
 
 
 
 Net commissions incurred (13-14)
15
 
 
 
 
 
 
 Other distribution expenses
16
 
 
 
 
 
 
 Total distribution expenses (15+16)
17
 
 
 
 
 
 
D.UNDERWRITING RESULT AFTER DISTRIBUTION EXPENSES
 
 
 
 
 
 
 
 Gross underwriting gain/(loss) (6-12-17)
18
 
 
 
 
 
 
Names and signatures of:
__________
Director
__________
Director
__________
Chief Executive Officer
Date:_____
Instructions for completing Form 1
1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be reported in “(  )”.
2.  For the purpose of risk classification, where separate figures for each class of business are not available, as in a combined policy covering several classes of risks, the premiums may be shown under the predominant class of risk.
3.  “Gross premiums” refers to gross premiums received or receivable including portfolio premiums, after deduction of discounts and return premiums, which have been entered into the books of the insurer during the period. Commissions shall not be deducted from gross premiums.
4.  “Reinsurance business ceded” refers to premiums paid or payable on reinsurance ceded during the period. It includes portfolio premiums in respect of ceded business.
5.  “Net premiums written” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.
6.  “Gross claims” refers to claims paid, including portfolio losses and medical and legal expenses incurred directly in settlement of claims paid during the period, net of recoveries from salvages. It includes changes in outstanding claims. Outstanding claims refer to claims which have been approved by the company for payment but not yet paid, and include expenses associated with the settlement of such claims.
7.  “Recoveries from reinsurance business ceded” refers to reinsurance recoveries received or receivable from reinsurance in respect of claims paid including portfolio losses, during the period.
8.  “Net claim liabilities” includes provisions set up for claims reported but not yet determined, claims incurred but not reported (IBNR), claims incurred but not enough reported (IBNER), as well as all expenses associated with the settlement of such claims. Net claim liabilities should be reported net of any recoveries received or receivable from reinsurance.
9.  “Distribution expenses” includes all direct costs such as commissions and bonuses, and all indirect costs of benefits and services provided by the insurer in the distribution of its products. It shall include any reinsurance commissions.
Regulation 17(2)
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(APPROVED MARINE, AVIATION AND TRANSIT INSURERS)
REGULATIONS
RETURNS TO BE LODGED BY APPROVED MAT INSURERS
(SINGAPORE BUSINESS) (FORMS 1 TO 2)
FORM RELATING TO INSURANCE DEPOSIT REQUIREMENT
(FORM 2)
NAME OF INSURER _______________________
FORM 2 — INSURANCE DEPOSIT REQUIREMENT
IN RESPECT OF MAT INSURANCE BUSINESS AS AT ___________
 
Co Code
 
Year
 
Month
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Particulars
Row No.
Original Currency
S$
Amount of insurance deposit in S$
Gross premiums written
1
 
 
 
Gross premium liabilities
2
 
 
 
Gross claim liabilities
3
 
 
 
Gross liabilities in respect of policies issued (2+3)
4
 
 
 
INSURANCE DEPOSIT REQUIRED
5
N.A.
N.A.
 
Additional disclosure:
 
 
Exchange rate used (S$/original currency)
 
 
 
Names and signatures of:
__________
Director
__________
Director
__________
Chief Executive Officer
Date: ______________
Instructions for completing Form 2:
1.  Insurance deposit required shall be determined in accordance with these Regulations.
Regulation 17(2)
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(APPROVED MARINE, AVIATION AND TRANSIT INSURERS)
REGULATIONS
RETURNS TO BE LODGED BY APPROVED MAT INSURERS
(GLOBAL BUSINESS) (FORMS 3 TO 4)
NAME OF INSURER __________________________________
FORM 3 — BALANCE-SHEET IN RESPECT OF
GLOBAL OPERATIONS AS AT ___________
 
 
 
 
 
 
 
Description
Row No.
Original currency
S$
 
 
ASSETS
 
 
 
 
 
Equity securities
1
 
 
 
 
Debt securities
2
 
 
 
 
Loans
3
 
 
 
 
Cash and deposits
4
 
 
 
 
Other invested assets
5
 
 
 
 
Investment income due or accrued
6
 
 
 
 
Outstanding premiums and agents’ balances
7
 
 
 
 
Deposits withheld by cedants
8
 
 
 
 
Reinsurance recoverables
9
 
 
 
 
Income tax recoverables
10
 
 
 
 
Intra-group balances
11
 
 
 
 
Land and buildings
12
 
 
 
 
Fixed assets
13
 
 
 
 
Others
14
 
 
 
 
Total Assets (1 to 14)
15
 
 
 
 
LIABILITIES
 
 
 
 
 
Life policy liabilities
16
 
 
 
 
General policy liabilities:
 
 
 
 
 
Premium liabilities
17
 
 
 
 
Claim liabilities
18
 
 
 
 
Outstanding claims
19
 
 
 
 
Annuities due and unpaid
20
 
 
 
 
Amounts owing to insurers
21
 
 
 
 
Reinsurance deposits
22
 
 
 
 
Bank loans and overdrafts
23
 
 
 
 
Intra-group balances
24
 
 
 
 
Others
25
 
 
 
 
Total Liabilities (16 to 25)
26
 
 
 
 
NET ASSETS (15 – 26)
27
 
 
 
 
SHAREHOLDERS’ EQUITY
 
 
 
 
 
Paid-up capital
28
 
 
 
 
Share premium reserves
29
 
 
 
 
Other reserves
30
 
 
 
 
Unappropriated profits
31
 
 
 
 
TOTAL SHAREHOLDERS’ EQUITY (28 to 31)
32
 
 
 
 
 
 
 
 
 
Additional disclosure:
 
 
Exchange rate used (S$/original currency)
 
 
 
 
 
Names and signatures of:
__________
Director
__________
Director
__________
Chief Executive Officer
Date: ______________
Instructions for completing Form 3
1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be reported in “(  )”.
2.  This return shall not be consolidated with operations of subsidiary and associate companies but shall include the operations of branches of the insurer.
3.  “Equity securities” includes any stock, share, depository receipt and unit in a collective investment scheme.
4.  “Debt securities” includes any debenture stock, bond and note.
5.  “Loans” should be reported after net of provisions.
6.  “Reinsurance recoverables” refers to claims recoverable from reinsurers, including claims recoverable from related, associate or affiliate companies.
7.  “Land and buildings” includes properties acquired through foreclosures and in settlement of debts.
8.  “Premium liabilities” and “Claim liabilities” should be reported net of reinsurance.
9.  “Outstanding claims” refers to claims which have been approved by the company for payment but not yet paid. It includes expenses associated with the settlement of such claims. For life business, the amount also includes claims which have not been approved but the quantum for which is fixed.
10.  “Amounts owing to insurers” refers to claims owing by the insurer to ceding companies and premiums owing to reinsurers, including premiums or claims payable to related, associate or affiliate companies.
11.  “Intra-group balances” refers to amounts owing by or to the insurer to or from related, associate or affiliate companies, excluding balances relating to insurance transactions such as premiums and claims receivable or payable and reinsurance recoverables.
Regulation 17(2)
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(APPROVED MARINE, AVIATION AND TRANSIT INSURERS)
REGULATIONS
RETURNS TO BE LODGED BY APPROVED MAT INSURERS
(GLOBAL BUSINESS) (FORMS 3 TO 4)
NAME OF INSURER __________________________________
FORM 4 — PROFIT & LOSS STATEMENT
IN RESPECT OF GLOBAL OPERATIONS
FOR PERIOD FROM ____________ TO _______________
Description
Row No.
Original currency
S$
Premium revenue
1
 
 
Less: Reinsurance premiums ceded
2
 
 
Net premiums (1-2)
3
 
 
Investment income
4
 
 
Less: Investment expenses
5
 
 
Net investment income (4-5)
6
 
 
Other income
7
 
 
Total income (3+6+7)
8
 
 
Gross claims
9
 
 
Less: Reinsurance recoveries
10
 
 
Net claims (9-10)
11
 
 
Increase (decrease) in net policy liabilities
12
 
 
Distribution expenses
13
 
 
Management expenses
14
 
 
Provision for doubtful debts/bad debts written off on receivables
15
 
 
Tax
16
 
 
Other expenses
17
 
 
Total expenses (11 to 17)
18
 
 
Net income (8-18)
19
 
 
Unappropriated profit/(loss) brought forward from previous period
20
 
 
Transfer to reserves
21
 
 
Dividends paid
22
 
 
Other adjustments
23
 
 
Unappropriated profit/(loss) at end of period (19+20-21-22-23)
24
 
 
Additional disclosures:
 
 
 
(i)Exchange rate used (S$/original currency)
 
 
 
(ii)Statistics for general business
 
 
 
 
 
(Amount in original currency)
 
 
 
 
(a)Earned premiums
 
 
 
(b)Incurred losses
 
 
 
(c)Commission expenses
 
 
 
(d)Management expenses
 
 
 
(e)Underwriting result (a-b-c-d)
 
 
 
(f)Net investment income
 
 
 
(g)Operating result (e-f)
 
 
 
 
 
(% based on original currency)
 
 
 
 
(h)Combined ratio
 
 
 
(i)Technical reserves/net premiums
 
 
 
(j)Shareholders’ equity to net premiums
 
 
 
(k)Shareholders’ equity to loss reserves
 
 
 
 
 
 
 
Names and signatures of:
__________
Director
__________
Director
__________
Chief Executive Officer
Date: ______________
Instructions for completing Form 4
1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be reported in “(  )”.
2.  “Premium revenue” refers to total gross premiums received or receivable including portfolio premiums, after deduction of return premiums, premium discounts, recognized in the insurer’s books during the period, where applicable. Commissions should not be deducted from gross premiums.
3.  “Reinsurance premiums ceded” refers to premiums paid or payable on reinsurance ceded during the period. It includes portfolio premiums in respect of ceded business.
4.  “Net premiums” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.
5.  For general business, “Gross claims” refers to claims paid, including portfolio losses and medical and legal expenses incurred directly in settlement of claims paid during the period, net of recoveries from salvages. It includes changes in outstanding claims. Outstanding claims are claims which have been approved by the company for payment but not yet paid, and include expenses associated with the settlement of such claims.
6.  “Reinsurance recoveries” refers to reinsurance recoveries received or receivable from reinsurance in respect of claims paid including portfolio losses, during the period.
7.  In respect of general business, “increase (decrease) in net policy liabilities” includes any increase or decrease in premium liabilities and claim liabilities. Claim liabilities include provisions set up for claims reported but not yet determined, claims incurred but not yet reported (IBNR), claims incurred but not enough reported (IBNER) and all expenses associated with the settlement of such claims.
8.  “Distribution expenses” includes all direct costs such as commissions and bonuses, and all indirect costs of benefits and services provided by the insurer in the distribution of its products. It shall include reinsurance commissions.
9.  “Management expenses” includes items such as staff salaries and expenses, office rent, repairs and maintenance and other expenses incurred for the general management of the company.
10.  “Provision for doubtful debts” refers to increase (decrease) in provisions for doubtful debts on receivables (e.g. reinsurance recoveries and outstanding premiums and agents’ balances), excluding loans. It shall include bad debts written off on receivables.
Regulation 17(2)
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(APPROVED MARINE, AVIATION AND TRANSIT INSURERS)
REGULATIONS
FORM 5 — INFORMATION ON EXTERNAL AUDITORS
The following information on an insurer’s external auditors is required:
1. Name of audit firm
2. Date of appointment
3. Name and qualification of audit team leader
4. Number of members in the audit team.