Insurance Act
(Chapter 142, Section 64)
Insurance (Accounts and Statements) Regulations
Rg 2
G.N. No. S 458/1992

REVISED EDITION 1999
(1st January 1999)
[31st December 1992]
Citation
1.  These Regulations may be cited as the Insurance (Accounts and Statements) Regulations.
2.  [Deleted by S 467/2002 wef 01/10/2002]
Returns to be lodged by insurers
3.—(1)  An insurer, to comply with section 36(1) of the Act, shall lodge statements of accounts and other statements which shall be prepared in compliance with the requirements of the First and Second Schedules and shall be in Forms 1 to 12 to be completed in accordance with this regulation.
[S 467/2002 wef 01/10/2002]
(2)  There shall be lodged for each accounting period by an insurer in relation to the insurance business for which an insurance fund is maintained under the Act —
(a)in respect of general business —
(i)a fund balance-sheet, which shall be in Form 1, as at the end of that accounting period;
(ii)a fund revenue account which shall be in Form 6; and
(iii)a statement, which shall be in Form 7, giving as regards policies belonging to that class of business particulars as to premiums, claims, underwriting results and operating results during that accounting period;
(b)in respect of life business, other than life reinsurance business —
(i)a fund balance-sheet, which shall be in Form 1, as at the end of that accounting period;
(ii)a fund revenue account which shall be in Form 2;
(iii)separate statements, which shall be in Form 3 for individual life insurance policies, and Form 4 for group life insurance policies, giving as regards policies belonging to each type of business particulars on the issue of new policies, the termination and transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period and the business in force as at the end of that accounting period; and
(iv)a statement, which shall be in Form 5, giving particulars on premiums and commissions incurred during that accounting period ;
[S 588/2002 wef 21/11/2002]
(c)in respect of life reinsurance business —
(i)a fund balance-sheet, which shall be in Form 1, as at the end of that accounting period;
(ii)a fund revenue account which shall be in Form 2;
(iii)a statement, which shall be in Form 3A, giving as regards policies belonging to that class of business particulars on the issue of new policies, the termination and transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period and the business in force as at the end of that accounting period; and
(iv)a statement, which shall be in Form 5, giving particulars on premiums and commissions incurred during that accounting period.
[S 588/2002 wef 21/11/2002]
(3)  Each of the Forms mentioned in paragraph (2)(b) shall be submitted separately for each fund maintained by the life insurer as well as for the total non-investment-linked fund, which is the total Singapore life insurance fund excluding investment-linked business.
(4)  There shall be lodged for each accounting period by an insurer incorporated or established in Singapore, in respect of the insurer’s global business operations —
(a)a balance-sheet, which shall be in Form 8, as at the end of that accounting period; and
[S 31/2004 wef 21/01/2004]
(b)a revenue and profit and loss statement which shall be in Form 9.
(5)  There shall be lodged for each accounting period by an insurer incorporated or established in Singapore and registered in respect of life business, in relation to the insurer’s total life insurance operations —
(a)a balance-sheet, which shall be in Form 10, as at the end of that accounting period; and
[S 31/2004 wef 21/01/2004]
(b)a revenue account which shall be in Form 11.
(6)  There shall be lodged for each accounting period by an insurer incorporated or established outside Singapore and registered in respect of general business, a statement which shall be in Form 12 on the solvency margin of the insurer’s global business operations.
[S 31/2004 wef 21/01/2004]
Returns to be lodged by registered insurance brokers
3A.  A registered insurance broker, to comply with section 36(1) of the Act, shall, within 5 months from the end of each financial year or within such longer period as the Authority may allow, lodge the following statements of accounts and other statements:
(a)a balance-sheet as at the end of that financial year in Form 12A in the Third Schedule;
(b)insurance broking premium accounts in Form 12B in the Third Schedule for each type of insurance broking business in respect of which it is registered;
(c)a profit and loss account in Form 12C in the Third Schedule; and
(d)a statement in Form 12D in the Third Schedule giving particulars as to the type and placement of all of its business handled during that financial year, and —
(i)in the case of a direct general insurance broker, a statement in Annex 1 to Form 12D in the Third Schedule giving particulars on the 5 insurers with whom the largest volume of its business were placed; and
(ii)in the case of a general reinsurance broker or life reinsurance broker, a statement in Annex 2 to Form 12D in the Third Schedule giving further details on the sources and placement of its business.
Documents to be lodged by persons exempt from registration under section 35ZN (1) (a) to (e ) of Act
3B.  Any person exempt from registration under section 35ZN (1)(a) to (e) of the Act (referred to in this regulation as an exempt insurance broker) and who is carrying on business as a direct general insurance broker or a reinsurance broker shall lodge with the Authority —
(a)a notice of commencement of business in Form 12G in the Fourth Schedule, not later than 14 days after the commencement of its business as a direct general insurance broker, a life reinsurance broker or a general reinsurance broker;
(b)a notice of change of particulars in Form 12H in the Fourth Schedule setting out any change in the particulars of the exempt insurance broker provided in the notice referred to in paragraph (a), not later than 14 days after the date of the change;
(c)a notice of intention to cease its business as a direct general insurance broker, a life reinsurance broker or a general reinsurance broker in Form 12I in the Fourth Schedule, at least 14 days before the proposed date of cessation of all of its business as an insurance broker;
(d)an audited statement of the insurance broking premium account in Form 12J in the Fourth Schedule in respect of its business as a direct general insurance broker, a life reinsurance broker or a general reinsurance broker, within 5 months from the end of each financial year or within such longer period as the Authority may allow; and
(e)a statement in Form 12K in the Fourth Schedule within 5 months from the end of each financial year or within such longer period as the Authority may allow, giving particulars as to the type and placement of all its business as an insurance broker handled during that financial year, and —
(i)in the case of an exempt insurance broker carrying on business as a direct general insurance broker, a statement in Annex 1 to Form 12K in the Fourth Schedule giving particulars on the 5 insurers with whom the largest volume of its business were placed; and
(ii)in the case of an exempt insurance broker carrying on business as a life reinsurance broker or a general reinsurance broker, a statement in Annex 2 to Form 12K in the Fourth Schedule giving further details on the sources and placement of its business.
Returns on actuarial investigation of life business
4.—(1)  An insurer registered in respect of life business, to comply with section 37(1) of the Act in the case of any actuarial investigation, shall lodge such documents as are mentioned in this regulation.
[S 18/2002 wef 08/01/2002]
(2)  There shall be lodged an abstract of the actuary’s report, prepared in compliance with the requirements of the Fifth Schedule, which shall be signed by the actuary and shall include —
(a)a summary and valuation of the policies as at the date of the investigation, which shall —
(i)in respect of life business, other than life reinsurance business, be in Form 13; and
(ii)in respect of life reinsurance business, be in Form 13A; and
[S 588/2002 wef 21/11/2002]
(b)a valuation result and distribution of surplus, which shall be in Form 14 for each of the separate funds maintained and one for total non-investment-linked business, as at the date of the investigation of the business to which the report relates.
(3)  A direct insurer shall lodge an actuary’s report, signed by the actuary, on the financial condition of the insurer based on the solvency testing carried out by the actuary under the Insurance (Duties of Actuary) Regulations (Rg 3).
(4)  Subject to paragraph (6), there shall be lodged a certificate by the actuary, signed by him, stating that he has satisfied himself as to the accuracy of the valuations made for the purposes of the investigation and as to their adequacy to meet the obligations of the insurer and made in accordance with the Act, and as to the accuracy of the data on which they are based.
(5)  The actuary shall also disclose and quantify in the certificate the financial impact of any material event which occurs after the valuation date.
(6)  If the actuary is not a permanent officer of the insurer, the certificate shall, so far as it relates to the accuracy of the data on which the valuations are based, be given and signed by or on behalf of the insurer’s principal officer in Singapore, and the actuary shall in his part of the certificate state the precautions taken by the actuary to ensure the accuracy of the data.
(7)  There shall be lodged statements signed by the actuary analysing as at the date of the investigation the position as regards policies and premiums of the business to which the report relates.
(8)  An insurer shall, on establishing its offshore insurance fund under the Act, lodge in respect of policies belonging to the life business for which the insurer has established an offshore insurance fund a summary and valuation prepared and signed by a qualified actuary of those policies as at the beginning of the accounting period, together with the report and certificate mentioned in paragraphs (3) and (4).
Returns on actuarial investigation of general business
4A.—(1)  The abstract of the actuary’s report and the certificate relating thereto which an insurer registered in respect of general business is required to lodge under section 37(1) of the Act shall be prepared in accordance with this regulation.
(2)  The abstract of the actuary’s report shall be prepared in compliance with the requirements of the Sixth Schedule and shall be signed by the actuary.
[S 467/2002 wef 01/10/2002]
(3)  The certificate to be prepared and signed by the actuary shall state the actuary’s opinion on the amount of premium and claims liabilities in respect of insurance funds and shall certify, as set out in the Seventh Schedule, that the valuation was done in accordance with the requirements stipulated in the Insurance Regulations (Rg 1).
[S 467/2002 wef 01/10/2002]
[S 18/2002 wef 08/01/2002]
Returns on life solvency margin
5.  There shall be lodged for each accounting period by an insurer in relation to the insurance business for which an insurance fund is maintained for Singapore policies under section 17(1) of the Act in respect of life business a statement, which shall be prepared in compliance with the requirements of Part IV of the Fifth Schedule and shall be in Form 15, on the fund solvency margin.
[S 467/2002 wef 01/10/2002]
[S 31/2004 wef 21/01/2004]
Provisions as to returns submitted
6.—(1)  Any document to be lodged with the Authority under regulation 4 shall comply with the following requirements:
(a)the particulars required to be in the abstract of an actuary’s report and the statement as to policies and premiums shall be so arranged that the numbers and letters of the items correspond with those in Parts I and III of the Fifth Schedule;
[S 467/2002 wef 01/10/2002]
(b)the document shall be made out separately or in separate parts for business in Singapore and for business outside Singapore, and also for each part of the business outside Singapore for which a different basis of valuation is adopted;
(c)a valuation of liabilities in respect of life policies shall, for purposes of the document or any separate part of it, be made on a basis not less stringent than the minimum basis; and if the document or part relates to business in a country outside Singapore, the basis shall not be less stringent than is required by the law of that country for any corresponding valuation of liabilities of that business; and
(d)where the business to which the document or a separate part of it relates includes policies other than life policies, the liabilities in respect of those policies shall be valued on a basis approved by the Authority, and there shall be made such additions to or adaptations of the document or part as are necessary to show particulars of those policies and the results of the valuation.
(2)  In relation to any document required to be lodged under these Regulations, all amounts shall be stated in Singapore dollars unless otherwise specified in the appropriate form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each document.
(3)  Documents lodged by a captive insurer to comply with sections 36 and 37 of the Act shall be excepted from section 39(3) of the Act.
[S 467/2002 wef 01/10/2002]
[S 31/2004 wef 21/01/2004]
(4)  The actuary’s report lodged under regulation 4(3) shall be excepted from section 39(1) and (3) of the Act.
[S 467/2002 wef 01/10/2002]
[S 31/2004 wef 21/01/2004]
Value of assets and liabilities
7.  In the documents which an insurer is required to prepare in accordance with these Regulations other than regulation 3(4), (5) and (6) and with the Insurance (Investment-Linked Life Insurance) Regulations (Rg 4), the value or amount given for an asset or a liability of the insurer shall be the value or amount of that asset or liability as determined in accordance with any applicable valuation regulations under the Insurance Regulations (Rg 1).
Lodgment and signatures of returns
8.—(1)  A document to be lodged by an insurer under regulation 3, 4 or 5 shall be lodged by sending to the Authority —
(a)in the case of an insurer other than a captive insurer, 3 copies; and
(b)in the case of a captive insurer, 2 copies.
(2)  At least one of the copies referred to in paragraph (1) shall be signed by 2 of the insurer’s directors and by or on behalf of the insurer’s principal officer in Singapore.
(3)  The persons signing any balance-sheet under regulation 3(2)(a) or (b) shall lodge a certificate in the form set out in the Eighth Schedule.
[S 18/2002 wef 08/01/2002]
[S 467/2002 wef 01/10/2002]
[S 31/2004 wef 21/01/2004]
(4)  Where by these Regulations a document is required to be signed by or on behalf of the insurer’s principal officer in Singapore, it shall, if not signed by that officer, be signed by one of the insurer’s officers in Singapore who is for the time being notified to the Authority as having authority for the purposes of this regulation to sign in place of the principal officer in Singapore.
(5)  A document to be lodged by an insurer shall be in English, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.
Lodgment and signatures in documents lodged by registered insurance brokers and exempt insurance brokers
8A.—(1)  A document to be lodged by a registered insurance broker under regulation 3A shall be lodged by sending to the Authority 2 copies of each document, of which at least one copy shall be signed by —
(a)2 of its directors; and
(b)its chief executive officer or such other person in Singapore who is authorised by its chief executive officer and approved by the Authority for that purpose.
(2)  A document to be lodged by an exempt insurance broker under regulation 3B shall be lodged by sending to the Authority one copy of each document which shall be signed by its director, secretary, principal officer or chief executive officer.
(3)  The persons signing any balance-sheet referred to in regulation 3A(a) shall sign a certificate in Form 12E in the Third Schedule and the certificate shall be lodged with the Authority by the registered insurance broker.
(4)  A document to be lodged by an exempt insurance broker or a registered insurance broker under regulations 3A and 3B shall be in English, and shall be printed or, with the permission of the Authority, produced by such other means as the Authority may approve.
Audit and auditor’s report
9.—(1)  There shall be lodged, with any accounts and balance-sheet lodged under regulation 3(2), (4) or (5), by the auditor and signed by him, a report stating his opinion and a supplementary report in the forms set out in the Ninth Schedule.
[S 18/2002 wef 08/01/2002]
[S 467/2002 wef 01/10/2002]
(2)  The supplementary report shall be excepted from section 39(1) and (3) of the Act.
[S 467/2002 wef 01/10/2002]
Auditor’s report for insurance brokers
9A.  A registered insurance broker shall lodge with the Authority within 5 months from the end of each financial year, or within such longer period as the Authority may allow, a report prepared and signed by an auditor in Form 12F in the Third Schedule stating the auditor’s opinion on the balance-sheet, insurance broking premium accounts, profit and loss account and statements referred to in regulation 3A(a) to (d).
Financial Year
9B.  The financial year for a registered insurance broker in its first year of registration shall be not less than 6 months and not more than 18 months from the date of its registration.
Deadlines for submission of returns, reports and statements
10.  Unless otherwise allowed by the Authority, a document to be lodged by an insurer shall be lodged —
(a)within 3 months after the date to which the document relates;
(b)in the case of the actuary’s report required to be lodged under regulation 4(3), within 6 months after the date to which the document relates;
(c)in the case of the actuary’s report and certificate required to be lodged under regulation 4A —
(i)in respect of the year ending 2001, within 6 months after the date to which the document relates; and
(ii)in respect of any later year, within 3 months after the date to which the document relates; and
(d)in the case of an account or statement for an accounting period, the end of that period.
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