Insurance Act |
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 |
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:
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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 —
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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]
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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.
[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:
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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 —
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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 —
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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]
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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 —
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