Insurance (Accounts and Statements) Regulations

Insurance Act

(Chapter 142, Section 64)

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.

(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]

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