SECOND SCHEDULE
Regulation 3(1A)
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Instructions for completion of Form 8
1.  This return is only applicable to insurers incorporated in Singapore.
2.  The insurer’s Balance-Sheet as shown in its Annual Report shall be presented in the prescribed format.
3.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
4.  “Land and buildings” includes properties acquired through foreclosures and in settlement of debts.
5.  “Equity shares” comprises ordinary shares, preference shares, subscription rights and share warrants issued by companies.
6.  “Other securities of companies” comprises quoted and unquoted bonds issued by companies and bills of exchange.
7.  “Other secured loans” includes loans guaranteed by a bank licensed under the Banking Act (Cap. 19).
8.  Amounts pertaining to insurance transactions with related companies shall be reported as if they were separate insurers. Net premiums, net claims and deposits shall be included as “Outstanding premiums and agents’ balances”, “Reinsurance recoverables”, “Amounts owing to insurers”, “Deposits withheld” or “Reinsurance deposits”, as the case may be. Non-insurance transactions shall be reported under balances due from/to related companies.
9.  “Outstanding premiums and agents’ balances” refers to net premiums payable to the insurer, including net premiums due from related companies. For direct business, “agents’ balances” shall be net of the premium refund to insured and the commissions payable to agents or brokers. It shall be determined on an agent by agent or broker by broker basis, as the case may be. Outstanding premiums due from insured shall only be offset by claims and premium refund (if any) payable to the insured on an insured by insured basis. In the case of life companies, “agents’ balances” shall not include amounts due from agents in respect of financing schemes provided by the companies. A reinsurer shall treat “outstanding premiums and agents’ balances” in a similar manner as a direct insurer.
10.  “Reinsurance recoverables” refers to net claims recoverable from reinsurers, including net claims recoverable from related companies. Claims recoverable from and premiums owing to reinsurers shall be set off on an individual account basis.
11.  “Reserves” includes amounts appropriated out of profits and accumulated over the years and are not designated to meet any known liability, contingency, commitment or diminution in the value of assets. It includes capital reserves such as fixed asset revaluation reserves, share premium and other reserves not normally regarded as available for distribution as dividends.
12.  “Unappropriated profits” refers to the balance of profit or loss carried forward from the previous financial year and the net balance of profit or loss of operations during the current year.
13.  “Life Insurance Liabilities” in Row 5 and “Life Insurance Assets” in Row 15 shall equal to “Total Liabilities” (Row 9) and “Total Assets” (Row 10) in Form 10.
14.  “Loss reserves” consists of provisions set up for claims reported but not yet determined, claims incurred but not reported (IBNR) and claims incurred but not enough reported (IBNER), as well as all expenses associated with the settlement of such claims.
15.  “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.
16.  “Amounts owing to insurers” refers to claims owing by the insurer to ceding companies and premiums owing to reinsurers, including net premiums or claims payable to related companies. Premiums and claims owing to and owing by the insurer shall be set off on an individual account basis.
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Instructions for completion of Form 9
1.  This return is only applicable to insurers incorporated in Singapore.
2.  The insurer’s Profit and Loss Statement as shown in its Annual Report shall be presented in the prescribed format.
3.  All items, except item 6, shown in this return relate to operations of insurers other than their life insurance operations.
4.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
5.  “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 year. Commissions shall not be deducted from gross premiums.
6.  “Net premiums written” refers to net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.
7.  “Underwriting results” refers to the balance after deducting incurred claims, net commissions incurred and management expenses from earned premiums.
8.  “Earned premiums” refers to the amount of premiums earned by the insurer after taking into account any changes in reserves for unexpired risks for the year.
9.  “Net investment income” refers to gross dividends, interest and rents less investment expenses incurred.
10.  “Other income” includes all other miscellaneous income.
paragraph PAR.Part Ii
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Instructions for completion of Form 10
1.  This return is only applicable to Singapore incorporated insurers registered to carry on life insurance business in Singapore.
2.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
3.  The insurer’s balance-sheet for its life business as shown in its annual report shall be presented in the prescribed format.
4.  “Land and buildings” includes properties acquired through foreclosures and in settlement of debts.
5.  “Equity shares” comprises quoted and unquoted ordinary shares, preference shares and share warrants issued by companies.
6.  “Other securities of companies” comprises quoted and unquoted bonds issued by companies and bills of exchange.
7.  “Actuarial reserves” refers to reserves set up for the actuarial liabilities of the insurers.
8.  “Other reserves” refers to reserves other than “Actuarial reserves”.
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Instructions for completion of Form 11
1.  This return is only applicable to Singapore incorporated insurers registered to carry on life insurance business in Singapore.
2.  Amounts shown in this return shall be net amounts after deducting payments or claims by the insurer in respect of reinsurances.
3.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
4.  The insurer’s profit and loss statement for its life business as shown in its annual report shall be presented in the prescribed format.
5.  “Net investment income” refers to gross dividends, interest and rents less investment expenses incurred in earning the interest, dividends and rents, including expenses incurred in managing the investments.
6.  “Gain on sale of assets” refers to the gross amount realised on sale of investments, land and buildings and other fixed assets after deducting expenses incurred. Losses on sale of assets shall only be netted off within the same category of assets.
7.  “Surrenders” includes surrenders of bonus.
8.  “Commissions” refers to compensation to agents which relate to the volume of new business, business in force or persistency of business. It includes first year and renewal commissions, persistency bonus, or overriding commissions and production bonus.
paragraph PAR.Part Iii
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Note to Form 12
The following shall be stated as a note to this return:
(For any note where the amount is nil, this shall be indicated as “NIL”)
Note
Breakdown of “Other Reserves”.
Instructions for completion of Form 12
1.  This return is only applicable to insurers incorporated outside Singapore and registered to carry on general insurance business in Singapore.
2.  All amounts shown in this return are to be rounded up to the nearest thousand dollar. Negative amounts shall be preceded by “—”.
3.  “Net premiums written” and “loss reserves” relate to general insurance business only.
4.  “Net premiums written” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance ceded.
5.  “Loss reserves” consists of provisions set up for claims reported but liability not yet determined, claims incurred but not yet reported, i.e., IBNR claims and all expenses associated with the settlement of such claims.
6.  The completed return should be certified by the auditors.