Conditions for carrying on insurance business under Lloyd’s Scheme
3.—(1)  A member of Lloyd’s may carry on general class of insurance business in Singapore if —
(a)the member authorises the administrator to accept on the member’s behalf service of notices and legal processes in respect of or connected to the carrying on of insurance business in Singapore, including any notice or direction of the Authority to the member;
(b)Lloyd’s makes and maintains a deposit of a value of not less than $500,000 with the Authority for the purposes of these Regulations; and
(c)Lloyd’s, not later than 31st July of each year, makes and maintains with the Authority such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit referred to in sub-paragraph (b) is not less than 55% of the premiums received by the members of Lloyd’s in respect of Singapore policies issued in the course of carrying on insurance business in Singapore under these Regulations in the preceding year.
(2)  Paragraph (1)(a) does not prevent a member of Lloyd’s from authorising, in addition to the administrator, any other person to accept on the member’s behalf service of notices and legal processes in respect of or connected to the carrying on of insurance business in Singapore by the member, including any notice or direction of the Authority to the member.