Comparison View

Formal Consolidation |  2004 RevEd
Accounts and statement of Service Company
13.—(1)  Every Service Company shall —
(a)prepare, for each accounting period and subject to such modifications or variations as may be agreed to by the Authority, the statements of accounts in Forms 1, 6 and 7 in the First Schedule to the Insurance (Accounts and Statements) Regulations (Rg 2) for —
(i)each syndicate for which it acts as a Service Company; or
(ii)where it acts as a Service Company for more than one syndicate, those syndicates on a consolidated basis with the approval of the Authority; and
(b)have its accounts audited for each accounting period for which statements of accounts are prepared in accordance with sub-paragraph (a).
(2)  In the statements of accounts prepared by a Service Company under paragraph (1), the value or amount given for an asset or a liability of each syndicate for which the Service Company acts shall be the value or amount of that asset or liability as determined in accordance with regulations 5 to 16, 20 and 21 of the Insurance Regulations (Rg 1).
(3)  A Service Company shall prepare 3 copies of the statements of accounts required under paragraph (1)(a), at least one of which shall be signed by the directors of the Service Company and by or on behalf of the chief executive officer of the Service Company.
[S 814/2004 wef 01/01/2005]
(4)  The persons signing any balance-sheet under paragraph (1)(a) shall prepare a certificate in Form 1 in the Fifth Schedule.
[S 814/2004 wef 01/01/2005]
(5)  The auditor of the statements of accounts prepared under paragraph (1)(a) shall enclose, with the statements of accounts, a report stating his opinion of the statements of accounts and a supplementary report in Forms 2 and 3 in the Fifth Schedule, respectively.
[S 814/2004 wef 01/01/2005]
[S 665/2010 wef 04/11/2010]
(6)  Every Service Company shall, within such reasonable time as may be specified by the administrator in order for the administrator to comply with regulation 21, provide the administrator with —
(a)the statements of accounts and other documents prepared in accordance with paragraphs (1) to (5); and
(b)information on any matter related to its activities as agent for any member of Lloyd’s under these Regulations, as the administrator may require.
Informal Consolidation | Amended S 1094/2020
Preparation and submission of documents by Service Company
13.—(1)  Every Service Company must prepare, for each syndicate for whose members the Service Company is approved under regulation 6A(1) to enter into any contract of insurance, the following documents:
(a)Form A1, which relates to the “Statement of Financial Position”, prepared on a quarterly basis;
(b)Form A1, which relates to the “Statement of Financial Position”, prepared on an annual basis for each accounting period;
(c)Annex A1-1 to Form A1, which relates to the “Statement of Financial Position — Other Investments”, prepared on an annual basis for each accounting period;
(d)Annex A1-2 to Form A1, which relates to the “Statement of Financial Position — Outstanding Premiums”, prepared on an annual basis for each accounting period;
(e)Annex A1-3 to Form A1, which relates to the “Statement of Financial Position — Reinsurance Recoverables on Paid Claims”, prepared on an annual basis for each accounting period;
(f)Annex A1-4 to Form A1, which relates to the “Statement of Financial Position — Other Assets”, prepared on an annual basis for each accounting period;
(g)Annex A1-5 to Form A1, which relates to the “Statement of Financial Position — Policy Liabilities in respect of General Business”, prepared on a quarterly basis;
(h)Annex A1-5 to Form A1, which relates to the “Statement of Financial Position — Policy Liabilities in respect of General Business”, prepared on an annual basis for each accounting period;
(i)Annex A1-6 to Form A1, which relates to the “Statement of Financial Position — Financial Liabilities”, prepared on an annual basis for each accounting period;
(j)Annex A1-7 to Form A1, which relates to the “Statement of Financial Position — Other Liabilities”, prepared on an annual basis for each accounting period;
(k)Annex A1-8 to Form A1, which relates to the “Statement of Financial Position — Other Reserves”, prepared on an annual basis for each accounting period;
(l)the “Notes” to Form A1, prepared on an annual basis for each accounting period;
(m)Form A2, which relates to the “Statement of Profit and Loss”, prepared on a quarterly basis;
(n)Form A2, which relates to the “Statement of Profit and Loss”, prepared on an annual basis for each accounting period;
(o)Annex A2-1 to Form A2, which relates to the “Statement of Profit and Loss — Other Expenses”, prepared on an annual basis for each accounting period;
(p)Annex A2-2 to Form A2, which relates to the “Statement of Profit and Loss — Other Income”, prepared on an annual basis for each accounting period;
(q)Annex A2-3 to Form A2, which relates to the “Statement of Profit and Loss — Net Investment Income/ (Loss)”, prepared on an annual basis for each accounting period;
(r)Form A3, which relates to the “Statement of Changes in Equity”, prepared on a quarterly basis;
(s)Form A3, which relates to the “Statement of Changes in Equity”, prepared on an annual basis for each accounting period;
(t)Form A4, which relates to the “Certificate on the Accounts of the Syndicate Managed by the Service Company”;
(u)Form A5, which relates to the “Independent Auditor’s Report”;
(v)Form A6, which relates to the “Independent Auditor’s Supplementary Report”;
(w)Form G1, which relates to the “Statement of Operating Results by Line of Business”, prepared on a quarterly basis;
(x)Form G1, which relates to the “Statement of Operating Results by Line of Business”, prepared on an annual basis for each accounting period;
(y)the “Notes” to Form G1, prepared on an annual basis for each accounting period.
(2)  Despite paragraph (1), the Service Company may, with the Authority’s approval, prepare the documents mentioned in paragraph (1) for all the syndicates for whose members the Service Company is approved under regulation 6A(1) to enter into any contract of insurance, on a consolidated basis.
(3)  The Service Company must submit the documents mentioned in paragraph (1)(a), (g), (m), (r) and (w) by way of electronic submission on MASNET, on or before the date ending 3 weeks after the last day of each quarter.
(4)  The Service Company must submit the documents mentioned in paragraph (1)(n) and (x) by way of electronic submission on MASNET, on or before the date ending 3 weeks after the last day of its accounting period.
(5)  The Service Company must submit audited copies of the documents mentioned in paragraph (1)(b), (h), (l), (n), (s), (x) and (y) by way of electronic submission on MASNET, on or before the date ending 3 months after the last day of its accounting period.
(6)  The Service Company must submit the documents mentioned in paragraph (1)(c) to (f), (i), (j) and (k) and (o), (p) and (q) by way of electronic submission on MASNET, on or before the date ending 3 months after the last day of its accounting period.
(7)  The Service Company must submit to the Authority, on or before the date ending 4 months after the last day of its accounting period, the following documents:
(a) the document mentioned in paragraph (1)(t), which must be signed by the chief executive officer (or, in the alternative, an officer of the Service Company who is for the time being notified to the Authority as having authority for the purposes of these Regulations to sign in place of the chief executive officer) and 2 directors of the Service Company;
[S 1094/2020 wef 31/12/2020]
(b) the document mentioned in paragraph (1)(u), which must be signed by the auditor appointed by the Service Company;
[S 1094/2020 wef 31/12/2020]
(c) the document mentioned in paragraph (1)(v), which must be signed by the auditor appointed by the Service Company.
[S 1094/2020 wef 31/12/2020]
(7A)  The Service Company must submit the documents mentioned in paragraph (7) to the Authority by sending the documents by email to the email address specified by written notification sent by the Authority.
[S 1094/2020 wef 31/12/2020]
(8)  Where a document is required to be signed by or on behalf of the chief executive officer of the Service Company, the Service Company must ensure that the document is —
(a)approved by the chief executive officer; and
(b)signed by the chief executive officer or an officer of the Service Company who is for the time being notified to the Authority as having authority for the purposes of these Regulations to sign in place of the chief executive officer.
(9)  In any document which a Service Company is required to prepare in accordance with these Regulations in relation to a syndicate, the Service Company must ensure that the value or amount given for an asset or a liability relating to the business of the syndicate written by the Service Company and by any coverholder authorised by the Service Company, on behalf of the members of the syndicate, must be the value or amount of that asset or liability (as the case may be) as determined in accordance with regulations 13A to 13M.
(10)  In any document which a Service Company is required to prepare in accordance with these Regulations in relation to a syndicate, the Service Company must ensure that the value or amount given for an income item, an expense item, an equity item or a change in equity item relating to the business of the syndicate written by the Service Company and by any coverholder authorised by the Service Company, on behalf of the members of the syndicate, is valued in accordance with —
(a)the instructions for completion in Form A2 or Form G1, as the case may be; or
(b)where there are no instructions for completion in Form A2 or Form G1 (as the case may be), the Accounting Standards.
(11)  In any document which a Service Company is required to prepare in accordance with these Regulations in relation to a syndicate, the Service Company must ensure that any income item, expense item, equity item and change in equity item relating to the business of the syndicate written by the Service Company and by any coverholder authorised by the Service Company, on behalf of the members of the syndicate, is recognised in accordance with —
(a)the Regulations and directions issued under the Act, if any; and
(b)where sub-paragraph (a) does not apply, the requirements in the Accounting Standards.
(12)  The Service Company must ensure that any monetary amount referred to in any document mentioned in paragraph (1) is stated in Singapore dollars (unless otherwise specified in the relevant form).
(13)  Every Service Company must, within such reasonable time as may be specified by the administrator in order for the administrator to comply with regulation 21, provide the administrator with such information on any matter related to its activities as agent for any member of Lloyd’s under these Regulations as the administrator may require.
[S 839/2018 wef 01/01/2019]