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Formal Consolidation |  2004 RevEd
Duty to maintain deposits
16.—(1)  The administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain a deposit with the Authority of a value of not less than $500,000.
(2)  Not later than 31st July of each year, the administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain with the Authority such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit referred to in paragraph (1) shall be the greater of $500,000, or 55% of the premiums in respect of Singapore policies issued by the members of Lloyd’s in the course of carrying on insurance business in Singapore under these Regulations in the preceding year.
[S 665/2010 wef 04/11/2010]
(3)  The Authority may apply all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim of a policy owner of a policy issued by a member of Lloyd’s under these Regulations which remains unpaid 30 days after the issue of a notice by the Authority under paragraph (4).
[S 814/2004 wef 01/01/2005]
(4)  Before applying any part of the deposits made under paragraph (1), the Authority shall give the administrator a notice in writing of its intention to do so and identify the claim in respect of which the deposits are to be applied.
(5)  Where the Authority has applied all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim of a policy owner of a policy issued by a member of Lloyd’s under these Regulationsunder paragraph (3), the administrator shall top up any deficiency in the deposits within 30 days of the notice of the deficiency by the Authority.
(6)  The Authority shall retain any deposit required to be made under paragraphs (1) and (2) until it is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations.
(7)  If the Authority is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations, the Authority shall transfer to the administrator the entire deposits less such part that the Authority determines should be kept available for purpose of meeting claims against such members in respect of policies issued by the members of Lloyd’s under these Regulations.
Informal Consolidation | Amended S 665/2010
Duty to maintain deposits
16.—(1)  The administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain a deposit with the Authority of a value of not less than $500,000.
(2)  Not later than 31st July of each year, the administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain with the Authority such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit referred to in paragraph (1) shall be the greater of $500,000, or 30% of the premiums in respect of Singapore policies issued by the members of Lloyd’s in the course of carrying on insurance business in Singapore under these Regulations in the preceding year.
[S 665/2010 wef 04/11/2010]
(2A)  A deposit under paragraph (2) shall be made in the form of assets of such nature as may be directed by the Authority.
[S 665/2010 wef 04/11/2010]
(3)  The Authority may apply all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim in respect of a policy issued under these Regulations which remains unpaid 30 days after the issue of a notice by the Authority under paragraph (4).
[S 814/2004 wef 01/01/2005]
(4)  Before applying any part of the deposits made under paragraph (1), the Authority shall give the administrator a notice in writing of its intention to do so and identify the claim in respect of which the deposits are to be applied.
(5)  Where the Authority has applied all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim under paragraph (3), the administrator shall top up any deficiency in the deposits within 30 days of the notice of the deficiency by the Authority.
[S 814/2004 wef 01/01/2005]
(6)  The Authority shall retain any deposit required to be made under paragraphs (1) and (2) until it is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations.
(7)  If the Authority is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations, the Authority shall transfer to the administrator the entire deposits less such part that the Authority determines should be kept available for purpose of meeting claims against such members in respect of policies issued by the members of Lloyd’s under these Regulations.
(8)  In this regulation, “premiums” means gross premiums less commissions and credit for reinsurance ceded, in Form 3, where —
(a)“commissions” means the amount shown in the column titled “Total” at row 28 of the table on Singapore Insurance Fund in Form 3;
(b)“credit for reinsurance ceded” means an amount computed as follows:
A x (1 – (B x C)),
where A
is the amount of reinsurance business ceded to a person carrying on insurance business that is accounted for in row 6, 7 or 8 of the table on Singapore Insurance Fund in Form 3;
B
is the reinsurance counterparty factor described in paragraph 1(11) of the First Schedule to the Insurance (Valuation and Capital) Regulations 2004 (G. N. No. S 498/2004); and
C
is the appropriate counterparty risk factor described in paragraph 1(11) of the First Schedule to the Insurance (Valuation and Capital) Regulations 2004;
(c)“Form 3” means the audited statement of accounts for the last accounting period lodged with the Authority in accordance with regulation 21 in Form 3 in the Fifth Schedule; and
(d)“gross premiums” means the sum of the figures shown in the column titled “Total” at rows 1 and 5 of the table on Singapore Insurance Fund in Form 3.
[S 665/2010 wef 04/11/2010]