Comparison View

Formal Consolidation |  2004 RevEd
Requirements for Service Company
5.—(1)  Only companies registered under the Companies Act (Cap.50) meeting the following requirements shall act as agents for any member of Lloyd’s under these Regulations:
(a)the company must, unless the Authority otherwise permits, be a subsidiary of a managing agent at Lloyd’s;
(b)the company must have a paid-up capital of not less than $300,000; and
(c)the company must be registered with the administrator under regulation 6.
(2)  In paragraph (1), “subsidiary”, in relation to a company, has the same meaning as in the Companies Act.
Informal Consolidation | Amended S 180/2015
Requirements for Service Company
5.  A person (other than a coverholder acting in accordance with the terms of a binding authority) must not act as an agent in Singapore for any member of Lloyd’s under these Regulations unless it is a company registered under the Companies Act (Cap. 50) and meets the following requirements:
(a)the company must be registered with the administrator under regulation 6; and
(b)the company must, unless the Authority otherwise permits, be —
(i)a subsidiary of a managing agent at Lloyd’s; or
(ii)a subsidiary of the holding company of a managing agent at Lloyd’s.
[S 665/2010 wef 04/11/2010]
[S 180/2015 wef 01/04/2015]