6A.—(1) No Service Company shall, without the approval of the Authority —
(a)
enter into any contract of insurance on behalf of the members of any syndicate;
(b)
cause or permit any amendment or alteration of its memorandum or articles of association;
(c)
cause or permit any reduction of its paid-up capital;
(d)
cause or permit any significant change in its ownership; or
(e)
participate in any pool business other than pools formed by the Singapore insurance industry to cover special risks.
(2) No Service Company shall write any insurance business, unless it has reason to believe that suitable arrangements for the reinsurance of the business written in Singapore are in place at all times and that the reinsurers are of good security.
(3) Every Service Company shall at all times maintain a surplus of assets over liabilities of not less than $150,000.
(4) Every Service Company shall immediately inform the Authority if —
(a)
it is or is likely to be unable to maintain a surplus of assets over liabilities of $150,000 or to meet its obligations as they fall due;
(b)
it becomes aware that any of the arrangements referred to in paragraph (2) has been, is being or is likely to be rendered inadequate or ineffective; or
(c)
for any accounting period, the permitted trust outgoings of any insurance fund established by it under regulation 11 exceed the premium receipts of that insurance fund.