5. No person shall 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.