4.—(1) For the purposes of these Regulations, a registered insurer is —
(a)
a Tier 1 insurer if the insurer —
(i)
is established or incorporated in Singapore; and
(ii)
in the case of —
(A)
a direct life insurer, its latest annual audited statement of financial position shows that it has total assets of at least $5 billion or its equivalent in any foreign currency;
[S 842/2018 wef 01/01/2019]
(B)
a direct general insurer or a reinsurer, its latest annual audited statement of profit and loss shows that it has gross premiums of at least $500 million or its equivalent in any foreign currency in its insurance funds and Overseas (Branch) Operations; and
[S 842/2018 wef 01/01/2019]
(C)
a direct composite insurer, satisfies the requirements of sub-paragraph (A) in respect of its total assets or sub-paragraph (B) in respect of gross premiums for its general business; and
(b)
a Tier 2 insurer if the insurer —
(i)
is established or incorporated in Singapore; and
(ii)
does not satisfy the requirement under sub‑paragraph (a)(ii) as a Tier 1 insurer.
[S 842/2018 wef 01/01/2019]
(2) An insurer who satisfies the requirement under paragraph (1)(a)(ii) as a Tier 1 insurer is a Tier 1 insurer starting on 1 April of the year in which the latest annual audited statement of financial position or latest annual audited statement of profit and loss, showing that requirement is satisfied, is lodged with the Authority.
[S 842/2018 wef 01/01/2019]
(3) A registered insurer that is a Tier 1 insurer shall continue to be a Tier 1 insurer, notwithstanding he no longer satisfies the requirements of paragraph (1)(a)(ii), until such time as the Authority approves him as a Tier 2 insurer for the purposes of these Regulations as from (and including) a date specified in the approval.
(4) In determining whether to grant an approval under paragraph (3), the Authority shall have regard to one or more of the following matters:
(a)
the insurer’s business strategy;
(b)
the insurer’s business plans;
(c)
any other matter that the Authority considers relevant.
(5) The Authority may revoke an approval granted under paragraph (3), whereupon the insurer shall be a Tier 1 insurer for the purposes of these Regulations as from (and including) a date specified in the revocation.
(6) In this regulation —
“latest annual audited statement of financial position” means —
(a)
the latest annual audited statement of financial position lodged by the insurer with the Authority in Form A1 in Appendix B to MAS Notice 129; or
(b)
if the insurer has not lodged with the Authority any annual audited statement of financial position in Form A1 in Appendix B to MAS Notice 129, the latest annual audited Form 8 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) as in force immediately before 1 January 2019;
“latest annual audited statement of profit and loss” means —
(a)
the latest annual audited statement of profit and loss lodged by the insurer with the Authority in Form A2 in Appendix B to MAS Notice 129; or
(b)
if the insurer has not lodged with the Authority any annual audited statement of profit and loss in Form A2 in Appendix B to MAS Notice 129, the latest annual audited Form 9 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 as in force immediately before 1 January 2019;
“MAS Notice 129” means the notice commonly known as MAS Notice 129 issued by the Authority under sections 36(3) and (3A), 37(1)(b) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;
“Overseas (Branch) Operations”, in relation to a registered insurer, means the income and outgoings of the operations of all branches of the insurer located outside Singapore.