PART III
Miscellaneous
Solvency margins
7.  For the purposes of section 18 of the Act, a Protection and Indemnity Club shall maintain at all times —
(a)in respect of an insurance fund established under section 17 of the Act that relates to Singapore policies, a margin of solvency of —
(i)$1 million;
(ii)20% of the net premium income of the fund in the preceding accounting period; or
(iii)20% of the loss reserves of the fund as at the end of the preceding accounting period,
whichever is the highest; and
(b)in respect of an insurance fund established under section 17 of the Act that relates to offshore policies, an amount of assets in the fund the value of which is not less than the amount of the liabilities of that fund.
Returns to be lodged
8.—(1)  A Protection and Indemnity Club shall submit Forms 1 and 2 in the Schedule in respect of each financial year.
(2)  Notwithstanding regulation 10 of the Insurance (Accounts and Statements) Regulations (Rg 2), a Protection and Indemnity Club shall lodge with the Authority —
(a)Forms 1 and 2 in the Schedule within 4 months from the end of each financial year; and
(b)such returns of audited accounts and statements as required to be lodged under the Insurance (Accounts and Statements) Regulations within 6 months after the date to which the returns relate.