FIRST SCHEDULE
Regulation 3(1)
Forms
Part I
Definitions
In this Schedule, unless otherwise specified in the forms —
“investment-linked fund” means an insurance fund established and maintained under section 17(1A) of the Act for investment-linked policies;
“non-participating fund” means an insurance fund established and maintained under section 17(2) of the Act which comprises wholly of non-participating policies;
“Offshore Insurance Fund” means an insurance fund established and maintained under section 17(1) of the Act for offshore policies;
“policy assets”, in relation to a participating fund, means the total assets of the fund as at valuation date less —
(a)the balance in the surplus account established and maintained in accordance with regulation 22 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004); and
(b)other liabilities, as calculated in the manner provided in Form 1;
“Singapore Insurance Fund” means an insurance fund established and maintained under section 17(1) of the Act for Singapore policies;
“valuation date” means the date on which the assets and liabilities of a licensed insurer are valued.
[S 243/2013 wef 18/04/2013]
Part II
Regulation 3
List of Forms
Provisions of the Act or regulations for which forms are prescribed
 

Description of Forms
 
Number of form in this Schedule
Regulations 4 and 5
 
Fund Balance Sheet
 
1
Regulations 4 and 5
 
Fund Profit and Loss Account
 
2
Regulations 4 and 5
 
Statement in respect of Life Business of Direct Life Insurer relating to policies issued to individuals
 
3
Regulations 4 and 5
 
Statement in respect of Life Business of Direct Life Insurer relating to group policies
 
4
Regulations 4 and 5
 
Statement in respect of Life Business (Individual and Group) of Life Reinsurer
 
5
Regulations 4 and 5
 
Statement of Premiums, Claims and Underwriting Results in respect of General Business
 
6
Regulation 4
 
Statement in respect of Accident and Health Benefits
 
7
Regulations 4 and 5
 
Balance Sheet in respect of Global Business Operations
 
8
Regulation 4(6)(b)
 
Profit and Loss Account in respect of Global Business Operations
 
9
Regulation 4(7)
 
Statement of Financial Position in respect of Global Business Operations
 
10
Regulation 5
 
Statement of Premiums and Claims Development in respect of General Business
 
11
Regulation 5(2)(b)(iii)
 
Statement of Reinsurance Business accepted in respect of Offshore Business of General Reinsurer
 
12
Regulation 5(3)(b)(ii)
 
Statement of Lapses in respect of Direct Life Insurer
 
13
Regulation 6(1)(a)(i)
 
Abstract of Valuation Results of Life Business of Direct Life Insurer
 
14
Regulation 6(2)(a)(i)
 
Abstract of Valuation Results of Life Business of Life Reinsurer
 
15
Regulation 6
 
Statement of Analysis of Experience of Insurance Fund in respect of Life Business
 
16
Regulation 6(4)(b)
 
Actuary’s Certificate on Policy Liabilities in respect of Life Business
 
17
Regulation 6(1)(b)(i)
 
Statement of Participating Fund Allocations
 
18
Regulation 6(1)(b)(ii)
 
Actuary’s Certificate on Participating Fund Allocations
 
19
Regulation 7(2)(b)
 
Actuary’s Certificate on Policy Liabilities in respect of General Business
 
20
Regulation 8(a)
 
Statement in relation to Fund Solvency Requirement of Insurance Fund
 
21
Regulation 8(b)
 
Statement in relation to Total Risk Requirement of Assets and Liabilities of Licensed Insurer that do not belong to any Insurance Fund established and maintained under the Act
 
22
Regulation 8(c)
 
Statement in relation to Capital Adequacy Requirement of Licensed Insurer
 
23
Regulation 11(3)
 
Certificate on the Accounts of General/Life/ General and Life Business
 
24
Regulation 12(1)(a)
 
Report of the Auditor Appointed under section 36(6) of the Insurance Act (Cap. 142)
 
25
Regulation 12(1)(b)
 
Auditor’s Supplementary Report
 
26
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 1 — FUND BALANCE SHEET AS AT __________________
SINGAPORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
OFFSHORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
 
Description
Annex
Row
No.
Amount
ASSETS
 
 
 
Equity securities
1A
1
 
Debt securities
1B
2
 
Land and buildings
1C
3
 
Loans
1D
4
 
Cash and deposits
 
5
 
Other invested assets
1E
6
 
Investment income due or accrued
 
7
 
Outstanding premiums and agents’ balances
1F
8
 
Deposits withheld by cedants
 
9
 
Reinsurance recoverables (on paid claims)
1G
10
 
Income tax recoverables
 
11
 
Fixed assets
1H
12
 
Inter-fund balances and intra-group balances (due from)
1I
13
 
Other Assets
1J
14
 
Total Assets (1 to 14)
 
15
 
Description
Annex
Row
No.
Amount
LIABILITIES
 
 
 
Policy liabilities
1K
16
 
Other liabilities:
 
 
 
 Outstanding claims
 
17
 
 Annuities due and unpaid
 
18
 
 Reinsurance deposits
 
19
 
 Amounts owing to insurers
 
20
 
 Bank loans and overdrafts
 
21
 
Inter-fund balances and intra-group balances (due to)
1L
22
 
Others
1M
23
 
Total Liabilities (16 to 23)
 
24
 
SURPLUS (15−24)
1N
25
 
ANNEX 1A
INVESTMENT IN EQUITY SECURITIES
AS AT __________________
 
Description
Row
No.
Listed
Unlisted
Amount
Equity securities other than collective investment schemes
1
 
 
 
Collective investment schemes
2
 
 
 
Total (1 to 2) = Row 1 of Form 1
3
 
 
ANNEX 1B
INVESTMENT IN DEBT SECURITIES
AS AT __________________
 
Description
Row
No.
Amount
Government debt securities
1
 
Qualifying debt securities
2
 
Other debt securities
3
 
Total (1 to 3) = Row 2 of Form 1
4
 
ANNEX 1C
INVESTMENT IN LAND AND BUILDINGS
AS AT __________________
 
Location and Description of Land and Buildings
Row
No.
Cost
Last
Revaluation
Date
Last
Reported
Amount
Changes
from Last
Reported
Amount
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total = Row 3 of Form 1
 
 
ANNEX 1D
INVESTMENT IN LOANS
AS AT __________________
 
Description
Row
No.
Amount
Outstanding
Provision
for
Doubtful
Loans
Amount
Policy loans
1
 
 
 
Mortgage loans
2
 
 
 
Other secured loans
3
 
 
 
Unsecured loans
4
 
 
 
Total (1 to 4) = Row 4 of Form 1
5
 
 
ANNEX 1E
BREAKDOWN OF OTHER INVESTED ASSETS
AS AT __________________
 
Description
Row
No.
Notional
Principal
Amount
Amount
Derivatives
 
 
 
Options:
(a)Call options
1
 
 
(b)Put options
2
 
 
(c)Swaptions
3
 
 
(d)Other options
4
 
 
Total investments in options (1 to 4)
5
 
 
 
 
 
 
Futures contracts:
 
 
 
(a)Currency futures contracts
6
 
 
(b)Interest rate futures contracts
7
 
 
(c)Other futures contracts
8
 
 
Total investments in futures contracts (6 to 8)
9
 
 
 
 
 
 
Forward contracts:
 
 
 
(a)Currency forward contracts
10
 
 
(b)Interest rate forward contracts
11
 
 
(c)Other forward contracts
12
 
 
Total investments in forward contracts (10 to 12)
13
 
 
 
 
 
 
Swaps:
 
 
 
(a)Interest rate swaps
14
 
 
(b)Currency swaps
15
 
 
(c)Other swaps
16
 
 
Total investments in swaps (14 to 16)
17
 
 
 
 
 
 
Other derivatives
18
 
 
 
 
 
 
Total investments in derivatives (5+9+13+17+18)
19
 
 
Other invested assets excluding derivatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments in other invested assets excluding derivatives
 
 
Total = Row 6 of Form 1
 
 
ANNEX 1F (a)
AGEING OF OUTSTANDING PREMIUMS AND
AGENTS’ BALANCES OF DIRECT LIFE INSURER
AS AT __________________
 
Description
Row
No.
Amount
In respect of direct business
 
 
Bad debts written off during the year
1
 
Ageing of outstanding premiums and agents’ balances:
 
 
Outstanding period
Up to 3 months
2
 
Above 3 months but not exceeding 6 months
3
 
Above 6 months but not exceeding 12 months
4
 
Above 12 months
5
 
Gross total (2 to 5)
6
 
Provision for doubtful debts
7
 
Total outstanding premiums and agents’ balances in respect of direct business (6−7)
8
 
In respect of reinsurance business
 
 
Bad debts written off during the year
9
 
Ageing of outstanding premiums and agents’ balances:
 
 
Outstanding period
Up to 6 months
10
 
Above 6 months but not exceeding 12 months
11
 
Above 12 months but not exceeding 24 months
12
 
Above 24 months
13
 
Gross total (10 to 13)
14
 
Provision for doubtful debts
15
 
Total outstanding premiums and agents’ balances in respect of reinsurance business (14–15)
16
 
Total (8+16) = Row 8 of Form 1
17
 
 
 
 
Note:For direct insurance business, outstanding period starts from date of commencement of cover.
In respect of reinsurance business, outstanding period commences from the date premiums are accrued in the books of the licensed insurer.
ANNEX 1F (b)
AGEING OF OUTSTANDING PREMIUMS AND
AGENTS’ BALANCES OF DIRECT GENERAL INSURER
AS AT __________________
Description
Row
No.
Direct Business
Amount
Agents
Brokers
Others
In respect of direct business
 
 
 
 
 
Bad debts written off during the year
1
 
 
 
 
Ageing of outstanding premiums and agents’ balances:
 
 
 
 
 
Outstanding period
Up to 3 months
2
 
 
 
 
Above 3 months but not exceeding 6 months
3
 
 
 
 
Above 6 months but not exceeding 12 months
4
 
 
 
 
Above 12 months
5
 
 
 
 
Gross total (2 to 5)
6
 
 
 
 
Provision for doubtful debts
7
 
 
 
 
Total outstanding premiums and agents’ balances in respect of direct business (6−7)
8
 
 
 
 
In respect of reinsurance business
 
 
 
 
 
Bad debts written off during the year
9
 
 
 
 
Ageing of outstanding premiums and agents’ balances:
 
 
 
 
 
Outstanding period
Up to 6 months
10
 
 
 
 
Above 6 months but not exceeding 12 months
11
 
 
 
 
Above 12 months but not exceeding 24 months
12
 
 
 
 
Above 24 months
13
 
 
 
 
Gross total (10 to 13)
14
 
 
 
 
Provision for doubtful debts
15
 
 
 
 
Total outstanding premiums and agents’ balances in respect of reinsurance business (14−15)
16
 
 
 
 
Total (8+16) = Row 8 of Form 1
17
 
 
 
 
 
 
 
 
 
 
Note:For direct insurance business, outstanding period starts from date of commencement of cover. In respect of reinsurance business, outstanding period commences from the date premiums are accrued in the books of the licensed insurer.
ANNEX 1F (c)
AGEING OF OUTSTANDING PREMIUMS AND
AGENTS’ BALANCES OF REINSURER
AS AT __________________
 
Description
Row
No.
Amount
Bad debts written off during the year
1
 
Ageing of outstanding premiums and agents’ balances:
 
 
Outstanding period
Up to 6 months
2
 
Above 6 months but not exceeding 12 months
3
 
Above 12 months but not exceeding 24 months
4
 
Above 24 months
5
 
Gross total (2 to 5)
6
 
Provision for doubtful debts
7
 
Total (6−7) = Row 8 of Form 1
8
 
 
Note:Outstanding period commences from the date premiums are accrued in the books of the reinsurer.
ANNEX 1F (d)
AGEING OF OUTSTANDING PREMIUMS AND
AGENTS’ BALANCES OF CAPTIVE INSURER
AS AT __________________
 
Description
Row
No.
Amount
Bad debts written off during the year
1
 
Ageing of outstanding premiums and agents’ balances:
 
 
Outstanding period
Up to 3 months
2
 
Above 3 months but not exceeding 6 months
3
 
Above 6 months but not exceeding 12 months
4
 
Above 12 months
5
 
Gross total (2 to 5)
6
 
Provision for doubtful debts
7
 
Total (6−7) = Row 8 of Form 1
8
 
 
Note:Outstanding period commences from the date premiums are accrued in the books of the captive insurer.
ANNEX 1G
STATEMENT OF REINSURANCE RECOVERABLES
AS AT __________________
 
Description
Row
No.
Amount
Reinsurance recoveries on unpaid claims
1
 
Reinsurance recoverables written off during the year
2
 
Ageing of reinsurance recoverables (on paid claims):
 
 
Outstanding period
Up to 1 year
3
 
Above 1 year but not exceeding 2 years
4
 
Above 2 years
5
 
Total (3 to 5)
6
 
Provision for doubtful reinsurance recoverables
7
 
Total (6−7) = Row 10 of Form 1
8
 
ANNEX 1H
FIXED ASSETS
AS AT __________________
 
Description
Row
No.
Amount
Motor vehicles
1
 
Computer equipment
2
 
Other fixed assets
3
 
Total (1 to 3) = Row 12 of Form 1
4
 
ANNEX 1I
INTER-FUND BALANCES AND
INTRA-GROUP BALANCES (DUE FROM)
AS AT __________________
 
Description
Row
No.
Amount
Balances due from head office/shareholders fund
1
 
Balances due from overseas branches/related corporations
2
 
Balances due from other insurance funds established and maintained under the Act
3
 
Total (1 to 3) = Row 13 of Form 1
4
 
ANNEX 1J
BREAKDOWN OF OTHER ASSETS
AS AT __________________
 
Description
Row
No.
Amount
 
 
 
 
 
 
 
 
 
Total = Row 14 of Form 1
 
 
ANNEX 1K
POLICY LIABILITIES OF PARTICIPATING FUND
AS AT __________________
 
Description
Row
No.
Amount
Total assets
1
 
Balance in the surplus account
2
 
Other liabilities
3
 
Policy assets (1−2−3)
4
 
Sum of liability in respect of each policy of the participating fund
5
 
Minimum condition liability
6
 
Policy Liabilities (highest of 4, 5 or 6) = Row 16 of Form 1
7
 
ANNEX 1L
INTER-FUND BALANCES AND
INTRA-GROUP BALANCES (DUE TO)
AS AT __________________
 
Description
Row
No.
Amount
Balances due to head office/shareholders fund
1
 
Balances due to overseas branches/related corporations
2
 
Balances due to other insurance funds established and maintained under the Act
3
 
Total (1 to 3) = Row 22 of Form 1
4
 
ANNEX 1M
BREAKDOWN OF OTHERS
AS AT __________________
 
Description
Row
No.
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total = Row 23 of Form 1
 
 
ANNEX 1N
SURPLUS
AS AT __________________
 
Description
Row
No.
Amount
Surplus at beginning of period
1
 
Net income
2
 
Transfer (to) from head office/shareholders fund
3
 
Surplus at End of Period (1 to 3) = Row 25 of Form 1
4
 
ANNEX 1 (i)
INFORMATION IN RESPECT OF REDUCTION IN
VALUE OF LIABILITIES DUE TO REINSURANCE CEDED
TO REINSURERS IN RESPECT OF LIFE BUSINESS
AS AT _________________
Description
Row
No.
Participating
policies
Non-
participating
policies
Investment-
linked
policies
Amount
Licensed insurer
1
 
 
 
 
Authorised reinsurer/related
corporation/head office/branch
of head office of the licensed insurer
2
 
 
 
 
Unlicensed reinsurer
3
 
 
 
 
Total (1 to 3)
4
 
 
 
 
ANNEX 1 (ii)
INFORMATION IN RESPECT OF REDUCTION IN
UNEARNED PREMIUM RESERVES DUE TO REINSURANCE CEDED
TO REINSURERS IN RESPECT OF GENERAL BUSINESS
AS AT __________________
 
Description
Row
No.
Amount
Licensed insurer/foreign insurer under the foreign insurer scheme
1
 
Authorised reinsurer/related corporation/head office/branch of head office of the licensed insurer
2
 
Unlicensed reinsurer
3
 
Total (1 to 3)
4
 
ANNEX 1 (iii)
INFORMATION IN RESPECT OF INVESTMENTS
IN A RELATED CORPORATION OF LICENSED INSURER
AS AT __________________
Description of Assets and
Name of Investee Company
Row
No.
No. of
Units
Cost
Amount
Name of company:
 
 
 
 
(a)Equity securities
1
 
 
 
(b)Debt securities
2
 
 
 
(c)Secured loans
3
 
 
 
(d)Unsecured loans
4
 
 
 
(e)Other invested assets
5
 
 
 
Notes to Form 1 (to be shown separately for each class of business)
 The following shall be stated as Notes to this Form:
Note 1The aggregate amounts of loans to and amounts due from —
(a)directors as defined in section 31 of the Insurance Act (Cap. 142); and
(b)employees of the licensed insurer.
 Aggregate amounts shall be shown separately for directors and employees.
Note 2Description and amount of the following items:
(a)intangible assets (which shall be valued in accordance with Singapore Generally Accepted Accounting Principles); and
(b)contingent assets and liabilities
Note 3Description of any change in accounting policies and methodologies in the valuation of assets and liabilities and the quantification of their effects.
Note 4Description of any prior adjustment and correction for errors and reasons for the adjustments and corrections.
Note 5In respect of financial guarantee business —
(a)where premiums are payable in instalments, the present value of future instalment premiums payable by the insured in a future accounting period and the discount rate used; and
(b)where the premiums are payable in full at the commencement of the policy of insurance, the full amount of the premiums payable by the insured in the accounting period in which the policy commences.
 
Instructions for completion of Form 1, Notes, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii)
1.  All amounts shown in this form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Notes, Annexes 1A to 1N and Annexes 1(i), 1(ii) and 1(iii) shall be completed in full separately for each insurance fund established and maintained under the Act. For any Note or Annex where there are no entries, a “Nil” Note or Annex shall be submitted. A Note or an Annex which is not applicable, need not be submitted.
3.  “Equity securities”, “Debt securities” and “Government debt securities” have the same respective meanings as in regulation 2 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
4.  “Debt securities” includes accrued interest relating to debt securities.
5.  “Investment income due or accrued” includes accrued interest relating to deposits.
6.  “Inter-fund balances and intra-group balances (due from)” includes balances due from other insurance funds, shareholders fund, head office, overseas branches, and related corporations.
7.  “Inter-fund balances and intra-group balances (due to)” includes balances due to other insurance funds, shareholders fund, head office, overseas branches, and related corporations.
8.  “Qualifying debt securities” has the same meaning as in Table 7 of the Sixth Schedule of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
9.  “Other debt securities” includes any listed and unlisted bonds issued by corporations and any bill of exchange.
10.  “Land and buildings” includes any property acquired through foreclosures and in settlement of debts.
11.  “Loans” shall be reported net of provisions.
12.  “Other secured loans” includes any loan guaranteed by a bank licensed under the Banking Act (Cap. 19).
13.  “Outstanding premiums and agents’ balances” refers to net premiums payable to or paid into, an insurance fund established and maintained under the Act (including net premiums due from overseas branches/related companies/head office). For direct business, “agents’ balances” shall be net of the premium refund to insured and the commissions payable to agents or brokers. It shall be determined on an agent by agent or broker by broker basis, as the case may be. Outstanding premiums due from insured shall only be offset by claims and premium refund (if any) payable to the insured on an insured by insured basis. In the case of life insurers, “agents’ balances” shall not include amounts due from agents in respect of financing schemes provided by the insurers. A reinsurer shall treat “outstanding premiums and agents’ balances” in a similar manner as a direct insurer.
14.  [Deleted by S 734/2007 wef 1/1/2008]
15.  “Reinsurance recoverables (on paid claims)” has the same meaning as in regulation 2 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and includes any amount that a licensed insurer is entitled to recover, but has yet to recover from its overseas branches, its related corporations or head office under a reinsurance arrangement. Claims that an insurer is entitled to recover but has yet to recover from, and premiums owing to, a particular person with whom the insurer has a reinsurance arrangement shall be set off on an individual account basis.
16.  “Reinsurance recoveries on unpaid claims” refers to such recoveries on claim liabilities, outstanding claims and claims in the course of payment.
17.  “Minimum condition liability” has the same meaning as in regulation 2 of the Insurance (Valuation and Capital) Regulations 2004.
18.  “Other liabilities”, in relation to an insurance fund established and maintained under the Act, shall be the amount representing the sum of —
(a)outstanding claims;
(b)annuities due and unpaid;
(c)reinsurance deposits;
(d)amounts owing to other insurers;
(e)bank loans and overdrafts;
(f)inter-fund balances and intra-group balances (due to); and
(g)“Others”, which includes any exchange translation reserves resulting from the translation of the statement in this form from a non-Singapore dollar denominated functional currency to the presentation currency in Singapore dollars, any contingency reserves prescribed under the Act or any rules or regulations thereunder, and any liability other than the items described in sub-paragraphs (a) to (f) above, for example special reserves.
19.  [Deleted by S 734/2007 wef 01/01/2008]
20.  “Outstanding claims” refers to claims which have been approved by the licensed insurer for payment but not yet paid and includes expenses associated with the settlement of such claims but does not include such claims that are already included in policy liabilities. For life business, the amount also includes claims which have not been approved but the quantum for which is fixed.
21.  “Amounts owing to insurers” refers to claims owing by the licensed insurer to ceding companies and premiums owing to any person carrying on reinsurance business, including net premiums or claims payable to overseas branches, related corporations or head office of the insurer. Premiums and claims owing to and owing by the licensed insurer shall be set off on an individual account basis.
22.  “Direct Business — Others” includes business from direct clients, direct marketing and other distribution channels.
23.  For the purposes of Annex 1C —
(a)“Last Revaluation Date” refers to the date of the last available valuation report by a qualified property valuer;
(b)“Last Reported Amount” refers to the relevant “Amount” reported as at the end of the last reporting period;
(c)“Changes From Last Reported Amount” refers to any depreciation (appreciation) on the land or building from “Last Reported Amount”, or from “Cost” if such asset purchase is made during the reporting period, whereby depreciation (appreciation) will be reported as a negative (positive) amount; and
(d)“Amount” is the sum of “Last Reported Amount” and “Changes From Last Reported Amount”, or the sum of “Changes from before Last Reported Amount” and “Cost” if such asset purchase is made during the reporting period.
24.  For the purposes of Annexes 1 (i) and 1 (ii) —
(a)“related corporation” means a related corporation of the licensed insurer, where the reinsurance arrangement between the related corporation and the insurer is one which is exempted from the application of section 56A of the Act under regulation 12 (b) of the Insurance (Authorised Reinsurers) Regulations (Rg 13);
(b)“licensed insurer” has the same meaning as in section 1A of the Act; and
(c)“unlicensed reinsurer” means an insurer who is neither licensed under section 8 of the Act nor authorised under section 34 of the Act to carry on reinsurance business.
[S 39/2006 wef 31/01/2006]
[S 734/2007 wef 01/01/2008]
[S 51/2010 wef 05/02/2010]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 2 — FUND PROFIT AND LOSS ACCOUNT
FROM __________________ TO __________________
 
 
 
 
 
SINGAPORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                            □
     Investment-Linked                          □
OFFSHORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                            □
     Investment-Linked                          □
 
 
(Tick (√) one only)
 
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Annex
Row
No.
Amount
Gross premiums
2A
1
 
Less: Outward reinsurance premiums
2B
2
 
Investment revenue
2C
3
 
Less: Investment expenses
 
4
 
Other income
2D
5
 
Total Income (1 to 5)
 
6
 
Gross claims settled
2E
7
 
Less: Reinsurance recoveries
 
8
 
Management expenses
2F
9
 
Distribution expenses
2G
10
 
Increase (decrease) in net policy liabilities
2H
11
 
Provision for doubtful debts/bad debts written off on receivables
 
12
 
Taxation expenses
 
13
 
Other expenses
2I
14
 
Total Outgo (7 to 14)
 
15
 
NET INCOME (6−15)
2J
16
 
  
ANNEX 2A
PREMIUM REVENUE IN RESPECT OF LIFE BUSINESS
FROM __________________ TO __________________
 
Description
Row
No.
Amount
Individual business:
 
 
Single premiums
1
 
Regular premiums — new business
2
 
Regular premiums — renewal business
3
 
 
 
 
Group business:
 
 
Premiums
4
 
Direct insurance premiums (1 to 4)
5
 
Inward reinsurance premiums
6
 
Total (5 to 6) = Row 1 of Form 2
7
 
ANNEX 2B
OUTWARD REINSURANCE PREMIUMS
FROM __________________ TO __________________
Description
Row
No.
Amount
Licensed insurer/foreign insurer under the foreign insurer scheme
1
 
Authorised reinsurer/related corporation/head office/branch of head office of the licensed insurer
2
 
Unlicensed reinsurer
3
 
Total (1 to 3) = Row 2 of Form 2
4
 
ANNEX 2C
INVESTMENT REVENUE
FROM __________________ TO __________________
Description
Row
No.
Investment Revenue
Interest/
Dividend/
Rental
Income
Realised Gains
(Losses) From
Last Reported
Value/Write-backs
(Write-offs)
Unrealised
Changes
From Last
Reported
Value
Amount
Equity securities
1
 
 
 
 
Debt securities
2
 
 
 
 
Land and Buildings
3
 
 
 
 
Loans
4
 
 
 
 
Cash and deposits
5
 
 
 
 
Other invested assets
6
 
 
 
 
Total (1 to 6) = Row 3 of Form 2
7
 
 
ANNEX 2C (a)
INVESTMENT REVENUE OF ASSETS IN
SURPLUS ACCOUNT OF PARTICIPATING FUND
FROM __________________ TO __________________
Description
Row
No.
Investment Revenue
Interest/
Dividend/
Rental
Income
Realised Gains
(Losses) From
Last Reported
Value/Write-backs
(Write-offs)
Unrealised
Changes
From Last
Reported
Value
Amount
Equity securities
1
 
 
 
 
Debt securities
2
 
 
 
 
Land and Buildings
3
 
 
 
 
Loans
4
 
 
 
 
Cash and deposits
5
 
 
 
 
Other invested assets
6
 
 
 
 
Total (1 to 6)
7
 
 
 
 
ANNEX 2C (b)
INVESTMENT REVENUE OF ASSETS IN
UNIT RESERVES OF INVESTMENT-LINKED FUND
FROM __________________ TO __________________
Description
Row
No.
Investment Revenue
Interest/
Dividend/
Rental
Income
Realised Gains
(Losses) From
Last Reported
Value/Write-backs
(Write-offs)
Unrealised
Changes
From Last
Reported
Value
Amount
Equity securities
1
 
 
 
 
Debt securities
2
 
 
 
 
Land and Buildings
3
 
 
 
 
Loans
4
 
 
 
 
Cash and deposits
5
 
 
 
 
Other invested assets
6
 
 
 
 
Total (1 to 6)
7
 
 
 
 
ANNEX 2D
BREAKDOWN OF OTHER INCOME
FROM __________________ TO __________________
Description
Row No.
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total = Row 5 of Form 2
 
 
ANNEX 2E
CLAIMS OF DIRECT LIFE INSURER
FROM __________________ TO __________________
Description
Row No.
Amount
Death, total permanent disability, critical illness
1
 
Accident and health benefits other than total permanent disability and critical illness
2
 
Maturity/anticipated endowment
3
 
Surrenders
4
 
Annuities
5
 
Cash bonuses
6
 
Others
7
 
Total (1 to 7) = Row 7 of Form 2
8
 
ANNEX 2F
MANAGEMENT EXPENSES
FROM __________________ TO __________________
Description
Row
No.
Amount
Staff salaries & expenses
1
 
Office rent
2
 
Head office/parent company expenses
3
 
Directors’ fees
4
 
Audit fees
5
 
Managing agent’s fees
6
 
Repairs and maintenance
7
 
Public utilities
8
 
Printing, stationery and periodicals
9
 
Postage, telephone and telex charges
10
 
Computer charges
11
 
Hire of office equipment
12
 
Licence and association fees
13
 
Advertising and subscriptions
14
 
Entertainment
15
 
Travelling expenses
16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total = Row 9 of Form 2
 
 
ANNEX 2G
DISTRIBUTION EXPENSES IN RESPECT OF LIFE BUSINESS
FROM __________________ TO __________________
Description
Row
No.
Amount
Individual business:
 
 
First period commissions — single premium
1
 
First period commissions — regular premium
2
 
Renewal commissions
3
 
 
 
 
Group business:
 
 
Commissions
4
 
 
 
 
Overriding commissions
5
 
Production and other bonuses
6
 
Trailer fees
7
 
Cost of benefits and services
8
 
Other cash payments
9
 
Total distribution cost excluding reinsurance commissions (1 to 9)
10
 
Reinsurance commissions
11
 
Total (10−11) = Row 10 of Form 2
12
 
ANNEX 2H
NET POLICY LIABILITIES
IN RESPECT OF LIFE BUSINESS
FROM __________________ TO __________________
Description
Row
No.
Amount
Net policy liabilities at end of period
1
 
Net policy liabilities at beginning of period
2
 
Increase (Decrease) in Net Policy Liabilities (1−2) = Row 11 of Form 2
3
 
ANNEX 2I
BREAKDOWN OF OTHER EXPENSES
FROM __________________ TO __________________
Description
Row No.
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total = Row 14 of Form 2
 
 
ANNEX 2J
NET INCOME OF PARTICIPATING FUND
FOR THE PERIOD FROM __________________ TO __________________
Description
Row No.
Amount
Allocation to surplus account
1
 
Surplus account investment revenue
2
 
Less: Surplus account investment expenses
3
 
Surplus account investment income (2−3)
4
 
Recovery of amount transferred out of the surplus account if it has not been transferred back into the surplus account previously
5
 
Net Income (1+4+5) = Row 16 of Form 2
6
 
Instructions for completion of Form 2 and Annexes 2A to 2J
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Annexes 2A to 2J shall be completed in full separately for each insurance fund established and maintained under the Act. For any Annex where there are no entries, a “Nil” Annex shall be submitted. An Annex which is not applicable, need not be submitted.
3.  “Gross premiums” refers to gross premiums received or receivable including portfolio premiums, after deduction of discounts and return premiums, which have been entered in the books of the licensed insurer during the period. Commissions shall not be deducted from gross premiums.
4.  “Outward reinsurance premiums” refers to premiums paid or payable on reinsurance ceded during the period and includes portfolio premiums in respect of ceded business.
5.  “Investment revenue” refers to the following:
(a)interest, rental, and dividend income earned;
(b)realised gains (losses) from last reported value, write-backs (write-offs);
(c)unrealised changes from last reported value
on the investment portfolio comprising equity securities, debt securities, land and buildings, loans, cash and deposits and other invested assets.
6.  For the purposes of Annex 2B —
“licensed insurer” has the same meaning as in section 1A of the Act; and
“unlicensed reinsurer” means an insurer who is neither licensed under section 8 of the Act nor authorised under section 34 of the Act to carry on reinsurance business.
7.  “Rental income” includes imputed rental on owner-occupied premises used for the licensed insurer’s business. Owner-occupied premises are premises owned by the licensed insurer and which are used for the licensed insurer’s business.
8.  “Realised gains (losses) from last reported value” refers to the amount realised on sale of investments, land and buildings after deducting expenses incurred, less the relevant “Amount” reported in Form 1 as at the end of the last reporting period or the purchase price, if such purchase is made during the reporting period. Losses on sale of assets shall only be netted off within the same category of assets. It includes gains or losses due to exchange rate fluctuations and foreign currency translations.
9.  “Write-backs (write-offs)” refers to any bad loan written off or written back.
10.  “Unrealised changes from last reported value” refers to changes in market value, changes in estimated market value, changes in net realisable value or changes in provisions, where applicable, from the relevant “Amount” reported in Form 1 as at end of the last reporting period, or from the purchase price, if such purchase is made during the reporting period.
11.  “Investment expenses” includes expenses incurred in earning interest, dividend and rents, expenses incurred in the management and sale of the investments, property maintenance costs or expenses and property tax.
12.  “Other income” includes gains due to exchange rate fluctuations, foreign currency translations and any net decrease in the total contingency reserves maintained by the insurer during the period.
13.  “Gross claims settled” refers to gross claims paid, including portfolio losses, decrease (increase) in outstanding claims during the period, medical and legal expenses incurred directly in the settlement of claims paid in the period, net of recoveries from salvages and subrogation, where applicable.
14.  “Outstanding claims” refers to such claims as described in paragraph 20 of the Instructions for completion of Form 1, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii).
15.  “Disability” includes long-term care benefits.
16.  “Surrenders” includes surrenders of bonus.
17.  “Reinsurance recoveries” refers to reinsurance recoveries received or receivable from reinsurance in respect of claims paid including portfolio losses, during the period.
18.  “Staff salaries and expenses” includes —
(a)salaries, bonuses and allowances;
(b)directors’ expenses;
(c)contribution to the Central Provident Fund, pensions and gratuities;
(d)medical fees;
(e)training;
(f)skills development levy; and
(g)fringe benefits.
19.  “Office rent” includes imputed rental expenses on owner-occupied premises used for the licensed insurer’s business.
20.  “Head office/parent company expenses” refers to charges from the parent or head office or regional office for services rendered to the operations in Singapore or subsidiary and associate companies respectively.
21.  “Managing agent’s fees” refers to fees paid to those agents appointed by an insurer to both underwrite and manage a portfolio of business.
22.  “Distribution expenses” includes all direct costs such as commissions and bonuses, all indirect costs of benefits and services provided by the licensed insurer in the distribution of its products, agency allowances and profit commissions.
23.  “Other cash payments” includes all payments made to the salesperson, including sales incentives and cash incentives, but does not include basic commissions and overrides, production and other bonuses.
24.  “Cost of Benefits and Services” includes all non-monetary benefits given and services provided to the salesperson, for example, loans, sales convention, insurance cover, office accommodation and equipment and general stationery.
25.  In respect of general business, “Increase (decrease) in net policy liabilities” refers to the sum of increase (decrease) in premium liabilities and increase (decrease) in claim liabilities.
26.  “Provision for doubtful debts/bad debts written off on receivables” refers to increase (decrease) in provision for doubtful debt on receivables (for example, reinsurance recoveries and outstanding premiums and agents balances), bad debts written off receivables and excludes loans.
27.  [Deleted by S 51/2010 wef 05/02/2010]
28.  “Other expenses” includes depreciation on fixed assets, losses due to exchange rate fluctuations and foreign currency translations and any net increase in the total contingency reserves maintained by the insurer during the period.
29.  “Allocation to surplus account” refers to the allocation of part of a participating fund to the surplus account made under section 17 (6) (c) of the Act.
30.  “Surplus account investment income” refers to the amount relating to the investment income earned on assets representing the balance in the surplus account as described in regulation 22(4)(a) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
31.  “Recovery of amount transferred out of surplus account if it has not been transferred back into the surplus account previously” refers to the recovery set out in regulation 22(4)(b) of the Insurance (Valuation and Capital) Regulations 2004.
32.  “Related corporation” means a related corporation of the licensed insurer, where the reinsurance arrangement between the related corporation and the insurer is one which is exempted from the application of section 56A of the Act under regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations (Rg 13).
[S 39/2006 wef 31/01/2006]
[S 734/2007 wef 01/01/2008]
[S 51/2010 wef 05/02/2010]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ____________________________________
FORM 3 — STATEMENT IN RESPECT OF
LIFE BUSINESS OF DIRECT LIFE INSURER
RELATING TO POLICIES ISSUED TO INDIVIDUALS
FROM __________________ TO __________________
 
 
 
 
SINGAPORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
OFFSHORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
 
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Single Premium Business
Regular Premium Business
 
 
Single Premium
Number of Policies
Sum Insured
Regular Premium
Number of Policies
Sum Insured
A. New Business
 
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
 
      Whole Life
1
 
 
 
 
 
 
      Endowment
2
 
 
 
 
 
 
      Term
3
 
 
 
 
 
 
      Accident
4
 
 
 
 
 
 
      Health
5
 
 
 
 
 
 
      Others
6
 
 
 
 
 
 
            Total (1 to 6)
7
 
 
 
 
 
 
   Annuities only
8
 
 
 
 
 
 
B. Terminations and transfers
 
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
 
      Death, total permanent disability, critical illness
9
 
 
 
 
 
 
      Maturity
10
 
 
 
 
 
 
      Expiry
11
 
 
 
 
 
 
      Surrender
12
 
 
 
 
 
 
      Forfeiture
13
 
 
 
 
 
 
      Net transfers
14
 
 
 
 
 
 
      Others
15
 
 
 
 
 
 
            Total (9 to 15)
16
 
 
 
 
 
 
      Annuities only
17
 
 
 
 
 
 
C. Business in Force
 
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
 
      Whole life
18
 
 
 
 
 
 
      Endowment
19
 
 
 
 
 
 
      Term
20
 
 
 
 
 
 
      Accident
21
 
 
 
 
 
 
      Health
22
 
 
 
 
 
 
      Others
23
 
 
 
 
 
 
            Total (18 to 23)
24
 
 
 
 
 
 
      Annuities only (last period’s 25+8-17)
25
 
 
 
 
 
 
Notes to Form 3
The following shall be stated as Notes to this Form:
Note 1
Details of mortgage reducing term policies (Rows 3 and 20).
Note 2
Breakdown for “Others” (Rows 6, 15 and 23).
Note 3
Details of annuity contracts sold under the CPF Minimum Sum Scheme (Rows 8 and 25).
Instructions for completion of Form 3 and Notes
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Notes shall be completed in full separately for each insurance fund established and maintained under the Act. For any Note where there are no entries, a “Nil” Note shall be submitted. A Note which is not applicable, need not be submitted.
3.  This Form shall include all direct and reinsurance business relating to life policies issued to individuals.
4.  An individual policy or a rider which provides more than one type of benefit shall be classified as though it is an individual policy or rider which provides only the predominant type of benefit. The total premium for this individual policy or rider may be shown under the predominant type of benefit.
5.  Any rider which provides only one type of benefit shall be classified according to type, i.e. whole life, endowment, term, accident, health or others.
6.  Items in this Form shall be shown after deduction of amounts in respect of reinsurance on the coinsurance method of liabilities of the licensed insurer.
7.  Items for premiums (except for single premium) and, in the case of annuities, items for amounts insured shall be the amounts payable per year and includes extra premiums in respect of higher risks experienced by the insured.
8.  Top-ups to premiums in respect of single premium policies shall be reported in “New Business” under “Single Premium Business”.
9.  Increases to regular premiums in respect of regular premium policies shall be reported in “New Business” under “Regular Premium Business”.
10.  Decreases to regular premiums in respect of regular premium policies should be reported in “Terminations and transfers” under “Regular Premium Business”.
11.  “New business” includes —
(a)any policy issued as a conversion of a term contract; and
(b)any policy sold and cancelled subsequently during the same reporting period, regardless of whether these cancellations were made within the free-look period.
12.  “Number of policies” does not apply to riders.
13.  Items under “Terminations and transfers” of this Form shall be shown exclusive of bonus additions.
14.  “Surrender” refers to a policy which lapses after it has acquired a surrender value. This also includes policies whose non-forfeiture loan option has expired.
15.  “Forfeiture” refers to a policy which carries a surrender value and lapses before it acquires the surrender value.
16.  Lapses shall be reported net of reinstatements.
17.  In the case of a policy which does not have a surrender value, for example, term, accident or health, the policy is considered an expiry if it lapses.
18.  Direct life insurers shall classify the reduction of any portion of sums insured of mortgage related term policies under “Expiry”.
19.  “Net transfers” refers to the increase or decrease by transfers of policies to or from Singapore registers.
20.  “Others” under “Terminations and transfers” includes —
(a)term policies converted to whole life policies; and
(b)any policy cancelled within the free-look period.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ____________________________________
FORM 4 — STATEMENT IN RESPECT OF
LIFE BUSINESS OF DIRECT LIFE INSURER
RELATING TO GROUP POLICIES
FROM __________________ TO __________________
 
 
 
 
SINGAPORE INSURANCE FUND
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
OFFSHORE INSURANCE FUND
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
 
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Number of Policies
Number of Lives covered
Sum Insured
Premiums
Single
Regular
A. New Business
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
      Term
1
 
 
 
 
 
      Accident
2
 
 
 
 
 
      Health
3
 
 
 
 
 
      Others
4
 
 
 
 
 
            Total (1 to 4)
5
 
 
 
 
 
   Annuities only
6
 
 
 
 
 
B. Increases under existing policies
 
 
 
 
 
 
   Policies other than annuities
7
 
 
 
 
 
   Annuities only
8
 
 
 
 
 
C. Terminations
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
      Expiry
9
 
 
 
 
 
      Death, total permanent disability, critical illness
10
 
 
 
 
 
      Others
11
 
 
 
 
 
            Total (9 to 11)
12
 
 
 
 
 
   Annuities only
13
 
 
 
 
 
D. Business in force
 
 
 
 
 
 
   Policies other than annuities —
 
 
 
 
 
 
      Term
14
 
 
 
 
 
      Accident
15
 
 
 
 
 
      Health
16
 
 
 
 
 
      Others
17
 
 
 
 
 
            Total (14 to 17)
18
 
 
 
 
 
   Annuities only (last period’s 19+6+8-13)
19
 
 
 
 
 
Notes to Form 4
The following shall be stated as Notes to this Form:
Note 1
Breakdown for “Others” (Rows 4, 11 and 17).
Note 2
Number of dependants covered under group policies (Column 2, Row 18).
Instructions for completion of Form 4 and Notes
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Notes shall be completed in full separately for each insurance fund established and maintained under the Act. For any Note where there are no entries, a “Nil” Note shall be submitted. A Note which is not applicable, need not be submitted.
3.  This Form shall include all direct and reinsurance business of the direct life insurer relating to group policies.
4.  A group policy or a rider which provides more than one type of benefit shall be classified as though it is a group policy or rider which provides only the predominant type of benefit. The total premium for this group policy or rider may be shown under the predominant type of benefit.
5.  Any rider which provides only one type of benefit shall be classified according to type, i.e. term, accident, health or others.
6.  Items in this Form shall be shown after deduction of amounts in respect of reinsurance on the coinsurance method of liabilities of the licensed insurer.
7.  Items for premiums (except for single premium) and, in the case of annuities, items for amounts insured shall be the amounts payable per year.
8.  “Number of lives covered” refers to the number of lives insured under the group policy.
9.  Extensions of coverage to additional lives and upward revisions of amount of insurance shall be classified under “Increases under existing policies”.
10.  “Expiry” includes decreases under existing contracts with respect to employees leaving or retiring.
11.  “Others” under “Terminations” includes decreases under existing contracts but excludes those decreases classified as “Expiry”.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LIFE INSURER ____________________________________
FORM 5 — STATEMENT IN RESPECT OF
LIFE BUSINESS (INDIVIDUAL AND GROUP)
OF LIFE REINSURER
FROM __________________ TO __________________
 
 
 
 
SINGAPORE INSURANCE FUND
Life                                   □
OFFSHORE INSURANCE FUND
Life                                   □
 
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Sum Insured
Premiums
Single
Regular
A. New Business
 
 
 
 
   Life (Risk Premium)
1
 
 
 
   Life (Coinsurance)
2
 
 
 
   Accident and Health
3
 
 
 
   Disability Income
4
 
 
 
   Portfolio Cover
5
 
 
 
   Financial Reinsurance
6
 
 
 
   Other Reinsurance
7
 
 
 
      Total (1 to 7)
8
 
 
 
   Annuities Only
9
 
 
 
B. Net Movements
 
 
 
 
   Life (Risk Premium)
 
 
 
 
      Claims
10
 
 
 
      Others
11
 
 
 
   Life (Coinsurance)
 
 
 
 
      Claims
12
 
 
 
      Others
13
 
 
 
   Accident and Health
 
 
 
 
      Claims
14
 
 
      Others
15
 
 
 
   Disability Income
 
 
 
 
      Claims
16
 
 
 
      Others
17
 
 
 
   Portfolio Cover
 
 
 
 
      Claims
18
 
 
 
      Others
19
 
 
   Financial Reinsurance
 
 
 
 
      Claims
20
 
 
 
      Others
21
 
 
 
   Other Reinsurance
 
 
 
 
      Claims
22
 
 
 
      Others
23
 
 
 
            Total (10 to 23)
24
 
 
 
   Annuities Only
 
 
 
 
      Claims
25
 
 
 
      Others
26
 
 
 
C. Business in force
 
 
 
 
   Life (Risk Premium)
27
 
 
 
   Life (Coinsurance)
28
 
 
 
   Accident and Health
29
 
 
 
   Disability Income
30
 
 
 
   Portfolio Cover
31
 
 
 
   Financial Reinsurance
32
 
 
 
   Other Reinsurance
33
 
 
 
      Total (27 to 33)
34
 
 
 
   Annuities Only
35
 
 
 
Instructions for completion of Form 5
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Items in this Form shall be shown after deduction of amounts in respect of retrocession on the coinsurance method of liabilities of the reinsurer.
3.  Items for premiums (except for single premium) and, in the case of annuities, items for amounts insured shall be the amounts payable per year. Items for premiums shall include extra premiums in respect of higher risks experienced by the insured.
4.  Reinsurance shall be classified according to the type of insurance i.e. life insurance, accident and health, etc., as long as the reinsurance treaty permits. However, where the business is bundled, it shall be classified according to the primary exposure. For example, a bundled reinsurance policy with health reinsurance as the primary exposure shall be classified as health reinsurance even if it includes some elements of term insurance.
5.  “New Business” refers to any business that enters the books of the reinsurer for the first time. For example, “new business” for group business refers to new groups, but not new members of an existing group.
6.  “Sum Insured” shall not be applicable to any reinsurance contract that does not have a definite amount of claims payment, for example, accident claims that depend on the nature of the injury and hospitalisation claims that depend on the nature of surgery and the length of hospitalisation. “Sum Insured” shall also not apply to “Financial Reinsurance”.
7.  “Sum Insured” for “Disability Income” shall be the yearly benefit payable in case of a claim.
8.  “Sum Insured” for a plan with an acceleration rider shall be the sum assured of the basic policy only.
9.  “Single Premium” refers to the premium for covering periods in excess of one year. Hence, single premiums paid in respect of insurance contracts of less than one year, for example, travel insurance shall be classified as “Regular Premiums”.
10.  “Life (Coinsurance)” refers to reinsurance business on life and critical illness basic/rider policies reinsured based on the ceding company’s office premiums, with the payment of a reinsurance commission and with the reinsurer being liable for its share of the reserves.
11.  “Portfolio Cover” includes catastrophic loss, excess of loss, stop loss and other non-proportional portfolio reinsurance covers. “Sum Insured” in this case means the maximum possible liability for the year.
12.  “Financial Reinsurance” refers to any contract of insurance which have terms for —
(a)the transfer of assets to the cedant or creation of a debt to the cedant (or both); and
(b)either an obligation for the cedant to return (with or without interest) some or all of such assets or a provision for the diminution of such debt, in each case, in specific circumstances,
and such other terms as may be specified in a notice in writing by the Authority.
[S 39/2006 wef 31/01/2006]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 6 — STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS
IN RESPECT OF GENERAL BUSINESS
FROM __________________ TO __________________
Co Code
Year
Month
□□□□□
□□□□
□□
 
SINGAPORE INSURANCE FUND
 
 
 
Marine and Aviation
 
 
 
 
 
Miscellaneous
 
 
Description
Row No.
Cargo
Hull and Liability
Fire
Motor
Work Injury Compensation
Personal Accident
Health
Public Liability
Bonds
Engineering/CAR/EAR
Professional Indemnity
Credit/Political Risk
Others
Sub-Total
Total
 
A. PREMIUMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross premiums
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Direct business
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Reinsurance business accepted —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         in Singapore
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other ASEAN countries
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other countries
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Total (2 to 4)
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Reinsurance business ceded —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         In Singapore
6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other ASEAN countries
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other countries
8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Total (6 to 8)
9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net premiums written (1+5-9)
10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at beginning of period
11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at end of period
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premiums earned during the period (10+11-12)
13
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
B. CLAIMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross claims settled
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Direct business
14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Reinsurance business accepted —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         In Singapore
15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other ASEAN countries
16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         From other countries
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Total (15 to 17)
18
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Recoveries from reinsurance business ceded —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         In Singapore
19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         To other ASEAN countries
20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         To other countries
21
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Total (19 to 21)
22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims settled (14+18-22)
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at end of period
24
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at beginning of period
25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims incurred (23+24-25)
26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C. MANAGEMENT EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Management Expenses
27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
D. DISTRIBUTION EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Commissions
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance commissions
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net commissions incurred (28-29)
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Other distribution expenses
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E. UNDERWRITING RESULTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Underwriting gain/(loss)
      (13-26-27-30-31)
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
F. NET INVESTMENT INCOME
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
G. OPERATING RESULT (32+33)
34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Form 6
The following shall be stated as Notes to this Form:
Note 1
Items in this Form may be allocated according to a reasonable basis used by the licensed insurer which is acceptable to its external auditor. The bases used shall be stated as a Note to this Form.
Note 2
Particulars on reinsurances of special risks other than reinsurances of liabilities under a marine and aviation policy.
Instructions for completion of Form 6 and Notes
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Notes shall be completed in full separately for each insurance fund established and maintained under the Act. For any Note where there are no entries, a “Nil” Note shall be submitted. A Note which is not applicable, need not be submitted.
3.  Reinsurers are not required to provide a breakdown of the miscellaneous line of business for the Singapore Insurance Fund but should report such items under “Others” in the “Miscellaneous” category.
4.  For the purpose of risk classification, where separate figures for each class of business are not available, as in a combined policy covering several classes of risks, the premiums may be shown under the predominant class of risk.
5.  For annual policies issued in respect of direct risks, a licensed insurer shall recognise the premium income in full when the risks commence.
6.  In respect of the Offshore Insurance Fund, “Casualty and Others” refers to insurance covering loss or liability arising from accident or mishap, including employer’s liability insurance, work injury compensation insurance, public liability insurance, motor vehicle insurance, plate glass insurance, burglary and theft insurance, fidelity guarantee, bond and credit insurance, personal accident and health insurance where written by non-life insurance companies, and other substantially similar kinds of insurance, but does not include certain types of loss which by law or custom are considered as falling exclusively within the scope of other types of insurance such as property insurance or marine insurance. Property insurance means insurance against risks of loss of, or damage to, material property, excluding certain types of loss which by law or custom are considered as falling exclusively within the scope of marine, aviation and transport insurance, motor vehicle insurance or miscellaneous accident insurance.
7.  “Gross premiums” refers to gross premiums received or receivable including portfolio premiums, after deduction of discounts and return premiums, which have been entered into the books of the licensed insurer during the period. Commissions shall not be deducted from gross premiums.
8.  “Reinsurance business ceded” refers to premiums paid or payable on reinsurance ceded during the period. It includes portfolio premiums in respect of ceded business.
9.  “Net premiums written” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.
10.  “Gross claims settled” refers to gross claims paid, including any portfolio losses, any increase or decrease, as the case may be, in outstanding claims during the period, and any medical or legal expense incurred directly in settlement of claims paid in the period, net of recoveries from salvages and subrogation, where applicable.
11.  “Outstanding claims” refers to such claims as described in paragraph 20 of the Instructions for completion of Form 1, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii).
12.  “Recoveries from reinsurance business ceded” refers to any reinsurance recoveries received or receivable from reinsurance in respect of claims settled including portfolio losses, during the accounting period.
13.  [Deleted by S 734/2007 wef 01/01/2008]
14.  “Other distribution expenses” includes agency allowances and profit commissions.
[S 39/2006 wef 31/01/2006]
[S 734/2007 wef 01/01/2008]
[S 158/2008 wef 01/04/2008]
[S 51/2010 wef 05/02/2010]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT INSURER ____________________________________
FORM 7 — STATEMENT IN RESPECT OF ACCIDENT AND HEALTH BENEFITS
FROM __________________ TO __________________
Co Code
Year
Month
□□□□□
□□□□
□□
 
Form 7(a) — Accident and Health Insurance (Long-term)
 
 
 
 
 
Medical Expense
Critical Illness
Disability
Personal Accident
Hospital Cash
Total
 
Description
Row No.
Individual
Group
Individual
Group
Individual
Group
Individual
Group
Individual
Group
Individual
Group
 
A. PREMIUMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross premiums
1
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance ceded
2
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net premiums written (1-2)
3
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at beginning of period
4
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at end of period
5
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium earned during the period (3+4-5)
6
 
 
 
 
 
 
 
 
 
 
 
 
 
B. CLAIMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross claims settled
7
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance recoveries
8
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims settled (7-8)
9
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at end of period
10
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at beginning of period
11
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims incurred (9+10-11)
12
 
 
 
 
 
 
 
 
 
 
 
 
 
C. MANAGEMENT EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Management expenses
13
 
 
 
 
 
 
 
 
 
 
 
 
 
D. DISTRIBUTION EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Commissions
14
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance commissions
15
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net commission incurred (14-15)
16
 
 
 
 
 
 
 
 
 
 
 
 
 
   Other distribution expenses
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E. UNDERWRITING RESULTS (6-12-13-16-17)
18
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
F. NET INVESTMENT INCOME
19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
G. OPERATING RESULT (18+19)
20
 
 
 
 
 
 
 
 
 
 
 
 
 
H. OTHERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of policies in force
21
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of lives covered under policies in force
22
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of claims licensed
23
 
 
 
 
 
 
 
 
 
 
 
 
Form 7(b) — Accident and Health Insurance (Short-term)
 
 
 
 
Medical Expense
Critical Illness
Disability
Personal Accident
Hospital Cash
Total
 
Description
Row No.
Individual
Group
Individual
Group
Individual
Group
Individual
Group
Individual
Group
Individual
Group
 
A. PREMIUMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross premiums
1
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance ceded
2
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net premiums written (1-2)
3
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at beginning of period
4
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium liabilities at end of period
5
 
 
 
 
 
 
 
 
 
 
 
 
 
   Premium earned during the period (3+4-5)
6
 
 
 
 
 
 
 
 
 
 
 
 
 
B. CLAIMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Gross claims settled
7
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance recoveries
8
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims settled (7-8)
9
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at end of period
10
 
 
 
 
 
 
 
 
 
 
 
 
 
   Claim liabilities at beginning of period
11
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net claims incurred (9+10-11)
12
 
 
 
 
 
 
 
 
 
 
 
 
 
C. MANAGEMENT EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Management expenses
13
 
 
 
 
 
 
 
 
 
 
 
 
 
D. DISTRIBUTION EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Commissions
14
 
 
 
 
 
 
 
 
 
 
 
 
 
   Reinsurance commissions
15
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net commission incurred (14-15)
16
 
 
 
 
 
 
 
 
 
 
 
 
 
   Other distribution expenses
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E. UNDERWRITING RESULTS (6-12-13-16-17)
18
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
F. NET INVESTMENT INCOME
19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
G. OPERATING RESULT (18+19)
20
 
 
 
 
 
 
 
 
 
 
 
 
 
H. OTHERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of policies in force
21
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of lives covered under policies in force
22
 
 
 
 
 
 
 
 
 
 
 
 
 
   Number of claims licensed
23
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Form 7
The following shall be stated as a Note to this Form:
Note 1
Items in this Form may be allocated according to a reasonable basis used by the licensed insurer. The bases used shall be stated as a Note to this Form.
Instructions for completion of Form 7 and Note
1.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
2.  Where a Note has no entries, a “Nil” Note shall be submitted.
3.  Subject to paragraph 4, this Form shall apply to an insurer when writing one or more of the following policies or riders:
(a)any accident and health policy;
(b)any policy which provides accident and health benefits and other benefits, whereby if the accident and health benefits were to be sold as an accident and health policy, the gross premium of this accident and health policy would be higher than 10% of the total gross premium of the policy which provides such accident and health benefits;
(c)any rider which provides accident and health benefits only;
(d)any rider which provides accident and health benefits and other benefits, whereby if the accident and health benefits were to be sold as an accident and health policy, the gross premium of this accident and health policy would be higher than 10% of the total gross premium of the rider which provides more than one type of benefit including accident and health benefits.
4.  The policies and riders referred to in paragraph 3 do not include any policy or rider which provides accident and health benefits and other benefits, whereby the accident and health benefits accelerates the death benefits and an explicit premium cannot be allocated according to a reasonable basis.
5.  Statistics relating to policies and riders as described in paragraph 3 which provide long-term accident and health benefits shall be entered under part named “Accident and Health Insurance (Long-term)”.
6.  Statistics relating to policies and riders as described in paragraph 3 which provide short-term accident and health benefits shall be entered under part named “Accident and Health Insurance (Short-term)”.
7.  For any direct insurer licensed to carry on both life and general business, the insurer shall include in this Form, statistics on accident and health benefits relating to both businesses.
8.  “Disability” includes long-term care benefits.
9.  “Gross premiums” refers to gross premiums received or receivable. Commissions shall not be deducted from gross premiums. For policies and riders as described in paragraph 3(b) and (d), gross premiums shall be the estimated portions of total gross premiums for these policies and riders, which are attributable to accident and health benefits.
10.  “Reinsurance ceded” refers to premiums paid or payable on reinsurance ceded during the period. For policies and riders as described in paragraph 3(b) and (d), reinsurance ceded shall be the estimated portions of total reinsurance ceded for these policies and riders during the period which are attributable to accident and health benefits.
11.  “Net premiums written” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded. For policies and riders as described in paragraph 3(b) and (d), net premiums written shall be the estimated portions of total net premiums written for these policies and riders, which are attributable to accident and health benefits.
12.  “Gross claims settled” refers to gross claims paid in respect of accident and health benefits, including experience refund paid, any increase or decrease, as the case may be, in outstanding claims during the period and any medical and legal expenses incurred directly in settlement of claims paid in the period.
13.  Outstanding claims refers to such claims as described in paragraph 20 of the Instructions for completion of Form 1, Annexes 1A to 1N and Annexes 1 (i), 1 (ii) and 1 (iii).
14.  “Reinsurance recoveries” refers to any reinsurance recoveries received or receivable from reinsurance in respect of claims settled during the period.
15.  “Net claims incurred” refers to any net claims settled plus the increase or decrease, as the case may be, in claim liabilities during the period.
16.  For policies and riders as described in paragraph 3(b) and (d), “Management expenses”, “Commissions”, “Reinsurance commissions”, “Net commissions incurred” and “Other distribution expenses” shall be the estimated portions of such items which are attributable to accident and health benefits.
17.  “Other distribution expenses” includes agency allowances and profit commissions.
[S 39/2006 wef 31/01/2006]
[S 51/2010 wef 05/02/2010]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 8 — BALANCE SHEET IN RESPECT OF GLOBAL BUSINESS OPERATIONS
AS AT _______________________
Co Code
Year
Month
□□□□□
□□□□
□□
 
 
Business in Singapore
Overseas (Branch) Operations
 
 
Description
Row No.
Life Business
General Business
Life Business
General Business
Shareholders Fund
Total
ASSETS
 
 
 
 
 
 
 
Equity securities
1
 
 
 
 
 
 
Debt securities
2
 
 
 
 
 
 
Land and buildings
3
 
 
 
 
 
 
Loans
4
 
 
 
 
 
 
Cash and deposits
5
 
 
 
 
 
 
Other invested assets
6
 
 
 
 
 
 
Investment income due or accrued
7
 
 
 
 
 
 
Outstanding premiums and agents’ balances
8
 
 
 
 
 
 
Deposits withheld by cedants
9
 
 
 
 
 
 
Reinsurance recoverables (on paid claims)
10
 
 
 
 
 
 
Income tax recoverables
11
 
 
 
 
 
 
Fixed assets
12
 
 
 
 
 
 
Inter-fund balances and intra-group balances (due from)
13
 
 
 
 
 
 
Other assets
14
 
 
 
 
 
 
Total Assets (1 to 14)
15
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Policy liabilities:
16
 
 
 
 
 
 
Other liabilities:
 
 
 
 
 
 
 
   Outstanding claims
17
 
 
 
 
 
 
   Annuities due and unpaid
18
 
 
 
 
 
 
   Reinsurance deposits
19
 
 
 
 
 
 
   Amount owing to insurers
20
 
 
 
 
 
 
   Bank loans and overdrafts
21
 
 
 
 
 
 
Inter-fund balances and intra-group balances (due to)
22
 
 
 
 
 
 
Others
23
 
 
 
 
 
 
Total Liabilities (16 to 23)
24
 
 
 
 
 
 
NET ASSETS (15-24)
25
 
 
 
 
 
 
SHAREHOLDERS EQUITY & SURPLUS
 
 
 
 
 
 
 
Paid-up capital
26
 
 
 
 
 
 
Reserves:
 
 
 
 
 
 
 
   Unappropriated profits (losses)
27
 
 
 
 
 
 
   Other reserves
28
 
 
 
 
 
 
Surplus
29
 
 
 
 
 
 
Total (26 to 29)
30
 
 
 
 
 
 
ANNEX 8A
STATEMENT OF CHANGES IN EQUITY OF SHAREHOLDERS FUND
FROM __________________ TO __________________
  
Description
Row
No.
Paid-up
Capital
Other
Reserves
Unappropriated
Profits (Losses)
(Please Specify)
Total
Balance at beginning of period
1
 
 
 
 
Changes in accounting policy
2
 
 
 
 
Increase (decrease) in reserves
3
 
 
 
 
Net profit for the period
4
 
 
 
 
Dividends paid for the period
5
 
 
 
 
Issue of share capital
6
 
 
 
 
Transfer (to) from insurance funds maintained in Singapore
7
 
 
 
 
Transfer (to) from overseas (branch) operations
8
 
 
 
 
Balance at End of Period
9
 
 
 
 
  
ANNEX 8B
INTRA-GROUP BALANCES IN RESPECT OF
OVERSEAS OPERATIONS (GENERAL BUSINESS)
AS AT __________________
  
Description
Row
No.
Amount
Due From
 
Balances due from head office/shareholders fund
1
 
Balances due from related corporations
2
 
Balances due from insurance funds established and maintained under the Act
3
 
Total Balances Due From
4
 
Due To
 
Balances due to head office/shareholders fund
5
 
Balances due to related corporations
6
 
Balances due to insurance funds established and maintained under the Act
7
 
Total Balances Due To
8
 
Total Net Balances (4–8)
9
 
  
ANNEX 8C
INTRA-GROUP BALANCES IN RESPECT OF
OVERSEAS OPERATIONS (LIFE BUSINESS)
AS AT __________________
  
Description
Row
No.
Amount
Due From
 
Balances due from head office/shareholders fund
1
 
Balances due from related corporations
2
 
Balances due from insurance funds established and maintained under the Act
3
 
Total Balances Due From
4
 
Due To
 
Balances due to head office/shareholders fund
5
 
Balances due to related corporations
6
 
Balances due to insurance funds established and maintained under the Act
7
 
Total Balances Due To
8
 
Total Net Balances (4–8)
9
 
  
Notes to Form 8
The following shall be stated as a Note to this Form:
Note 1 Breakdown of “Other Reserves”.
Instructions for completion of Form 8 and Note
1.  This Form shall be applicable to licensed insurers incorporated in Singapore only.
2.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
3.  Where a Note has no entries, a “Nil” Note shall be submitted.
4.  “Inter-fund balances and intra-group balances (due from)” includes balances due from other insurance funds, shareholders fund, head office, overseas branches, and related corporations.
5.  “Inter-fund balances and intra-group balances (due to)” includes balances due to other insurance funds, shareholders fund, head office, overseas branches, and related corporations.
6.  “Business in Singapore” means both assets and liabilities of the Singapore Insurance Funds and Offshore Insurance Funds. The assets and liabilities shall be valued in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
7.  “Overseas (Branch) Operations” means the assets and liabilities of the operations of all branches of the insurer located outside Singapore. The valuation of the assets and liabilities for such operations shall be in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004.
8.  “Shareholders Fund” shall exclude all assets, liabilities or surpluses already included in “Business in Singapore” and “Overseas (Branch) Operations”. In respect of the Shareholders Fund, “equity securities” includes equity investment in any subsidiary or related corporation. The valuation of the assets and liabilities in the “Shareholders Fund” shall be in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004 excluding regulation 8(2) thereof.
9.  “Unappropriated profits (losses)” means any unappropriated profits (losses) that is not already accounted for after deducting the surpluses of the assets over the liabilities of all insurance funds (other than a participating fund) established and maintained under the Act by the insurer, the balance in the surplus account of each participating fund and the surpluses of assets over the liabilities of the operations of all branches of the insurer located outside Singapore.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 9 — PROFIT AND LOSS ACCOUNT IN RESPECT OF GLOBAL BUSINESS OPERATIONS
FROM __________ TO __________
Co Code
Year
Month
□□□□□
□□□□
□□
 
 
Business in Singapore
Overseas (Branch) Operations
 
 
Description
Row No.
Life Business
General Business
Life Business
General Business
Shareholders Fund
Total
Gross premiums
1
 
 
 
 
 
 
Less: Outward reinsurance premiums
2
 
 
 
 
 
 
Investment revenue
3
 
 
 
 
 
 
Less: Investment expenses
4
 
 
 
 
 
 
Other income
5
 
 
 
 
 
 
Total Income (1 to 5)
6
 
 
 
 
 
 
Gross claims settled
7
 
 
 
 
 
 
Less: Reinsurance recoveries
8
 
 
 
 
 
 
Management expenses
9
 
 
 
 
 
 
Distribution expenses
10
 
 
 
 
 
 
Increase (decrease) in net policy liabilities
11
 
 
 
 
 
 
Provision for doubtful debts/bad debts written off on receivables
12
 
 
 
 
 
 
Taxation expenses
13
 
 
 
 
 
 
Other expenses
14
 
 
 
 
 
 
Total Outgo (7 to 14)
15
 
 
 
 
 
 
NET INCOME (6-15)
16
 
 
 
 
 
 
Instructions for completion of Form 9
1.  This Form shall only apply to a licensed insurer incorporated in Singapore.
2.  All amounts shown in this Form are to be rounded up to the nearest dollar. Negative amounts shall be preceded by “—”.
3.  “Business in Singapore” means the income and outgoings of the Singapore Insurance Funds and Offshore Insurance Funds. The income and the outgoings shall be valued in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
4.  “Overseas (Branch) Operations” means the income and outgoings of the operations of all branches of the insurer located outside Singapore. Completion of this Form for “Overseas (Branch) Operations” shall be in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004.
5.  “Other income” includes gains due to exchange rate fluctuations and foreign currency translations.
6.  “Other expenses” include depreciation on fixed assets and losses due to exchange rate fluctuations and foreign currency translations.
7.  “Shareholders Fund” shall exclude all assets, liabilities or surpluses already included in “Business in Singapore” and “Overseas (Branch) Operations”. In respect of the Shareholders Fund, “equity securities” includes equity investment in any subsidiary or related corporation. Completion of this Form for “Shareholders Fund” shall be in accordance with Parts IV and V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) excluding regulation 8(2) thereof.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 10 — STATEMENT OF FINANCIAL POSITION
IN RESPECT OF GLOBAL BUSINESS OPERATIONS
AS AT _____________
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Amount
‘000
(in foreign currency)
Life Business
 
 
 
1.   Policy liabilities
1
 
 
General Business
 
 
 
1.   Net premiums written
2
 
 
2.   Premium liabilities
3
 
 
3.   Claim liabilities
4
 
 
Shareholders fund
 
 
 
1.   Paid-up capital
5
 
 
2.    Unappropriated profits (losses)
6
 
 
3.    Reserves — Capital
7
 
 
                          General
8
 
 
                           Others*
9
 
 
Total (5 to 9)
10
 
 
 
Names and
signatures of:
__________________
Director
__________________
Director
__________________
Chief Executive
Date: _____________
 
 
 
Notes to Form 10
The following shall be stated as a Note to this Form:
Note 1 Breakdown of “Others”.
Instructions for completion of Form 10 and Note
1.  This Form is only applicable to a licensed insurer incorporated outside Singapore.
2.  All amounts shown in this form are to be rounded up to the nearest thousand dollar. Negative amounts shall be preceded by “—”.
3.  Where there are no entries for the Note, a “Nil” Note shall be submitted.
4.  This form shall be completed in accordance with generally accepted accounting principles adopted by the head office of the licensed insurer.
5.  This Form is a statement of the financial position of the head office of the licensed insurer, in respect of its global business operations, as at end of its financial year.
6.  “Net premiums written” refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance ceded.
7.  “Unappropriated profits (losses)’’ means any unappropriated profits (losses) that is not already accounted for after deducting the surpluses of the assets over the liabilities of all insurance funds (other than a participating fund) established and maintained under the Act by the insurer, the balance in the surplus account of each participating fund and the surpluses of assets over the liabilities of the operations of all branches of the insurer located outside Singapore.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 11 — STATEMENT OF PREMIUMS AND
CLAIMS DEVELOPMENT IN RESPECT OF GENERAL BUSINESS
FROM __________ TO ___________
SINGAPORE INSURANCE FUND
General                        □
OFFSHORE INSURANCE FUND
General                        □
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
 
Form 11(a) — Claim Payments
Type Of Business: _____________________
Line of Business: _____________________
 
$’000
 
Accident/Underwriting Year*
Claims Paid in each Year of Development
 
 
 
 
 
 
 
 
 
 
Prior Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
*Delete as appropriate
Form 11(b) — Claim Liabilities
Type Of Business: _____________________
Line of Business: _____________________
 
$’000
 
Accident/Underwriting* Year
Claims Paid in each Year of Development
 
 
 
 
 
 
 
 
 
 
Prior Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
*Delete as appropriate
Form 11(c) — Earned or Written Premiums and Claims Incurred But Not Reported
Type Of Business: _____________________
Line of Business: _____________________
 
$’000
 
Accident/Underwriting* Year
 
Earned/Written* Premiums
 
Claims Incurred but Not Reported at the End of Each year of Development
 
 
 
 
 
 
 
 
 
 
Prior Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
*Delete as appropriate
Form 11(d) — Net Premiums in respect of the Offshore Insurance Fund
Type Of Business: _____________________
Line of Business: _____________________
 
$’000
 
Underwriting Year
Net Premiums in respect of the Offshore Insurance Fund
 
 
 
 
 
 
 
 
 
 
Prior Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
Form 11(e) — Claims Incurred But Not Reported in respect of the Offshore Insurance Fund
Type Of Business: _____________________
Line of Business: _____________________
 
$’000
 
Underwriting Year
Claims Incurred but Not Reported at the End of each year of Development
 
 
 
 
 
 
 
 
 
 
 
Prior Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
Instructions for completion of Form 11
1.Form 11 (a) to (e) shall be completed net of reinsurance.
2.Form 11 (b) shall be completed in accordance with regulation 19(1)(b) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
3.Form 11 (c) is only applicable to a direct general insurer.
4.Form 11 (d) and 11 (e) is only applicable to a general reinsurer.
5.A direct general insurer shall complete a separate Form 11 (a) to (c) for each line of business belonging to each type of business as set out below:
Source of
Business
Lines of business for Singapore Insurance Fund
Lines of business for Offshore Insurance Fund
Types of
Insurance
Direct and Facultative Business
1Marine and Aviation
— Cargo
2Marine and Aviation
— Hull and Liability
3Fire
4Motor
5Work Injury Compensation
6Miscellaneous
1Marine and Aviation
— Cargo
2Marine and Aviation
— Hull and Liability
3Property
4Casualty and Others
Treaty Reinsurance
As above
As above
6.A general reinsurer shall complete a separate Form 11 (a), (b), (d) and (e) for each line of business belonging to each type of business as set out below:
Source of
Business
Lines of business for Singapore Insurance Fund
Lines of business for Offshore Insurance Fund
Types of
Insurance
Direct and Facultative Business
1Marine and Aviation
— Cargo
2Marine and Aviation
— Hull and Liability
3Fire
4Motor
5Work Injury Compensation
6Miscellaneous
1Marine and Aviation
— Cargo
2Marine and Aviation
— Hull and Liability
3Property
4Motor
5Engineering
6Liability and Others
Treaty Reinsurance
As above
As above
7.A direct general insurer shall complete the Form using the accident year basis for direct and facultative business and the underwriting year basis for treaty business. Marine and aviation business may be reported on an underwriting year basis, if appropriate.
8.A general reinsurer shall complete the Form using the underwriting year basis.
9.Where the accident year basis is used, the insurer shall complete Form 11 (c) based on earned premiums. Where the underwriting year basis is used, the insurer shall complete Form 11 (c) based on written premiums.
10.A licensed insurer shall reflect in the Form, the development of premium and claims for a minimum of 8 years.
[S 158/2008 wef 01/04/2008]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
FORM 12 — STATEMENT OF REINSURANCE BUSINESS
ACCEPTED IN RESPECT OF OFFSHORE BUSINESS
OF GENERAL REINSURER
FROM _____________ TO _____________
Co Code
Year
Month
□□□□□
□□□□
□□
Form 12(a) — Distribution of Offshore Insurance Fund Premiums by Type of Business
 
 
OFFSHORE INSURANCE FUND
Particulars
Row No.
Marine and Aviation
Property
Casualty and Others
Total
 
 
Cargo
Hull and Liability
A. GROSS PREMIUMS
 
 
 
 
 
 
   Reinsurance business accepted —
 
 
 
 
 
 
      Facultative
1
 
 
 
 
 
      Treaty: Proportional
2
 
 
 
 
 
                  Non-proportional
3
 
 
 
 
 
   Total (1 to 3)
4
 
 
 
 
 
B. RETENTION RATIO
 
 
 
 
 
 
   Reinsurance business accepted —
 
 
 
 
 
 
      Facultative
5
 
 
 
 
 
      Treaty: Proportional
6
 
 
 
 
 
                  Non-proportional
7
 
 
 
 
 
   Total (5 to 7)
8
 
 
 
 
 
Form 12(b) — Distribution of Offshore Insurance Fund Premiums by Territory
 
 
OFFSHORE INSURANCE FUND
Particulars
Row No.
Marine and Aviation
Property
Casualty and Others
Total
 
 
Cargo
Hull and Liability
GROSS PREMIUMS
 
 
 
 
 
 
   Malaysia
1
 
 
 
 
 
   Indonesia
2
 
 
 
 
 
   Thailand
3
 
 
 
 
 
   Philippines
4
 
 
 
 
 
   Taiwan
5
 
 
 
 
 
   Korea
6
 
 
 
 
 
   Hong Kong
7
 
 
 
 
 
   Japan
8
 
 
 
 
 
   India/Pakistan/Sri Lanka
9
 
 
 
 
 
   Australia/New Zealand
10
 
 
 
 
 
   United Kingdom
11
 
 
 
 
 
   United States
12
 
 
 
 
 
 
13
 
 
 
 
 
 
14
 
 
 
 
 
 
15
 
 
 
 
 
 
16
 
 
 
 
 
 
17
 
 
 
 
 
 
18
 
 
 
 
 
 
19
 
 
 
 
 
 
20
 
 
 
 
 
 
21
 
 
 
 
 
 
22
 
 
 
 
 
 
23
 
 
 
 
 
 
24
 
 
 
 
 
 
25
 
 
 
 
 
 
26
 
 
 
 
 
 
27
 
 
 
 
 
 
28
 
 
 
 
 
 
29
 
 
 
 
 
 
30
 
 
 
 
 
 
31
 
 
 
 
 
 
32
 
 
 
 
 
 
33
 
 
 
 
 
 
34
 
 
 
 
 
 
35
 
 
 
 
 
 
36
 
 
 
 
 
 
37
 
 
 
 
 
 
38
 
 
 
 
 
 
39
 
 
 
 
 
 
40
 
 
 
 
 
 
41
 
 
 
 
 
 
42
 
 
 
 
 
 
43
 
 
 
 
 
 
44
 
 
 
 
 
 
45
 
 
 
 
 
 
46
 
 
 
 
 
 
47
 
 
 
 
 
 
48
 
 
 
 
 
Others
49
 
 
 
 
 
Total
50
 
 
 
 
 
Instructions for completion of Form 12 (b)
1.  The column “Territory” shall reflect the country in which the cedant has booked the particular risk.
2.  Where the gross premiums from a country amounts to more than 5% of total premiums for the Offshore Insurance Fund of a licensed insurer and the country is not listed under Row 1 to 12, the insurer shall report the amount of gross premiums in respect of each line of business set out in the Form for that county under Row 13 to 48.
3.  Where the gross premiums from any country amounts to less than 5% of total premiums for the Offshore Insurance Fund of the licensed insurer, the insurer shall report the aggregate of the gross premiums in respect of each line of business set out in the Form for each of those countries as “Others” under Row 49.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ______________________________
FORM 13 — STATEMENT OF LAPSES
IN RESPECT OF DIRECT LIFE INSURER
FROM _____________ TO _____________
Co Code
Year
Month
□□□□□
□□□□
□□
Form 13(a) — Lapses Breakdown by Number of Policies
Year of Issue
New Business for the Year
Business Lapsed during the Year
x-5
x-4
x-3
x-2
x-1
x
A.   Whole Life Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
B.   Endowment Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
 
x-1
 
 
 
x
 
 
C.   Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
D.   Whole Life, Endowment and Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
Form 13(b) — Lapses Breakdown by Annualised Premiums
Year of Issue
New Business for the Year
Business Lapsed during the Year
x-5
x-4
x-3
x-2
x-1
x
A.   Whole Life Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
B.   Endowment Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
 
x-1
 
 
 
x
 
 
C.   Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
D.   Whole Life, Endowment and Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
Form 13(c) — Lapses Breakdown by Sum Insured
Year of Issue
New Business for the Year
Business Lapsed during the Year
x-5
x-4
x-3
x-2
x-1
x
A.   Whole Life Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
B.   Endowment Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
 
x-1
 
 
 
x
 
 
C.   Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
D.   Whole Life, Endowment and Level Term Policies
x-5
 
 
 
 
 
 
 
x-4
 
 
 
 
 
 
x-3
 
 
 
 
 
x-2
 
 
 
 
x-1
 
 
 
x
 
 
Instructions for completion of Form 13
1.A licensed insurer shall only include life policies issued to individuals in this Form.
2.A policy is considered as “lapsed” if the premium due is not paid by the end of the grace period allowed under the terms and condition of the policy. However, if the lapsed policy is reinstated before 1st February in the following year, it is a policy in force.
3.A licensed insurer shall only report basic sums insured.
4.A licensed insurer shall not include the figures from single premium policies into this Form.
5.Policies which have been lapsed in a year but reinstated in a subsequent year shall be suitably reflected in this Form, with adjustments to prior year statistics where appropriate.
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ____________________________________
FORM 14 — ABSTRACT OF VALUATION RESULTS OF DIRECT LIFE INSURER AS AT _____________________
 
 
 
SINGAPORE INSURANCE FUND
Life                                 □
OFFSHORE INSURANCE FUND
Life                                 □
 
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Form 14(a)(i) — Policy Liabilities of Participating Fund
Description
Row No.
Particulars of the Policies Valuation
Present Value Statistics
Number of Policies
Sum Insured
Office Premiums
Benefits
Expenses
Premiums
PAD
Negative Reserves
Total
Group 1 — Participating Policies
 
 
 
 
 
 
 
 
 
 
Whole Life
 
 
 
 
 
 
 
 
 
 
— Single Premium
1
 
 
 
 
 
 
 
 
 
— Regular Premium
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
— Single Premium
3
 
 
 
 
 
 
 
 
 
— Regular Premium
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
5
 
 
 
 
 
 
 
 
 
Accident and Health
6
 
 
 
 
 
 
 
 
 
Annuity
7
 
 
 
 
 
 
 
 
 
Others
8
 
 
 
 
 
 
 
 
 
Sub total (1 to 8)
9
 
 
 
 
 
 
 
 
 
Group 2 — Non-Participating Policies
 
 
 
 
 
 
 
 
 
 
Whole Life
 
 
 
 
 
 
 
 
 
 
— Single Premium
10
 
 
 
 
 
 
 
 
 
— Regular Premium
11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
— Single Premium
12
 
 
 
 
 
 
 
 
 
— Regular Premium
13
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
14
 
 
 
 
 
 
 
 
 
Accident and Health
15
 
 
 
 
 
 
 
 
 
Annuity
16
 
 
 
 
 
 
 
 
 
Others
17
 
 
 
 
 
 
 
 
 
Sub total (10 to 17)
18
 
 
 
 
 
 
 
 
 
Total (9+18)
19
 
 
 
 
 
 
 
 
 
Form 14(a)(ii) — Minimum Condition Liability of Participating Fund
Description
Row No.
Particulars of the Policies Valuation
Present Value Statistics
Number of Policies
Sum Insured
Office Premiums
Benefits
Expenses
Premiums
PAD
Negative Reserves
Total
Group 1 — Participating Policies
 
 
 
 
 
 
 
 
 
 
Whole Life
 
 
 
 
 
 
 
 
 
 
— Single Premium
1
 
 
 
 
 
 
 
 
 
— Regular Premium
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
— Single Premium
3
 
 
 
 
 
 
 
 
 
— Regular Premium
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
5
 
 
 
 
 
 
 
 
 
Accident and Health
6
 
 
 
 
 
 
 
 
 
Annuity
7
 
 
 
 
 
 
 
 
 
Others
8
 
 
 
 
 
 
 
 
 
Sub total (1 to 8)
9
 
 
 
 
 
 
 
 
 
Group 2 — Non-Participating Policies
 
 
 
 
 
 
 
 
 
 
Whole Life
 
 
 
 
 
 
 
 
 
 
— Single Premium
10
 
 
 
 
 
 
 
 
 
— Regular Premium
11
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
— Single Premium
12
 
 
 
 
 
 
 
 
 
— Regular Premium
13
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
14
 
 
 
 
 
 
 
 
 
Accident and Health
15
 
 
 
 
 
 
 
 
 
Annuity
16
 
 
 
 
 
 
 
 
 
Others
17
 
 
 
 
 
 
 
 
 
Sub total (10 to 17)
18
 
 
 
 
 
 
 
 
 
Total (9+18)
19
 
 
 
 
 
 
 
 
 
Form 14(b) — Policy Liabilities of Non-Participating Fund
Description
Row No.
Particulars of the Policies Valuation
Present Value Statistics
Number of Policies
Sum Insured
Office Premiums
Benefits
Expenses
Premiums
PAD
Negative Reserves
Total
Whole Life
 
 
 
 
 
 
 
 
 
 
— Single Premium
1
 
 
 
 
 
 
 
 
 
— Regular Premium
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
— Single Premium
3
 
 
 
 
 
 
 
 
 
— Regular Premium
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
5
 
 
 
 
 
 
 
 
 
Accident and Health
6
 
 
 
 
 
 
 
 
 
Annuity
7
 
 
 
 
 
 
 
 
 
Others
8
 
 
 
 
 
 
 
 
 
Total (1 to 8)
9
 
 
 
 
 
 
 
 
 
Form 14(c) — Policy Liabilities of Investment-Linked Fund
Description
Row No.
Particulars of the Policies Valuation
Non-Unit Reserves
Unit Reserves
Total
Present Value Statistics
Number of Policies
Sum Insured
Office Premiums
Benefits
Expenses
Premiums
PAD
Negative Reserves
Total
Whole Life
 
 
 
 
 
 
 
 
 
 
 
 
— Single Premium
1
 
 
 
 
 
 
 
 
 
 
 
— Regular Premium
2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Endowment
 
 
 
 
 
 
 
 
 
 
 
 
— Single Premium
3
 
 
 
 
 
 
 
 
 
 
 
— Regular Premium
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term
5
 
 
 
 
 
 
 
 
 
 
 
Accident and Health
6
 
 
 
 
 
 
 
 
 
 
 
Annuity
7
 
 
 
 
 
 
 
 
 
 
 
Others
8
 
 
 
 
 
 
 
 
 
 
 
Total (1 to 8)
9
 
 
 
 
 
 
 
 
 
 
 
Name and signature of:
__________________________
Actuary
Date: ______________
Instructions for completion of Form 14.
1.  The policy liabilities of an insurance fund established and maintained under the Act shall be calculated in accordance with Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
2.  Office premiums shall be shown according to the amounts per year of future payments.
3.  “PAD” means any provision made for any adverse deviation from the expected experience
4.  For the purposes of completing Form 14 (a) (i), “PAD” includes any non-guaranteed benefits.
5.  “Negative reserves” shall be reported as an absolute amount.
6.  In respect of “Present Value Statistics”, “Total” means —
               Benefits + Expenses – Premiums + PAD + Negative Reserves.
[S 39/2006 wef 31/01/2006]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LIFE REINSURER ____________________________________
FORM 15 — ABSTRACT OF VALUATION RESULTS OF LIFE BUSINESS OF LIFE REINSURER
AS AT _____________________
 
 
 
SINGAPORE INSURANCE FUND
Life                                 □
OFFSHORE INSURANCE FUND
Life                                 □
 
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Policy Liabilities of Insurance Fund
Description
Row No.
Particulars of the Policies Valuation
Present Value Statistics
Sum Insured
Office Premiums
Benefits
Expenses
Premiums
PAD
Negative Reserves
Total
Life (Risk Premium)
1
 
 
 
 
 
 
 
 
Life (Coinsurance)
2
 
 
 
 
 
 
 
 
Accident and Health
3
 
 
 
 
 
 
 
 
Disability Income
4
 
 
 
 
 
 
 
 
Portfolio Cover
5
 
 
 
 
 
 
 
 
Financial Reinsurance
6
 
 
 
 
 
 
 
 
Other Reinsurance
7
 
 
 
 
 
 
 
 
Annuity Only
8
 
 
 
 
 
 
 
 
Total (1 to 8)
9
 
 
 
 
 
 
 
 
Name and signature of:
__________________________
Actuary
Date: ______________
Instructions for completion of Form 15
1.  The policy liabilities of an insurance fund established and maintained under the Act shall be calculated in accordance with Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
2.  Office premiums shall be shown according to the amounts per year of future payments.
3.  “PAD” means any provision made for any adverse deviation from the expected experience.
4.  “Negative reserves” shall be reported as an absolute amount.
5.  In respect of “Present Value Statistics”, “Total” means —
               Benefits + Expenses – Premiums + PAD + Negative Reserves.
[S 39/2006 wef 31/01/2006]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 16 — STATEMENT OF ANALYSIS OF EXPERIENCE OF
INSURANCE FUND IN RESPECT OF LIFE BUSINESS
FROM __________________ TO __________________
SINGAPORE INSURANCE FUND
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
OFFSHORE INSURANCE FUND
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                          □
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
From _____ to _____
 
Sources of net income arising in the year:
 
Actual
Expected
Actual Less Expected
   New Business
1
 
 
 
   Mortality/Morbidity
2
 
 
 
   Forfeiture/Surrender
3
 
 
 
   Interest
4
 
 
 
   Expense
5
 
 
 
   Change in basis
6
 
 
 
   Miscellaneous
7
 
 
 
Total (1 to 7)
8
 
 
 
Name and signature of:
________________________
Actuary
Date: _______________
Instructions for completion of Form 16
1.The expected column shall contain the expected experience arising from the basis used in the valuation of policy liabilities as at the beginning of the accounting period. The actual column shall contain the corresponding actual experience emerging during the accounting period. The expected experience for new business and change in basis shall be zero.
2.For the purpose of this Form, any change in the basis on which the policy liabilities are valued during the accounting period shall be assumed to have occurred at the end of the accounting period.
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 17 — ACTUARY’S CERTIFICATE ON POLICY LIABILITIES
IN RESPECT OF LIFE BUSINESS
ACTUARIAL INVESTIGATION OF POLICY LIABILITIES
AS AT ______________
      I have conducted an investigation into the valuation of policy liabilities relating to life business as required under section 37 of the Insurance Act and confirm that the valuation is in accordance with all applicable requirements stipulated under the Act and directions issued under the Act, subject to the qualifications stated below*. I certify these amounts as follows:
 
 
 
 
 
Description
Singapore Insurance Fund
Offshore Insurance Fund
 
Participating Fund
 
 
 
Non-Participating Fund
 
 
 
Investment-Linked Fund
 
 
*Qualifications (if none, state “none”):
__________________________________
__________________________________
__________________________________
Name of actuary : ____________________
Signature: _______________________
Date: _________________________
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ____________________________________
FORM 18 — STATEMENT OF PARTICIPATING FUND ALLOCATIONS
FROM __________________ TO __________________
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Singapore Insurance Fund
Offshore Insurance Fund
Bonus payments made to policy owners in anticipation of allocation
1
 
 
 
 
 
 
Allocation to policy owners:
 
 
 
   Cash Bonus
2
 
 
   Reversionary Bonus
3
 
 
   Terminal Bonus
4
 
 
 
 
 
 
Total amount to policy owners (1 to 4)
5
 
 
 
 
 
 
Allocation to surplus account
6
 
 
[S 39/2006 wef 31/01/2006]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF DIRECT LIFE INSURER ____________________________________
FORM 19 — ACTUARY’S CERTIFICATE ON
PARTICIPATING FUND ALLOCATIONS
ALLOCATIONS AS AT __________________
I have conducted an investigation into the bonus allocation of the participating fund to policy owners and the surplus account as required under section 17 (6) of the Insurance Act and it is my opinion that the allocation is fair and equitable, having taken into account the prospective financial conditions of the participating fund, and is in accordance with the Insurance (Actuaries) Regulations 2004 (G.N. No. S 495/2004) subject to the qualifications stated below*.
The amount of bonus to policy owners and allocation to the surplus account are as shown below:
Description
Row
No.
Singapore
Insurance
Fund
Offshore
Insurance
Fund
Bonus payments made to policy owners in anticipation of allocation
1
 
 
 
 
 
 
Allocation to policy owners:
 
 
 
 Cash Bonus
2
 
 
 Reversionary Bonus
3
 
 
 Terminal Bonus
4
 
 
 
 
 
 
Total amount to policy owners (1 to 4)
5
 
 
 
 
 
 
Allocation to surplus account
6
 
 
*Qualifications (if none, state ‘‘none’’):
___________________________________________
___________________________________________
___________________________________________
 
Name of actuary: ___________________
Signature: ___________________
Date: ________________
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 20 — ACTUARY’S CERTIFICATE ON POLICY LIABILITIES
IN RESPECT OF GENERAL BUSINESS
ACTUARIAL INVESTIGATION OF POLICY LIABILITIES
AS AT __________________
I have conducted an investigation into the valuation of policy liabilities relating to general business as required under section 37 of the Insurance Act and confirm that the valuation is in accordance with all applicable requirements stipulated under the Act and directions issued under the Act, subject to the qualifications stated below*. I certify these amounts, net of reinsurance as follows:
Description
Singapore Insurance Fund
Offshore Insurance Fund
Premium Liabilities
 
 
Claim Liabilities
 
 
Policy Liabilities
 
 
*Qualifications (if none, state “none”):
___________________________________________
___________________________________________
___________________________________________
 
Name of actuary: ___________________
Signature: ___________________
Date: ________________
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
RETURNS ON FUND SOLVENCY REQUIREMENT AND
CAPITAL ADEQUACY REQUIREMENT
NAME OF LICENSED INSURER ____________________________________
FORM 21 — STATEMENT IN RELATION TO FUND SOLVENCY
REQUIREMENT OF INSURANCE FUND
SINGAPORE INSURANCE FUND
General                                            □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                         □
OFFSHORE INSURANCE FUND
General                                           □
Life
     Participating                                    □
     Non-Participating                           □
     Investment-Linked                         □
(Tick (√) one only)
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Amount
(i) Financial Resources of Insurance Fund
 
 
 
      Balance in the surplus account (of participating fund)
1
 
 
      Add:
 
 
 
      Allowance for provision for non-guaranteed benefits (of participating fund): (lower of 3 or 4)
2
 
 
      Policy liabilities — minimum condition liability
3
 
 
      50% of aggregate of provisions for non-guaranteed benefits and PAD
4
 
 
      Surplus of insurance fund (of any insurance fund)
5
 
 
      Less:
 
 
 
      Reinsurance adjustment
6
 
 
      Financial resource adjustment: (8 to 12)
7
 
 
      (a) loans to, guarantees grated for, and other unsecured amounts owed to the licensed insurer
8
 
 
      (b) charged assets
9
 
 
      (c) deferred tax assets
10
 
 
      (d) intangible assets
11
 
 
      (e) other financial resource adjustments
12
 
 
      Financial Resources of Insurance Fund (1+2+5-6-7)
13
 
 
(ii) Total Risk Requirement of Insurance Fund
 
 
 
      A. Component 1 Requirement — Insurance Risks
 
 
 
      Life Insurance Risk Requirement
      (for participating fund): (15+18)
14
 
 
      (a) Policy Liability Risk Requirement:
      (zero or 16-17, whichever is higher)
15
 
 
      Modified minimum condition liability
16
 
 
      Minimum condition liability
17
 
 
      (b) Surrender Value Condition Risk
      Requirement:
      (zero or 19-20, whichever is higher)
18
 
 
      Aggregate of surrender values of policies of the insurance fund
19
 
 
      Higher of 21 or 22:
20
 
 
         Sum of total risk requirement and minimum condition liability of the insurance fund
21
 
 
         Policy liabilities of the insurance fund
22
 
 
      Life Insurance Risk Requirement (other than participating fund) (24+27)
23
 
 
      (a) Policy Liability Risk Requirement:
      (zero or 25-26, whichever is higher)
24
 
 
      Modified policy liabilities
25
 
 
     Policy liabilities
26
 
 
      (b) Surrender Value Condition Risk
      Requirement:
      (zero or 25-26, whichever is higher)
27
 
 
      Aggregate of surrender values of policies of the insurance fund
28
 
 
      Sum of total risk requirement and policy liabilities of the insurance fund
29
 
 
      General Insurance Risk Requirement
      (for general business): (31 to 32)
30
 
 
      (a) Premium liability risk requirement
31
 
 
      (b) Claim liability risk requirement
32
 
 
 
 
 
 
      Total C1 Requirement (14+23+30)
33
 
 
B. Component 2 Requirement — Investment Risks and Risks arising from Interest Rate Sensitivity and Foreign Currency Mismatch between Asset and Liabilities
 
 
 
      Equity Investment Risk Requirement: (35 to 36)
34
 
 
      (a) Specific Risk Requirement
35
 
 
      (b) General Risk Requirement
36
 
 
 
 
 
 
      Debt Investment and Duration Mismatch Risk Requirement: (38 or 43, whichever is higher)
37
 
 
      (a) Sum of: (39+42)
38
 
 
      Debt investment risk requirement in an increasing interest rate environment (40 to 41)
39
 
 
         Debt Specific risk requirement
40
 
 
         Debt general risk requirement
41
 
 
      Liability adjustment requirement in an increasing interest rate environment
42
 
 
      (b) Sum of: (44+47)
43
 
 
         Debt investment risk requirement in a decreasing interest rate environment (45 to 46)
44
 
 
            Debt specific risk requirement
45
 
 
            Negative of debt general risk requirement
46
 
 
         Liability adjustment requirement in a decreasing interest rate environment
47
 
 
 
 
 
 
      Loan Investment Risk Requirement
48
 
 
      Property Risk Requirement
49
 
 
      Foreign Currency Mismatch Risk Requirement
         (for Singapore Insurance Fund)
50
 
 
      Derivative Counterparty Risk Requirement
51
 
 
      Miscellaneous Risk Requirement
52
 
 
 
 
 
 
      Total C2 Requirement
         (34+37+48+49+50+51+52)
53
 
 
 
 
 
 
C. Component 3 Requirement — Concentration Risks
 
 
 
      Counterparty Exposure
54
 
 
      Equity Securities Exposure
55
 
 
      Unsecured Loans Exposure
56
 
 
      Property Exposure
57
 
 
      Foreign Currency Risk Exposure
58
 
 
      Exposure to assets in miscellaneous risk requirements
59
 
 
      Exposure to non-liquid assets with Singapore Insurance Fund (for general business)
60
 
 
 
 
 
 
      Total C3 Requirement (54 to 60)
61
 
 
 
 
 
 
Total Risk Requirement of Insurance Fund (33+53+61)
62
 
 
 
 
 
 
Instructions for completion of Form 21
1.  The values to be filled into this Form shall be calculated in accordance with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
2.  “PAD” means, in relation to a participating fund, any provision made for any adverse deviation from the expected experience as specified in regulation 20(3)(b) of the Insurance (Valuation and Capital) Regulations 2004.
3.  “Loans to, guarantees granted for and other unsecured amounts owed to the licensed insurer” refers to any loan to, guarantee granted for or other unsecured amounts owed by, a related corporation or reflected in the books of the insurer to be due and owing from the head office of the insurer to the insurer, except where such loans, guarantees or other unsecured amounts arise from a contract of insurance.
[S 39/2006 wef 31/01/2006]
[S 734/2007 wef 01/01/2008]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 22 — STATEMENT IN RELATION
TO TOTAL RISK REQUIREMENT OF ASSETS AND
LIABILITIES OF LICENSED INSURER THAT
DO NOT BELONG TO ANY INSURANCE FUND
ESTABLISHED AND MAINTAINED UNDER THE ACT
Co Code
Year
Month
□□□□□
□□□□
□□
Description
Row No.
Amount
(i) Total Risk Requirement
 
 
 
   A.    Component 1 Requirement — Insurance Risks
 
 
 
      Life Insurance
          (for participating business only) (2+5)
1
 
 
      (a) Policy Liability Risk Requirement: (zero or 3-4, whichever is higher)
2
 
 
      Modified minimum condition liability
3
 
 
      Minimum condition liability
4
 
 
      (b) Surrender Value Condition Risk
         Requirement: (zero or 6-7, whichever is higher)
5
 
 
         Aggregate of surrender values of policies
6
 
 
         Higher of 8 or 9:
7
 
 
            Sum of total risk requirement and minimum condition liability
8
 
 
         Policy liabilities
9
 
 
 
 
 
 
      Life Insurance Risk Requirement: (other than participating business) (11+14)
10
 
 
      (a) Policy Liability Risk Requirement: (zero or 12-13, whichever is higher)
11
 
 
         Modified policy liabilities
12
 
 
         Policy liabilities
13
 
 
       (b) Surrender Value Condition Risk
14
 
 
            Requirement: (zero or 15-16, whichever is higher)
 
 
 
            Aggregate of surrender values of policies
15
 
 
            Sum of total risk requirement and policy liabilities
16
 
 
 
 
 
 
      General Insurance Risk Requirement (for general business) (18 to 19)
17
 
 
      (a) Premium liability risk requirement
18
 
 
      (b) Claim liability risk requirement
19
 
 
 
 
 
 
Total C1 Requirement (1+10+17)
20
 
 
 
 
 
 
B.    Component 2 Requirement — Investment Risks and Risks arising from Interest Rate Sensitivity and Foreign Currency Mismatch between Asset and Liabilities
 
 
 
      Equity Investment Risk Requirement: (22 to 23)
21
 
 
      (a) Specific Risk Requirement
22
 
 
      (b) General Risk Requirement
23
 
 
 
 
 
 
      Debt Investment and Duration Mismatch Risk
         Requirement: (25 or 30, whichever is higher)
24
 
 
      (a) Sum of: (26 +29)
25
 
 
         Debt investment risk requirement in an increasing interest rate environment (27 to 28)
26
 
 
            Debt specific risk requirement
27
 
 
            Debt general risk requirement
28
 
 
         Liability adjustment requirement in an increasing interest rate environment
29
 
 
      (b) Sum of: (31 +34)
30
 
 
         Debt investment risk requirement in a decreasing interest rate environment (32 to 33)
31
 
 
            Debt specific risk requirement
32
 
 
            Negative of debt general risk requirement
33
 
 
         Liability adjustment requirement in a decreasing interest rate environment
34
 
 
 
 
 
 
      Loan Investment Risk Requirement
35
 
 
      Property Risk Requirement
36
 
 
      Derivative Counterparty Risk Requirement
37
 
 
      Miscellaneous Risk Requirement
38
 
 
 
 
 
 
   Total C2 Requirement (21+24+35+36+37+38)
39
 
 
 
 
 
 
Total Risk Requirement of Assets and Liabilities of Licensed Insurer that do not belong to any insurance fund established and maintained under the Act (20+39)
40
 
 
 
 
 
 
Instructions for completion of Form 22
1.  This Form shall apply to a licensed insurer incorporated in Singapore in respect of assets and liabilities that do not belong to any insurance fund established and maintained under the Act (including assets and liabilities of all branches of the licensed insurer located outside Singapore).
2.  The values to be filled into this Form shall be calculated in accordance with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
NAME OF LICENSED INSURER ____________________________________
FORM 23 — STATEMENT IN RELATION TO CAPITAL ADEQUACY REQUIREMENT OF LICENSED INSURER
Co Code
Year
Month
□□□□□
□□□□
□□
 
 
 
 
 
Description
Row No.
Amount
 
(i) Financial Resources of Licensed Insurer
 
 
 
 
   A.    Tier 1 Resource
 
 
 
 
         Aggregate of surpluses of all insurance funds other than a participating fund
1
 
 
 
      Balances in the surplus account of each participating fund
2
 
 
 
      Paid-up ordinary share capital
3
 
 
 
      Unappropriated profits (losses)
4
 
 
 
      Surpluses of Overseas Branch Operations
5
 
 
 
      Irredeemable and non-cumulative preference shares
6
 
 
 
      Any other capital instrument approved by the Authority as a Tier1 resource
7
 
 
 
      Less:
 
 
 
 
      Reinsurance adjustment
8
 
 
 
      Financial resource adjustment: (10 to 14)
9
 
 
 
      (a) loans to, guarantees granted for and other unsecured amounts owed to the licensed insurer
10
 
 
 
      (b) charged assets
11
 
 
 
      (c) deferred tax assets
12
 
 
 
      (d) intangible assets
13
 
 
 
      (e) other financial resource adjustments
14
 
 
 
   Total Tier 1 Resource (1 to 7 less 8 to 9)
15
 
 
 
 
 
 
 
 
   B.    Tier 2 Resource
 
 
 
 
         Irredeemable and non-cumulative preference shares not recognised as Tier 1 resource
16
 
 
 
         Irredeemable and cumulative preference shares
17
 
 
 
      Other Tier 2 resource
18
 
 
 
   Total Tier 2 Resource (16 to 18)
19
 
 
 
 
 
 
 
 
   C.    Aggregate of allowance for provisions for non-guaranteed benefits of participating funds
20
 
 
 
   Financial Resources of Licensed Insurer (higher of $5m or 15+19+20)
21
 
 
 
 
 
 
 
 
(ii) Total Risk Requirement of Licensed Insurer
 
 
 
 
      (a) Total risk requirements of insurance funds established or maintained under the Act
22
 
 
 
      (b) Total risk requirements of assets and liabilities that do not belong to any insurance fund established and maintained under the Act
23
 
 
 
 
 
 
 
 
   Total Risk Requirement of Licensed Insurer (22 to 23)
24
 
 
 
 
 
 
 
 
   CAPITAL ADEQUACY RATION (21/24)
25
 
 
 
 
 
 
 
Instructions for completion of Form 23
1.  The values to be filled into this Form shall be calculated in accordance with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
2.  “Unappropriated profit (losses)” means any unappropriated profits (losses) that is not already accounted for after deducting the surpluses of the assets over the liabilities of all insurance funds (other than a participating fund) established and maintained under the Act by the insurer, the balance in the surplus account of each participating fund and the surpluses of assets over the liabilities of the operations of all branches of the insurer located outside Singapore.
3.  “Surplus from Overseas Branch Operations” means the surpluses of assets over the liabilities of the operations of all branches of the insurer located outside Singapore.
4.  “Loans to, guarantees granted for and other unsecured amounts owed to the licensed insurer” refers to any loan to, guarantee granted for or other unsecured amounts owed by, a related corporation or reflected in the books of the insurer to be due and owing from the head office of the insurer to the insurer, except where such loans, guarantees or other unsecured amounts arise from a contract of insurance.
5.  “Other Tier 2 resource” includes any qualifying Tier 2 instrument approved by the Authority as a Tier 2 resource.
6.  A reinsurer incorporated in Singapore shall calculate the C1 requirement in relation to its insurance funds established and maintained under the Act in respect of offshore policies and in relation to the assets and liabilities of any of its branches located outside of Singapore in accordance with the Third Schedule to the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and provide the breakdown of its calculation in this Form under the section on additional information.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
[S 734/2007 wef 01/01/2008]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
FORM 24 — CERTIFICATE ON THE ACCOUNTS OF
*GENERAL/LIFE/GENERAL AND LIFE BUSINESS OF
________________________________
FOR THE ACCOUNTING PERIOD ENDED __________________
We, the undersigned, hereby certify that in our belief —
(a)the information provided in Forms _________ are complete and accurate;
(b)Forms 21, 22 and 23 have been completed in accordance with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004);
(c)in the relevant accounting period, no part of the assets and liabilities of the insurance fund(s) established and maintained under the Insurance Act (Cap. 142) has been dealt with in contravention of section 17 or 18 of the Act; and
(d)during the year, regulations made for the purposes of section 19 of the Act have been complied with in relation to those assets,
except
 
 
 
 
 
Names and
signatures of:
________________
________________
________________
 
Director
Director
Chief Executive
 
 
 
 
Date: __________________
 
 
____________________________________________________________________
*Delete as applicable.
Instruction for completion of Form 24
For the purposes of filling this Form in accordance with regulation 11 (3) —
(a)a direct general insurer shall provide certification in respect of Forms 1, 2, 6, 7 (b), 21, 22 and 23;
(b)a general reinsurer shall provide certification in respect of Forms 1, 2, 6, 21, 22 and 23;
(c)a direct life insurer shall provide certification in respect of Forms 1, 2, Form 3 in respect of all policies issued to individuals, Form 4 in respect of all policies issued to groups of individuals, Form 7, Form 18 in respect of participating Insurance Fund established and maintained under the Act, Forms 21, 22 and 23;
(d)a life reinsurer shall provide certification in respect of Forms 1, 2, 5, 21, 22 and 23; and
(e)a licensed insurer incorporated in Singapore shall also provide certification in respect of Forms 8 and 9 in respect of the insurer’s global business operations.
[S 39/2006 wef 31/01/2006]
[S 243/2013 wef 18/04/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
FORM 25 — REPORT OF THE AUDITOR APPOINTED
UNDER SECTION 36(6) OF THE INSURANCE ACT
1.  Pursuant to section 36(3A) of the Insurance Act, we have audited the attached balance sheets as at __________________, profit and loss accounts and other statutory returns (Forms 1, 2, 6, 8, 9, 21, 22 and 23, including the Notes but excluding the Annexes) for the accounting period ended __________________. These statements of account and other statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these statements of account and other statements based on our audit.
2.  We conducted our audit in accordance with the Singapore Standards on Auditing to the extent that they are relevant to the audit. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the statements of account are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the statements of account. An audit also includes assessing the accounting principles, evaluating the presentation of the overall statements of account and the company’s internal control systems used in the preparation of the statements of account and other statements. We believe that our audit provides a reasonable basis for our opinion.
3.  In our opinion and to the best of the information, and according to the explanations given to us —
(a)the balance sheets, profit and loss accounts and other statutory returns (Forms 1, 2, 6, 8, 9, 21, 22 and 23, including the Notes but excluding their Annexes) have been prepared in accordance with the provisions of the Act, any Regulations made thereunder and any directions issued by the Authority;
(b)the balance sheets present a fair reflection of the financial position of the licensed insurer for which the insurance fund(s) are valued as prescribed under the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004); except for
4.  As far as can be ascertained from our audit, in our opinion, the fund solvency requirement and capital adequacy requirement under section 18 of the Act have been complied with; except for
 
 
Public Accountants and Chartered Accountants
Singapore
Date: ________________
[S 243/2013 wef 18/04/2013]
[S 830/2013 wef 31/12/2013]
INSURANCE ACT
(CHAPTER 142)
INSURANCE
(ACCOUNTS AND STATEMENTS)
REGULATIONS
FORM 26 — AUDITOR’S SUPPLEMENTARY REPORT
The Chief Executive
 
Date:
Name of Licensed Insurer:
 
Dear Sir
AUDITOR’S SUPPLEMENTARY REPORT
 
1.  We have audited the balance sheets, profit and loss accounts and other statutory returns (Forms 1, 2, 6, 8, 9, 21, 22 and 23, including the Notes but excluding the Annexes) and evaluated the internal control systems of _________ as at _________________ and for the accounting period ended _________________.
2.  Our audit was carried out in accordance with section 36(3A) of the Insurance Act for the purpose of expressing our opinion on the accounts drawn up in accordance with the provisions of the Act. Our audit was conducted on a test basis and included such samples as we deemed appropriate. In this connection, we have reviewed the accounting system and internal control systems used in the preparation of the statements of account and other statements, in operation in the licensed insurer.
3.  Based on our audit, we have no comments on the following (except for those matters stated in the Appendix):
(a)the books of the insurer have been properly kept and have recorded fairly the affairs and transactions of the insurer in respect of its carrying on of insurance business;
(b)all necessary and proper apportionments have been made in the balance sheets, profit and loss accounts and other statutory returns, and such apportionments have been made in an equitable manner;
(c)no part of the assets and liabilities of the insurance fund(s) established and maintained under the Act has been applied in contravention of section 17 of the Act;
(d)no documents of title to assets of the insurance fund(s) established and maintained under the Act have been held in contravention of section 20 (1) of the Act and the assets of the insurance fund(s) established and maintained under the Act have been invested and held in accordance with regulations prescribed under section 19 of the Act;
(e)the accounting and internal control systems used in the preparation of statements of account and other statements;
(f)other areas of material weakness in the operations of the licensed insurer;
(g)the implementation of directions and recommendations made by the Authority in respect of internal systems used in the preparation of the statements of account and other statements;
(h)the implementation of the previous year’s audit recommendations.
4.  During the course of our audit (except for those matters stated in the Appendix), nothing came to our notice that caused us to believe that —
(a)known bad debts of a material amount had not been written off or fully provided for;
(b)adequate provision had not been made for known material doubtful debts and for any material diminution in value of other assets;
(c)there was any non-compliance with the Act and regulations, licensing conditions and directions issued by the Authority;
(d)the licensed insurer has not followed up on any recommendation made by the Authority;
(e)there are conflicts of interests involving management or staff in areas such as underwriting, claims settlement and investment resulting or which may result in any person receiving an undue benefit or advantage at the expense of policy owners.
 
_______________________
Public Accountants and Chartered Accountants
Singapore
[S 243/2013 wef 18/04/2013]
[S 830/2013 wef 31/12/2013]
 
Appendix
 
 
 
 
 
 
Auditor’s Findings
Auditor’s
Recommendations
Licensed Insurer’s
Comments
 
 














































































 
 
 
 
 
 
[S 243/2013 wef 18/04/2013]