Savings and transitional provisions
18.—(1)  These Regulations shall not apply to any registered insurer which carried on insurance business immediately before 23rd August 2004 for the period from 23rd August 2004 to 31st December 2004 (both dates inclusive).
(2)  During —
(a)the period referred to in paragraph (1); and
(b)the period from the day immediately following the end of the period referred to in paragraph (1) to the day on which the registered insurer lodges the statements of account and other statements required under the Insurance (Accounts and Statements) Regulations (Rg 2) in force immediately before 23rd August 2004 in respect of the accounting period beginning 1st January 2004 and ending on 31st December 2004 (both days inclusive) (referred to in this regulation as the relevant period),
a registered insurer referred to in paragraph (1) shall —
(i)continue to comply with the Insurance (Accounts and Statements) Regulations in force immediately before 23rd August 2004; and
(ii)lodge the forms referred to in regulation 4(2)(a), (3)(a), (4)(a), (5)(a) and (6)(a) of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005.
(3)  Where a registered insurer elects to comply with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and has given the Authority notice under regulation 24(4) of the Insurance (Valuation and Capital) Regulations 2004, the insurer shall, in respect of the whole or any part of the accounting period beginning 1st January 2004 and ending on 31st December 2004, as the case may be, lodge —
(a)the statements of account and other statements required to be lodged under the Insurance (Accounts and Statements) Regulations in force immediately before 23rd August 2004 prepared in accordance with section 36 of the Act;
(b)the forms referred to in regulation 4(2)(a), (3)(a), (4)(a), (5)(a) and (6)(a) of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005;
(c)the forms referred to in regulation 5(1)(a)(i), (2)(a)(i), (3)(a)(i), (4)(a)(i) and (5) of these Regulations, where applicable, by 21st January 2005; and
(d)the forms referred to in regulations 6(1)(a)(i) and (b), (2)(a)(i) and (4)(b), 7(2)(b) and 8 of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005.