24.—(1) These Regulations shall not apply to any registered insurer which carried on insurance business immediately before the appointed day for the period from the appointed day to 31st December 2004.
(2) The registered insurer referred to in paragraph (1) shall continue to comply with the Insurance Regulations (other than regulations 23, 24 and 25) (Rg 1) and the Insurance (Investment-Linked Life Insurance) Regulations (Rg 4) in force immediately before the appointed day 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 the appointed day in respect of the accounting period beginning 1st January 2004 and ending on 31st December 2004 (both days inclusive),
for the purpose of enabling the insurer to comply with regulation 18(2) of the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) in respect of the preparation and lodgment of the statements of account and other statements required to be lodged under the Insurance (Accounts and Statements) Regulations.
(3) Notwithstanding paragraphs (1) and (2), any registered insurer may elect to comply with these Regulations at any time before the expiry of the period referred to in paragraph (1).
(4) Where a registered insurer elects to comply with these Regulations under paragraph (3), the insurer shall give the Authority notice in writing of the date from which the insurer elects to comply with these Regulations no later than 14 days after that date, and in that event —
(a)
paragraph (1) shall not apply to the insurer from the date the election is made; and
(b)
paragraph (2) shall continue to apply to the insurer.
(5) Notwithstanding regulation 22, where an insurer elects to comply with these Regulations under paragraph (3), regulation 22(2) shall not apply in relation to any participating fund established before 1st January 2005 and the insurer shall assign, as the balance in the surplus account as at —
(a)
where the participating fund was established on or before the date of the election, the date when the election is made; or
(b)
where the participating fund is established after the date of the election, the date on which the fund is established,
the value of —
(i)
the higher of —
(A)
the amount of surplus of assets over liabilities allocated to the shareholders as at the date the election is made, or when the fund is established, as the case may be, but which has yet to be transferred from the participating fund to the shareholders fund; or
(B)
zero; or
(ii)
the total assets immediately before the date when the election is made or when the fund is established, as the case may be, of the fund less the sum of —
(A)
the minimum condition liability of the fund; and
(B)
all other liabilities as calculated in the manner provided in Form 1 of the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004),