PART IV
ACCOUNTS AND STATEMENTS
Exemption from Insurance (Accounts and Statements) Regulations 2004
9.  Except as otherwise provided in this Part, an SPRV shall be exempt from the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004).
Forms
10.—(1)  The forms mentioned in these Regulations are those set out in the Schedule, or the First Schedule to the Insurance (Accounts and Statements) Regulations 2004, as the case may be.
(2)  Where any provision of the Act or these Regulations provides for the lodgment of a document with the Authority, that document shall be lodged with the Authority in the relevant form.
(3)  A form prescribed by these Regulations shall be completed in accordance with such directions as may be specified in the form or by the Authority.
Returns to be lodged by SPRV
11.  For the purposes of section 36(3) of the Act, an SPRV shall lodge statements of accounts and other statements in accordance with regulations 12 and 13.
[S 238/2013 wef 18/04/2013]
Annual audited returns to be lodged by SPRV
12.—(1)  An SPRV licensed to carry on general business shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —
(a)a fund balance sheet in Form 1, excluding the Annexes and Notes (other than Annexes 1A, 1B, 1E and 1(ii)), as at the end of that accounting period;
(b)a fund profit and loss account in Form 2, excluding the Annexes and Notes (other than Annex 2C); and
(c)a statement in Form 6, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period.
[S 238/2013 wef 18/04/2013]
(2)  An SPRV licensed to carry on life business shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business —
(a)a fund balance sheet in Form 1, excluding the Annexes and Notes (other than Annexes 1A, 1B, 1E and 1(i)), as at the end of that accounting period;
(b)a fund profit and loss account in Form 2, excluding the Annexes and Notes (other than Annex 2C); and
(c)a statement in Form 5, giving as regards policies belonging to that class of business particulars of —
(i)the issue of new policies;
(ii)the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii)the business in force as at the end of that accounting period.
[S 238/2013 wef 18/04/2013]
(3)  An SPRV incorporated in Singapore shall, in addition to the relevant forms set out in paragraphs (1) and (2), lodge for each accounting period, in respect of its global operations —
(a)a balance sheet in Form 8, excluding the Annexes, as at the end of that accounting period; and
(b)a profit and loss account in Form 9.
Annual unaudited returns to be lodged by SPRV
13.—(1)  An SPRV licensed to carry on general business shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —
(a)a fund balance sheet in Form 1, excluding the Annexes and Notes, as at the end of that accounting period; and
(b)a statement in Form 6, excluding the Notes, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period.
[S 238/2013 wef 18/04/2013]
(2)  An SPRV licensed to carry on life business shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business —
(a)a fund balance sheet in Form 1, excluding the Annexes and Notes, as at the end of that accounting period; and
(b)a statement in Form 5, giving as regards policies belonging to that class of business particulars of —
(i)the issue of new policies;
(ii)the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii)the business in force as at the end of that accounting period.
[S 238/2013 wef 18/04/2013]
(3)  An SPRV incorporated in Singapore shall, in addition to the relevant forms set out in paragraphs (1) and (2), lodge for each accounting period in respect of its global operations a balance sheet in Form 8, excluding the Annexes and Note, as at the end of that accounting period.
(4)  Section 36(3A)(a) of the Act shall not apply to an SPRV in respect of any statement of account lodged under this regulation.
[S 238/2013 wef 18/04/2013]
Provisions as to returns lodged
14.—(1)  All monetary amounts referred to in any document required to be lodged under these Regulations shall be in Singapore dollars unless otherwise specified in the relevant form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each such document.
(2)  Section 39(3) of the Act shall not apply to any document lodged by an SPRV under section 36 of the Act or any document required by section 36(13) of the Act to accompany the document so lodged.
Valuation of assets and liabilities
15.  In any document which an SPRV is required to prepare in accordance with these Regulations, the value or amount given for an asset or a liability of the SPRV shall be the value or amount of that asset or liability, as the case may be, as determined in accordance with any applicable regulation under the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and any direction issued under the Act.
Lodgment and signature of returns
16.—(1)  Any document to be lodged by an SPRV under paragraph (2) or regulation 17 shall be lodged by sending to the Authority the original and 2 copies of the document.
(2)  An SPRV shall, for any document lodged under regulation 12, lodge a certificate in Form A in the Schedule and signed by the chief executive of the SPRV or an officer signing on behalf of the chief executive.
[S 238/2013 wef 18/04/2013]
(3)  A document to be lodged by an SPRV shall be in the English language, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.
(4)  This regulation shall not apply to any document in the form of an electronic record required to be lodged under regulation 18.
Audit and auditor’s report
17.  An SPRV shall lodge, for any statement of account and balance sheet lodged under regulation 12 —
(a)an auditor’s report in Form B in the Schedule; and
(b)an auditor’s supplementary report in Form C in the Schedule,
which shall be signed by the auditor.
Returns in electronic form
18.—(1)  An SPRV shall complete and lodge each document required to be lodged under regulations 12 and 13 in the form of an electronic record with the Authority —
(a)through such electronic facility; and
(b)in such form and manner,
as may be specified by the Authority to the SPRV.
(2)  Unless otherwise required by the Authority, all particulars to be inserted in the document in the form of an electronic record referred to in paragraph (1) shall be in the English language.
Deadlines for lodgment of returns
19.  Any document to be lodged by an SPRV shall be lodged with the Authority —
(a)in respect of a document to be lodged under regulation 12 and in accordance with regulation 18, within 3 months from the last day of the period to which the document relates;
(b)in respect of a document to be lodged under regulation 13 and in accordance with regulation 18, within 3 weeks from the last day of the period to which the document relates; and
(c)in respect of any document to be lodged under regulation 16(2) or 17 and in accordance with regulation 16, within 4 months from the last day of the period to which the document relates.