Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations 2003

No. S 681

Insurance Act

(Chapter 142)

Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations 2003

In exercise of the powers conferred by sections 52 (1A) and 64 of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations 2003 and shall come into operation on 1st January 2004.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“approved general reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to general business;

“approved insurance broker” means a person who is for the time being approved under regulation 4;

“approved life reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to life business;

“approved MAT insurer” means an insurer which is for the time being approved under regulation 5 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003 (G.N. No. S 682/2003);

“approved MAT insurance broker” means a person who is for the time being approved under regulation 4 in respect of MAT insurance business but not any reinsurance business;

“designated country” means a country or territory specified in the First Schedule;

“designated entity” means any person who is licensed, registered, approved or otherwise regulated under the law of any designated country to carry on business as an insurance broker;

“insurance broker” means a person who is or has been carrying on insurance business as agent for insureds or intending insureds;

“MAT insurance” means insurance of risks comprising —

(a)

maritime shipping and commercial aviation and space launching and freight (including satellites), with such insurance to cover one or both of the following:

(i)	the goods being transported;
(ii)	the vehicle transporting the goods and any liability arising therefrom; and

(b)

goods in international transit;

“MAT policy” means a policy relating to MAT insurance;

“net asset value”, in relation to an entity, means the excess of the value of the assets owned by the entity over its liabilities.

(2) For the purpose of the definition of “net asset value” in paragraph (1) —

(a)

in determining the value of the assets owned by the entity, any amount on account of goodwill or of any other intangible assets shall be disregarded; and

(b)

in determining the amount of the liabilities of the entity —

(i)	all contingent or prospective liabilities shall be taken into account; and
(ii)	any amount on account of any liability related to the share capital of the entity shall not be taken into account.

Made this 22nd day of December 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.30; AG/LEG/SL/142/2002/1 Vol. 3]

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