Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007

No. S 746

Insurance Act

(Chapter 142)

Insurance (General Provisions and
Exemptions for Marine Mutual Insurers) Regulations 2007

In exercise of the powers conferred by sections 9, 18, 36, 52(1) and 64(1) 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 (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007 and shall come into operation on 1st January 2008.

Definitions

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

“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88);

“GSIF amount”, in relation to an insurance fund that relates to Singapore policies, means the highest of the following amounts:

(a)	$400,000;
(b)	20% of net premiums written of the fund in the preceding financial year; or
(c)	20% of claim liabilities of the fund as at the end of the preceding financial year;

“marine adventure” has the same meaning as in section 3(2) of the Marine Insurance Act (Cap. 387);

“marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance —

(a)	upon goods, merchandise or property of any description transported on board vessel, including incidental transit before and after shipment;
(b)	upon the freight of, or any other interest in or relating to, vessels;
(c)	upon vessels, or upon machinery, tackle furniture or equipment of vessels;
(d)	against damage arising out of or in connection with the use of vessels, including third-party risks;
(e)	against risks incidental to the construction, repair or docking of vessels, including third-party risks; or
(f)	against such other risks as the Authority considers to be connected with or incidental to marine adventures or any of the matters referred to in paragraphs (a) to (e);

“marine mutual insurer” means an insurer registered under section 8 of the Act as a direct insurer to carry on general business and which is permitted to carry on marine mutual insurance business only;

“mutual insurance” has the same meaning as in section 85(1) of the Marine Insurance Act;

“valuation date” means the date on which the assets and liabilities of a marine mutual insurer are valued.

Made this 27th day of December 2007.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[ID05.1 V32; AG/LEG/SL/142/2002/1 Vol. 10]

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