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.