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);

[Deleted by S 234/2013 wef 18/04/2013]

“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.

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

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