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]
[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.