PART III
ACCOUNTS AND STATEMENTS
Exemptions in respect of Insurance (Accounts and Statements) Regulations 2004
7.  A marine mutual insurer shall be exempt from the following requirements in the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004):
(a)the requirement, under regulation 4(2)(a) of those Regulations, to lodge Annexes 1A, 1B, 1C, 1D, 1E, 1F(a), 1F(b), 1F(c), 1F(d), 1G, 1H, 1I, 1J, 1K, 1L, 1M, 1N, 1(i), 1(ii) and 1(iii) to Form 1 in the First Schedule to those Regulations;
(b)the requirement, under regulation 4(2)(b) of those Regulations, to lodge Annexes 2A, 2B, 2C, 2C(a), 2C(b), 2E, 2G, 2H and 2J to Form 2 in the First Schedule to those Regulations; and
(c)the requirements under regulations 5(1)(a), (b)(ii), (c) and (5), 8 and 10 of those Regulations.
Forms
8.—(1)  The forms mentioned in these Regulations are those set out in the Schedule, or the First Schedule to the Insurance (Accounts and Statements) Regulations 2004, as the case may be.
(2)  Where any provision of the Act or these Regulations provides for the lodgment of a document with the Authority, that document shall be lodged with the Authority in the relevant form.
(3)  A form prescribed by these Regulations shall be completed in accordance with such directions as may be specified in the form or by the Authority.
Balance sheet in respect of global business operations
9.  A marine mutual insurer incorporated in Singapore shall, in addition to the relevant forms in regulation 5(1)(b)(i) of the Insurance (Accounts and Statements) Regulations 2004, lodge with the Authority for each accounting period in respect of its global business operations a balance sheet in Form 8 in the First Schedule to those Regulations, excluding the Annex and Note, as at the end of that accounting period.
Additional returns
10.  In addition to the returns to be lodged under section 36 of the Act and prescribed in the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004), every marine mutual insurer shall lodge with the Authority, for each financial year —
(a)an analysis of calls, premiums and claims, which shall be in Form 1 in the Schedule; and
(b)a statement on the adequacy of claim liabilities in respect of the financial year, which shall be in Form 2 in the Schedule.
Provisions as to returns lodged
11.—(1)  All monetary amounts referred to in any document required to be lodged under these Regulations shall be in Singapore dollars unless otherwise specified in the relevant form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each such document.
(2)  Section 39(1) and (3) of the Act shall not apply to any document lodged by a marine mutual insurer under sections 36 and 37 of the Act or any document required by those sections to accompany the document so lodged.
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(3)  Any reference to an accounting period in regulation 4 of the Insurance (Accounts and Statements) Regulations 2004 shall, in relation to a marine mutual insurer, be construed as a reference to the financial year of the marine mutual insurer.
Valuation of assets and liabilities
12.—(1)  In any document which a marine mutual insurer is required to prepare in accordance with these Regulations or the Insurance (Accounts and Statements) Regulations 2004, the value or amount given for an asset or a liability of the marine mutual insurer shall be the value or amount of that asset or liability, as the case may be, as determined in accordance with paragraph (3), any applicable regulation under the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and any direction issued under the Act.
(2)  A marine mutual insurer shall be exempt from regulation 19(1) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
(3)  A marine mutual insurer shall calculate the liabilities in respect of policies of an insurance fund established and maintained under section 17 of the Act for the general business of the marine mutual insurer as the sum of —
(a)premium liabilities, which shall be an amount of not less than —
(i)the unearned premium reserves of the fund calculated as the aggregate of unearned premium reserves for each policy of the fund determined in the manner provided in regulation 19(5) of the Insurance (Valuation and Capital) Regulations 2004; or
(ii)the unexpired risk reserves, calculated as the sum of —
(A)the value of the expected future payments arising from future events insured under policies in force as at the valuation date, including any expense expected to be incurred in administering the policies and settling relevant claims; and
(B)any provision for any adverse deviation from the expected experience,
whichever is the higher; and
(b)claim liabilities, which shall be an amount of not less than the sum of —
(i)the value of the expected future payments in relation to all claims incurred prior to the valuation date (other than payments which have fallen due for payment on or before the valuation date), whether or not they have been reported to the insurer, including any expense expected to be incurred in settling those claims; and
(ii)any provision for any adverse deviation from the expected experience.
(4)  For the purposes of paragraph (3)(a)(i), a marine mutual insurer shall, in determining the amount of unearned premium reserves of an insurance fund, treat every insurance policy it issues as a marine and aviation policy.
(5)  Any reference to regulation 19(1)(a)(ii) or (1)(b) in regulation 19(2) and (4) of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004), in relation to any marine mutual insurer, shall be construed as a reference to paragraph (3)(a)(ii) or (3)(b), respectively.
Lodgment and signature of additional returns
13.—(1)  Any document to be lodged by a marine mutual insurer under regulation 10 shall be lodged by sending to the Authority one original copy of the document.
(2)  The original copy of the document lodged by a marine mutual insurer under regulation 10(b) shall bear the signature of the chief executive of the marine mutual insurer.
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(3)  The original copy of any document referred to in paragraph (1) shall be in the English language, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.
Additional returns in electronic form
14.—(1)  A marine mutual insurer shall complete and lodge each document required to be lodged under regulations 9 and 10(a) in the form of an electronic record with the Authority —
(a)through such electronic facility; and
(b)in such form and manner,
as may be specified by the Authority to the marine mutual insurer.
(2)  Unless otherwise required by the Authority, all particulars to be inserted in the document in the form of an electronic record referred to in paragraph (1) shall be in the English language.
Deadlines for lodgment of returns
15.—(1)  Notwithstanding regulation 15 of the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) —
(a)any document to be lodged in accordance with regulation 11 of those Regulations by a marine mutual insurer shall be lodged with the Authority within 6 months from the last day of the period to which the document relates;
(b)a document to be lodged under regulation 5(1)(b)(i) of those Regulations and in accordance with regulation 13 of those Regulations by a marine mutual insurer shall be lodged with the Authority within 3 weeks from the last day of the period to which the document relates; and
(c)any other document to be lodged in accordance with regulation 13 of those Regulations by a marine mutual insurer shall be lodged with the Authority within 6 months from the last day of the period to which the document relates.
(2)  Any document to be lodged in accordance with regulation 13 shall be lodged with the Authority within 6 months from the last day of the period to which the document relates.
(3)  Any document to be lodged in accordance with regulation 14 shall be lodged with the Authority —
(a)in the case of a document to be lodged under regulation 9, within 3 weeks from the last day of the period to which the document relates; and
(b)in the case of a document to be lodged under regulation 10(a), within 6 months from the last day of the period to which the document relates.