4. For the purposes of section 18(1)(a) of the Act, the fund solvency requirement in respect of an insurance fund established and maintained by a marine mutual insurer under the Act shall at all times be such that —
(a)
in the case of an insurance fund that relates to Singapore policies, the surplus of assets over liabilities of the fund, less its contingent liabilities, is not less than the GSIF amount; and
(b)
in the case of an insurance fund that relates to offshore policies, the amount of assets in the fund, less its contingent liabilities, is not less than the amount of liabilities of the fund.