Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004

No. S 803

Insurance Act

(Chapter 142)

Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004

In exercise of the powers conferred by sections 9, 18, 36, 37(1), 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 Captive Insurers) Regulations 2004 and shall come into operation on 1st January 2005.

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);

“participating fund” means an insurance fund established and maintained under section 17(2) of the Act which comprises wholly or partly of participating policies;

“policy liabilities”, in relation to an insurance fund, means liabilities in respect of policies for which the insurance fund is established and maintained under section 17 of the Act;

[Deleted by S 173/2006 wef 24/03/2006]

“valuation date” means the date on which the assets and liabilities of a captive insurer are valued.

Made this 23rd day of December 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.31; AG/LEG/SL/142/2002/1 Vol. 6]

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