| Paid-up capital requirement |
| 3. For the purposes of section 8(3)(b) of the Act, the Authority shall not grant a licence to an applicant as a captive insurer under section 8 of the Act unless the applicant has a paid-up ordinary share capital (or its equivalent recognised by the Authority as applicable to the applicant under the laws of the country or territory in which the applicant is incorporated, formed or established) of not less than $400,000. [S 242/2013 wef 18/04/2013] |