Exemption in respect of Insurance (Valuation and Capital) Regulations 2004
4.—(1)  A captive insurer shall be exempt from regulation 4 of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
[S 242/2013 wef 18/04/2013]
(2)  A captive insurer shall be exempt from regulation 22A of the Insurance (Valuation and Capital) Regulations 2004, in relation to trade credit insurance policies written to cover in-house risks.
[S 242/2013 wef 18/04/2013]
(3)  In this regulation —
“in-house risks”, in relation to a captive insurer, means any risk of a related corporation of the captive insurer which may ultimately result in losses affecting only the related corporation, and no other party, if the related corporation had not insured the risks with the captive insurer;
“trade credit insurance policy” has the same meaning as in regulation 2(1) of the Insurance (Valuation and Capital) Regulations 2004.
[S 242/2013 wef 18/04/2013]