Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2001 RevEd
Definitions
2.  In these Regulations —
“approved insurance company” means any insurance company approved under regulation 3;
[S 79/2009, wef Y/A 2005 & Sub Ys/A:2009-SL-134-RG-79]
“approved marine hull and liability insurer” means any insurance company approved under regulation 4;
[S 79/2009, wef Y/A 2005 & Sub Ys/A:2009-SL-134-RG-79]
“capital allowances” means the allowances under section 19, 19A, 20, 21, 22 or 23 of the Act;
“interest from ACU deposits” means interest derived from deposits with an Asian Currency Unit in Singapore;
“offshore general insurance business” means the business (other than the business of life insurance) of insuring and reinsuring offshore risks;
“offshore investments” means —
(a)stocks and shares denominated in any foreign currency of companies not incorporated and not resident in Singapore;
(b)securities, other than stocks and shares, denominated in any foreign currency (including bonds, notes, certificates of deposit and treasury bills) issued by foreign governments, foreign banks outside Singapore and companies not incorporated and not resident in Singapore;
(c)futures contracts denominated in any foreign currency made in any futures exchange;
(d)any immovable property situated outside Singapore;
(e)certificates of deposit, notes and bonds issued by Asian Currency Units in Singapore;
(f)Asian Dollar Bonds approved under section 13(1)(v) of the Act; and
(g)foreign currency deposits with financial institutions outside Singapore;
“offshore marine hull and liability business” means the business of insuring and reinsuring offshore risks involving marine hull and liability but excludes cargo, energy and aviation risks.
[S 79/2009 wef 01/09/2006]
Informal Consolidation | Amended S 517/2013
Definitions
2.—(1)  In these Regulations —
“approved captive insurer” means any captive insurer approved under regulation 4A;
[S 79/2009 wef 17/02/2006]
“approved insurer” means any insurer approved under regulation 3;
[S 79/2009 wef Y/A 2005 & Sub Ys/A]
“approved marine hull and liability insurer” means any insurer approved under regulation 4;
[S 79/2009 wef Y/A 2005 & Sub Ys/A]
“approved specialised insurer” means any insurer approved under regulation 4B;
[S 79/2009 wef 01/09/2006]
[Deleted by S 318/2016 wef 01/04/2013]
“capital allowances” means the allowances under section 19, 19A, 20, 21, 22 or 23 of the Act;
“captive insurer” has the same meaning as in section 1A of the Insurance Act (Cap. 142);
[S 79/2009 wef 17/02/2006]
“catastrophe excess of loss policy” means an insurance policy where the insurer is liable for any amount above an amount stated in the policy in respect of any loss arising from a natural catastrophe;
[S 318/2016 wef 25/02/2013]
“general insurance business” means the business (other than the business of life assurance) of insuring and reinsuring any risk, including offshore risks;
[S 213/2013 wef 19/02/2011]
“interest from ACU deposits” means interest derived from deposits with an Asian Currency Unit in Singapore;
“marine hull and liability business” means the business of insuring and reinsuring risks involving marine hull and liability but excludes cargo, energy and aviation risks;
[S 658/2004 wef Y/A 2004 & Sub Ys/A]
“offshore captive insurance business” means the offshore general insurance business in relation to the risks of related companies, including third party offshore risks underwritten in the course of and incidental to the captive insurance business;
[S 79/2009 wef 17/02/2006]
“offshore general insurance business” means the business (other than the business of life insurance) of insuring and reinsuring offshore risks;
“offshore investments” means —
(a)stocks and shares denominated in any foreign currency of companies not incorporated and not resident in Singapore;
(b)securities, other than stocks and shares, denominated in any foreign currency (including bonds, notes, certificates of deposit and treasury bills) issued by foreign governments, foreign banks outside Singapore and companies not incorporated and not resident in Singapore;
(c)futures contracts denominated in any foreign currency made in any futures exchange;
(d)any immovable property situated outside Singapore;
(e)certificates of deposit, notes and bonds issued by Asian Currency Units in Singapore;
(f)Asian Dollar Bonds approved under section 13(1)(v) of the Act; and
(g)foreign currency deposits with financial institutions outside Singapore;
“offshore marine hull and liability business” means the business of insuring and reinsuring offshore risks involving marine hull and liability but excludes cargo, energy and aviation risks;
[S 79/2009 wef 01/09/2006]
“offshore qualifying specialised insurance business” means the business of insuring and reinsuring offshore qualifying specialised insurance risks;
[S 79/2009 wef 01/09/2006]
“offshore qualifying specialised insurance risks” means any of the following risks that are offshore risks:
(a)terrorism risks;
(b)political risks;
(c)energy risks;
(d)aviation and aerospace risks;
(e)agriculture risks;
(f)risks arising from a natural catastrophe;
[S 318/2016 wef 25/02/2013]
“qualifying return in lieu of interest” means any return in lieu of interest from investing in products endorsed by any Shari’ah council or body, or by any committee formed for the purpose of providing guidance on compliance with Shari’ah law.
[S 746/2010 wef 01/04/2008]
[S 318/2016 wef 25/02/2013]
(2)  In these Regulations, a reference to insuring, reinsuring or underwriting an offshore qualifying specialised insurance risk that is a risk arising from a natural catastrophe is a reference to insuring, reinsuring or underwriting (as the case may be) such risk by means of a catastrophe excess of loss policy.
[S 318/2016 wef 25/02/2013]