Comparison View

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 492/2021
Definitions
2.—(1)  In these Regulations —
“approved captive insurer” means any captive insurer approved under regulation 4A;
“approved insurer” means any insurer approved under regulation 3;
“approved marine hull and liability insurer” means any insurer approved under regulation 4;
“approved specialised insurer” means any insurer approved under regulation 4B;
“Asian Currency Unit” means an operational unit that was approved by the Monetary Authority of Singapore under section 77(5) of the Banking Act (Cap. 19) as in force immediately before 1 July 2021;
[S 492/2021 wef 01/07/2021]
[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 general business” means the general business of an approved captive insurer which consists of risks of its related companies, including third-party risks underwritten in the course of and incidental to that business;
[S 492/2021 wef 01/07/2021]
“captive insurer” has the same meaning as in section 1A of the Insurance Act (Cap. 142);
“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]
“deposit” has the meaning given by section 4B(4) of the Banking Act;
[S 492/2021 wef 01/07/2021]
“direct stand-alone policy” means a direct insurance policy that a person purchases to cover one or more of the following risks (and not any other risk):
(a)fire risk;
(b)motor risk;
(c)work injury compensation risk;
(d)personal accident risk;
(e)health risk;
[S 492/2021 wef 01/07/2021]
“dividends”, in relation to income derived on or after 1 July 2021, means dividends paid by a company, other than those exempt from tax under section 13(1)(za), (8) or (12) of the Act;
[S 492/2021 wef 01/07/2021]
“general business” has the meaning given by section 2(1)(b) of the Insurance Act (Cap. 142);
[S 492/2021 wef 01/07/2021]
“general insurance business” means the business (other than the business of life assurance) of insuring and reinsuring any risk, including offshore risks;
“interest from ACU deposits” means interest derived from deposits held with an Asian Currency Unit in Singapore;
[S 318/2016 wef 05/07/2016]
“life business” has the meaning given by section 2(1)(a) of the Insurance Act;
[S 492/2021 wef 01/07/2021]
“marine hull and liability insurance and reinsurance business” has the same meaning as in section 43C(3) of the Act;
[S 612/2017 wef 01/04/2016]
“offshore captive general business” means captive general business concerned with offshore risks;
[S 492/2021 wef 01/07/2021]
“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;
“offshore general business” means general business concerned with offshore risks;
[S 492/2021 wef 01/07/2021]
“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 held outside Singapore with financial institutions outside Singapore;
[S 318/2016 wef 05/07/2016]
“offshore marine hull and liability insurance and reinsurance business” means the marine hull and liability insurance and reinsurance business concerned with offshore risks;
[S 612/2017 wef 01/04/2016]
“offshore qualifying specialised insurance business” means the business of insuring and reinsuring offshore qualifying specialised insurance risks;
“offshore qualifying specialised insurance risk” means a qualifying specialised insurance risk that is an offshore risk;
[S 601/2017 wef 01/04/2016]
“offshore risk” has the meaning given by section 26(12) of the Act;
[S 492/2021 wef 01/07/2021]
“offshore specialised insurance business” means specialised insurance business concerned with offshore risks;
[S 492/2021 wef 01/07/2021]
“offshore specialised insurance risk” means a specialised insurance risk that is an offshore risk;
[S 492/2021 wef 01/07/2021]
“prescribed asset or project” means an infrastructure asset or project prescribed in regulation 5 of the Income Tax (Qualifying Project Debt Securities) Regulations 2008 (G.N. No. S 315/2008);
[S 492/2021 wef 01/07/2021]
“qualifying interest” means —
(a)any interest derived from a deposit held in a bank;
(b)any interest derived from a certificate of deposit issued by a bank; or
(c)any interest derived from debt securities, other than interest that is exempt from tax under section 13(1)(b)(i) or (bc)(i) of the Act, or an amount that is exempt from tax under section 13(1)(bd) of the Act;
[S 492/2021 wef 01/07/2021]
“qualifying investment” means —
(a)any stock or share of a company;
(b)securities (other than stocks and shares), bonds, notes, certificates of deposits or treasury bills that are issued by a government, bank or company;
(c)any futures contract traded on a future exchange; or
(d)any investment in a prescribed asset or project;
[S 492/2021 wef 01/07/2021]
“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;
“qualifying specialised insurance business” means the business of insuring and reinsuring one or more qualifying specialised insurance risks;
[S 601/2017 wef 01/04/2016]
“qualifying specialised insurance risk” means any of the following risks:
(a)any terrorism risk;
(b)any political risk;
(c)any energy risk;
(d)any aviation and aerospace risk;
(e)any agriculture risk;
(f)any risk arising from a natural catastrophe;
[S 601/2017 wef 01/04/2016]
[S 746/2010 wef 01/04/2008]
[S 318/2016 wef 25/02/2013]
[S 492/2021 wef 01/07/2021]
“related company”, in relation to an approved captive insurer, means a company that is deemed to be related to the insurer under section 6 of the Companies Act (Cap. 50);
[S 492/2021 wef 01/07/2021]
“specialised insurance business” means the business of insuring and reinsuring specialised insurance risks;
[S 492/2021 wef 01/07/2021]
“specialised insurance risk” means any of the following risks:
(a)any terrorism risk;
(b)any political risk;
(c)any energy risk;
(d)any aviation and aerospace risk;
(e)any agriculture risk;
(f)any risk arising from a natural catastrophe;
[S 492/2021 wef 01/07/2021]
“specified captive business” means the business of an approved captive insurer underwriting either or both of the following:
(a)policies covering third parties which are not underwritten by the insurer in the course of, nor incidental to, its captive general business;
(b)direct stand‑alone policies;
[S 492/2021 wef 01/07/2021]
“specified general business” means the business of an approved insurer underwriting direct stand-alone policies.
[S 492/2021 wef 01/07/2021]
(2)  In these Regulations, a reference to insuring, reinsuring or underwriting a qualifying specialised insurance risk that is a risk arising from a natural catastrophe is a reference to reinsuring such risk by means of a catastrophe excess of loss policy.
[S 601/2017 wef 26/10/2017]