Comparison View

Formal Consolidation |  Amended S 79/2009
Approval of captive insurer
4A.—(1)  The Minister or such person as he may appoint may, upon application by any captive insurer and if he considers it expedient in the public interest to do so, during the period from 17th February 2006 to 16th February 2011, approve the insurer as an approved captive insurer.
(2)  Any approval under paragraph (1) shall be for such period not exceeding 10 years as the Minister or such person as he may appoint may specify.
[S 79/2009 wef 17/02/2006]
Informal Consolidation | Amended S 612/2017
Approval of captive insurer
4A.—(1)  The Minister or such person as he may appoint may, upon application by any captive insurer and if he considers it expedient in the public interest to do so, during the period from 17 February 2006 to 31 March 2020 (both dates inclusive) approve the insurer as an approved captive insurer.
[S 213/2013 wef 16/02/2011]
[S 601/2017 wef 01/04/2016]
(2)  Any approval granted under paragraph (1) is for —
(a)such period not exceeding 10 years as the Minister or such person as the Minister may appoint may specify, if the approval is granted before 1 April 2018; or
(b)a period of 5 years, if the approval is granted on or after 1 April 2018.
[S 601/2017 wef 01/04/2016]
(3)  No approval under paragraph (1) may be given unless, at the time of such approval, at least one aspect of each of the following functions of the captive insurer is undertaken by a company incorporated in Singapore, or by personnel located in Singapore who are employed by a company incorporated outside Singapore:
(a)compliance with any requirement, and with any direction, notice or other document issued, under the Insurance Act (Cap. 142) and the Monetary Authority of Singapore Act (Cap. 186);
(b)compliance with any requirement relating to financial accounting, auditing and reporting under the Companies Act (Cap. 50);
(c)the day-to-day management of the captive insurer’s business.
[S 318/2016 wef 05/08/2014]