“approved captive insurer” means any captive insurer approved under regulation 4A;
[S 80/2009 wef 17/02/2006]
“approved insurer” means any insurer approved under regulation 3;
[S 80/2009, wef Y/A 2005 & Sub Ys/A]
“approved marine hull and liability insurer” means any insurer approved under regulation 4;
[S 80/2009, wef Y/A 2005 & Sub Ys/A]
“approved specialised insurer” means any insurer approved under regulation 4B;
[S 80/2009 wef 01/09/2006]
“approved takaful insurer” means any insurer approved under regulation 4C;
[S 747/2010 wef 01/04/2008]
“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 80/2009 wef 17/02/2006]
“general insurance business” means the business (other than the business of life assurance) of insuring and reinsuring any risk, including offshore risks;
[S 212/2013 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 659/2004 wef Y/A 2004 & Sub Ys/A]
“offshore captive insurance business” means the offshore general insurance business and offshore life 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 80/2009 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 life business”, “offshore life policies” and “participating fund” have the same meanings as in section 26(12) of the Act;
[S 80/2009 wef Y/A 2006 & Sub Ys/A]
“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 80/2009 wef 01/09/2006]
“offshore qualifying specialised insurance business” means the business of insuring and reinsuring offshore qualifying specialised insurance risks;
[S 80/2009 wef 01/09/2006]
“offshore qualifying specialised insurance risks” means —
(a)
terrorism risks;
(b)
political risks;
(c)
energy risks;
[S 212/2013 wef 19/02/2011]
(d)
aviation and aerospace risks; and
[S 212/2013 wef 19/02/2011]
(e)
agriculture risks;
[S 212/2013 wef 19/02/2011]
[S 80/2009 wef 01/09/2006]
“participating policy” has the same meaning as in paragraph 6A of the First Schedule to the Insurance Act ;
[S 80/2009, wef Y/A 2006 & Sub Ys/A]
[S 747/2010 wef 01/04/2008]
“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.