“approved captive insurer” means a captive insurer approved under regulation 5;
“approved insurer” means an insurer approved under regulation 4;
“capital allowances” means the allowances under section 19, 19A, 20, 21, 22 or 23 of the Act;
“captive life business” means the life 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;
“deposit” has the same meaning as in section 4B(4) of the Banking Act 1970;
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“direct insurer” has the same meaning as in section 2 of the Insurance Act 1966;
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“direct life insurer” means a direct insurer licensed under section 11 of the Insurance Act 1966 to carry on life business;
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“direct life risk” means a life risk insured by a direct life insurer;
“dividends” means dividends paid by a company, other than those exempt from tax under section 13(1)(za), (8) or (12) of the Act;
“life business” has the same meaning as in section 3(1)(a) of the Insurance Act 1966;
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“life insurance fund”, “non‑participating fund”, “offshore life business”, “offshore life reinsurance business”, “offshore risk”, “onshore life business” and “onshore life reinsurance business” have the same meanings as in section 26(12) of the Act;
“non-participating policy” has the same meaning as in paragraph 15(1) of the First Schedule to the Insurance Act 1966;
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“offshore captive life business” means captive life business concerned with offshore risks;
“offshore life insurance surplus”, in relation to an approved insurer or an approved captive insurer, has the same meaning given to the term “offshore life insurance surplus” as defined in relation to an insurer under section 26(7A)(a)(i) of the Act in section 26(12) of the Act, with the reference to the insurer under section 26(7A)(a)(i) of the Act substituted with a reference to the approved insurer or approved captive insurer;
“onshore life insurance surplus”, in relation to an approved insurer or an approved captive insurer, has the same meaning given to the term “onshore life insurance surplus” as defined in relation to an insurer under section 26(7A)(a)(i) of the Act in section 26(12) of the Act, with the reference to the insurer under section 26(7A)(a)(i) of the Act substituted with a reference to the approved insurer or approved captive insurer;
“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);
“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;
“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;
“qualifying return in lieu of interest” means any return in lieu of interest from investing in products endorsed by any Shariah council or body, or by any committee formed for the purpose of providing guidance on compliance with Shariah law;
“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 1967;
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“specified business” means the business of an approved captive insurer underwriting any 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 life business;
(b)
policies underwritten by the insurer in the course of its business of insuring direct life risk.