Clause 46

In this Act “accounting period” means, in relation to any insurer, the period for which the insurer makes up the accounts of the insurance business carried on by him in Singapore; but, unless in any particular case the Commissioner allows those accounts to be made up for a longer or shorter period, every accounting period for which those accounts have not been made up before the date of the coming into operation of this Act, shall be a period of twelve months beginning from the commencement of that business or from the end of the preceding accounting period.

In this Act “initial accounting period” means, in relation to any existing insurer, the accounting period beginning with the 1st day of January 1967, or, if the insurer has no such accounting period, the first accounting period beginning thereafter.