Clause 10

by inserting, immediately before the word “reinsuring” in subsection (1A), the words “insuring and”;

by inserting, immediately before the word “reinsuring” in the fourth line of the proviso to subsection (2), the words “insuring and”; and

by deleting subsection (5) and substituting the following: —“(5) For the purposes of this section and section 43C of this Act,“offshore risks” means any risk outside Singapore and —

in relation to direct general insurance or facultative general reinsurance the insured is not a person resident in Singapore or a permanent establishment in Singapore; and

in relation to treaty general reinsurance not less than seventy-five percent of the total risk in terms of gross premiums is outside Singapore,and where any such risk is in transit in Singapore it shall be deemed to be outside Singapore.”.