Clause 40

by deleting sub-paragraphs (1) and (2) and substituting the following sub-paragraphs:“(1) Subject to this paragraph and section 9(3) and (4), “Singapore policy” means, in relation to any insurer, a policy issued in the course of the insurer’s business in Singapore and falling within one of the following descriptions:“(a)a life policy or personal accident policy in the case of which, at the date of issue of the policy and (if the policy was issued before then) at the date of the establishment of the insurer’s register of Singapore policies, the policy owner’s address is or was an address in Singapore;

in relation to direct general insurance (other than personal accident policies) and facultative general reinsurance, a policy in the case of which the risk arises in Singapore or where the insured is a person resident in Singapore or is a permanent establishment in Singapore; and

in relation to treaty general reinsurance, a policy in the case of which more than 25% of the total risks in terms of gross premiums arises in Singapore.(2) “Offshore policy”, in relation to any insurer, means any policy, other than a Singapore policy, issued in the course of the insurer’s business in Singapore.”;

by deleting the word “and” at the end of sub-paragraph (3)(a);

by inserting, immediately after sub-paragraph (3)(b), the following sub-paragraphs:“(c)“resident in Singapore” and “permanent establishment” have the same meaning as in the Income Tax Act (Cap. 141); and

where any risk is in transit in Singapore it shall be deemed to be a risk outside Singapore,”; and

by deleting sub-paragraph (4).