Clause 7

by deleting subsections (1) and (2) and substituting the following subsections:“(1) A Singapore insurer, while registered in respect of any class of insurance business, shall at all times have in respect of that class of business a deposit with the Authority of a value of not less than $500,000.(2) A deposit under subsection (1) shall be made in assets of such nature as the Authority may specify.”;

by deleting the words “Accountant-General” and “subsection (3) of section 6 of this Act” in subsection (4) and substituting the words “Authority” and “section 6(4)”, respectively;

by deleting subsection (5) and substituting the following subsection:“(5) Where the value of the deposit made by an insurer under subsection (1) in respect of any class of business is less than $500,000 at any time, the Authority may by notice in writing direct the insurer to add thereto within 28 days of the service of the notice such assets as the Authority may specify of a value not less than the difference.”;

by deleting the words “cash or securities specified in the Second Schedule to this Act” in subsection (6) and substituting the words “such other assets as the Authority may specify”;

by deleting subsections (7) and (8);

by deleting the word “Accountant-General” in subsection (9)(a) and substituting the word “Authority”; and

by deleting the words “subsection (3)” wherever they appear in subsection (9)(a) and substituting in each case the words “subsection (4)”.