Clause 22

by inserting, immediately before the definition of “Authority”, the following definitions:“ “accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority;“actuary” means a Fellow of any prescribed institute;”; and

by deleting the definition of “qualified actuary”.