Clause 3

Section 7 of the Insurance Act is amended by deleting subsections (3) and (4) and substituting the following subsections:“(3) The Authority may register the applicant as a direct insurer, reinsurer or captive insurer.(4) The Authority shall cause notice of any registration or change of name of a Singapore insurer to be published in the Gazette.(5) For the purposes of this Act —“captive insurer” means an insurer whose registration is restricted to the carrying on of business which consists principally of risks of its related companies, and includes a rent-a-captive insurer;“direct insurer” means any insurer other than a reinsurer or a captive insurer;“reinsurer” means an insurer whose registration is restricted to the carrying on of reinsurance business.”.