Clause 12

Section 3 shall not prevent general business being carried on in Singapore by any person if he carries it on as a Lloyd’s underwriter and if the conditions of this section are complied with.(2) Subsection (1) shall not authorise a Lloyd’s underwriter to carry on insurance business in Singapore unless there are one or more persons resident in Singapore who are authorised to accept service of notices and legal process on behalf of Lloyd’s underwriters, being persons nominated for that purpose by Lloyd’s.(3) Lloyd’s shall notify the Authority in writing of any nomination referred to in subsection (2) and of any person ceasing to be nominated.(4) Subsection (1) shall not authorise a Lloyd’s underwriter to carry on insurance business in Singapore unless Lloyd’s makes and maintains with the Authority the deposit as mentioned in the Second Schedule, and that Schedule shall have effect in relation thereto.(5) Any deposit required by this section may be applied by the Authority in meeting claims against Lloyd’s underwriters in respect of Singapore policies.(6) In every year there shall be furnished to the Authority on behalf of Lloyd’s, if in the preceding year Lloyd’s underwriters have carried on business as Singapore insurers by virtue of this section —

a certificate, signed by the chairman or other presiding officer of Lloyd’s and by or on behalf of the Minister or other public authority as has the administration of the law relating to insurance in the country in which Lloyd’s is constituted, whether or not those Lloyd’s underwriters have in respect of the preceding year complied with that law so far as applicable to them;

a certified copy of such returns for the preceding year relating to insurance business carried on by those Lloyd’s underwriters as are required by the law referred to in paragraph (a) to be furnished to the Minister or public authority; and

the latest annual list of Lloyd’s underwriters and of the governing body of Lloyd’s.(7) For the purposes of this Act —“Lloyd’s” means the society of underwriters known in the United Kingdom as Lloyd’s and incorporated under the Lloyd’s Act 1871;“Lloyd’s underwriter” means an underwriting member of Lloyd’s.”.