Clause 22

The Second Schedule to the Insurance Act is repealed and the following Schedule substituted therefor:“SECOND SCHEDULESection 36(4)Deposits by Lloyd’s

1. In order to comply with section 36(4) of the Act, Lloyd’s shall make a deposit of a value of $500,000, or such other amount as may be prescribed, with the Authority.

2. Not later than the end of June in each calendar year, there shall be made such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit is not less than 55% of the premiums received by Lloyd’s underwriters in respect of Singapore policies in the preceding calendar year.

3. The Authority shall retain any deposit under this Schedule until it is satisfied that insurance business is not being carried on in Singapore by any Lloyd’s underwriter, and it shall then transfer the deposit to Lloyd’s except such part (if any) that it determines should be kept available for meeting claims against Lloyd’s underwriters in respect of Singapore policies.

4. Subsections (2), (3) and (6) of section 13 of the Act shall apply, with any necessary adaptations, in relation to a deposit by Lloyd’s under this Schedule as they apply in relation to a deposit by an insurer under that section.”.