Clause 4

by inserting, immediately after the word “licensed” in subsection (1)(b), the words “, approved, designated or otherwise regulated”;

by deleting subsection (2) and substituting the following subsection:“(2) For the purposes of this Act, the reinsurance of liabilities under insurance policies by a licensed insurer or an authorised reinsurer shall be treated as insurance business of the class and type to which the nature of the risk assumed or liabilities undertaken by that licensed insurer or authorised reinsurer relates.”;

by deleting the words “, or as agent; but “insurer” does not include an insurance agent as such nor, in the case of a person who is both insurer and insurance agent, have reference to business done as an insurance agent” in subsection (4);

by deleting the words “as an insurer; and references to carrying on insurance business, or any class of insurance business, in Singapore mean the receipt of proposals for, or issuing of, policies in Singapore or the collection or receipt in Singapore of premiums on insurance policies” in subsection (5);

by deleting the words “as an insurer” in subsection (5A); and

by deleting the words “the prescribed form of balance‑sheet or valuation balance-sheet and to the rules to be followed under this Act and the regulations in preparing it” in subsection (8)(b) and substituting the words “the form of balance-sheet or valuation balance-sheet as the Authority may prescribe or specify in directions, and to the rules to be followed under this Act and any such directions in preparing it”.