Regulation 2

“contractual interest rate”, in relation to any financial instrument, means the applicable interest rate specified in the financial instrument;

“FRS 12” means the financial reporting standard known as Financial Reporting Standard 12 (Income Taxes) that is made, and amended from time to time, under Part 3 of the Accounting Standards Act 2007;

“FRS 39” means the financial reporting standard known as Financial Reporting Standard 39 (Financial Instruments: Recognition and Measurement) that is treated as made by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007, as amended from time to time;

“FRS 109” means the financial reporting standard known as Financial Reporting Standard 109 (Financial Instruments) that is made, and amended from time to time, under Part 3 of the Accounting Standards Act 2007;

“initial year of assessment”, in relation to an insurer, means the first year of assessment for which the insurer is subject to the tax treatment under section 34AAA of the Act;

“insurer” means a company licensed under the Insurance Act 1966 to carry on insurance business in Singapore and which applies the tax treatment under section 34AAA of the Act;

“MAS return”, in relation to an insurer, means the statements of account and other statements relating to the insurer’s business prepared and lodged with the Monetary Authority of Singapore under section 94(3) of the Insurance Act 1966;

“relevant day” means the last day of the basis period for the year of assessment immediately before the initial year of assessment;

“SFRS(I) 1-12” means the financial reporting standard known as Singapore Financial Reporting Standard (International) 1‑12 (Income Taxes) that is made, and amended from time to time, under Part 3 of the Accounting Standards Act 2007;

“SFRS(I) 9” means the financial reporting standard known as Singapore Financial Reporting Standard (International) 9 (Financial Instruments) that is made, and amended from time to time, under Part 3 of the Accounting Standards Act 2007.