Singapore legislation
Regulation 7
Regulation 7
Allocation of insurance fund
Subregulation 1
To enable a direct life insurer to carry out its duties under section 17(6) of the Act in relation to an insurance fund established and maintained by it under section 17(2) of the Act that comprises wholly or partly of participating policies, its appointed actuary shall give to its board of directors a written recommendation on the allocation of any part of the fund —
to the surplus account established and maintained under section 17(6) of the Act; and
by way of bonus to the participating policies.
Subregulation 2
The appointed actuary shall, in giving the written recommendation under paragraph (1), take into account —
the requirements under section 17(6) of the Act; (b)fairness and equity between different policies comprised in the fund; and
the impact of the allocation of any part of the fund on the prospective financial condition of the fund.