Singapore legislation

Regulation 2

of Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations

Regulation 2

Definitions

Subregulation 1

In these Regulations, unless the context otherwise requires —

Definition

“approved general reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to general business;

Definition

“approved insurance broker” means a person who is for the time being approved under regulation 4;

Definition

“approved life reinsurance broker” means a person who is for the time being approved under regulation 4 in respect of reinsurance of liabilities under insurance policies relating to life business;

Definition

“approved MAT insurer” means an insurer which is for the time being approved under regulation 5 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations (Rg 15);

Definition

“approved MAT insurance broker” means a person who is for the time being approved under regulation 4 in respect of MAT insurance business but not any reinsurance business;

Definition

“designated country” means a country or territory specified in the First Schedule;

Definition

“designated entity” means any person who is licensed, registered, approved or otherwise regulated under the law of any designated country to carry on business as an insurance broker;

Definition

“insurance broker” means a person who is or has been carrying on insurance business as agent for insureds or intending insureds;

Definition

“MAT insurance” means insurance of risks comprising —

(a)

maritime shipping, commercial aviation, space launching and freight (including satellites), with such insurance to cover one or both of the following:

(i)

the goods being transported; and

(ii)

the vehicle transporting the goods and any liability arising therefrom; and

(b)

goods in international transit;

Definition

“MAT policy” means a policy relating to MAT insurance;

Definition

“net asset value”, in relation to an entity, means the excess of the value of the assets owned by the entity over its liabilities.

Subregulation 2

For the purpose of the definition of “net asset value” in paragraph (1) —

(a)

in determining the value of the asset owned by the entity, any amount on account of goodwill or of any other intangible assets shall be disregarded; and

(b)

in determining the amount of the liabilities of the entity —

(i)

all contingent or prospective liabilities shall be taken into account; and

(ii)

any amount on account of any liability related to the share capital of the entity shall not be taken into account.

Read in full context — Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations →