12. Non-applicability of extra-territoriality of Act

Section 56A of the Act (read with section 3 of the Act) shall not apply in the following circumstances:

where a reinsurance arrangement is entered into between a licensed insurer which is incorporated outside Singapore (other than a captive insurer) and its head office outside Singapore;

where a reinsurance arrangement is entered into between a licensed insurer (other than a captive insurer) and its related corporation which —

is incorporated outside Singapore;

is not a licensed insurer; and

satisfies such criteria as the Authority may, by directions, specify;

where a reinsurance arrangement is entered into between a licensed insurer licensed as a captive insurer and an unlicensed insurer; or

where —

a reinsurance arrangement is entered into between the head office or a related corporation of a licensed insurer and an unlicensed insurer; and

the reinsurance arrangement covers the whole or part of the insurance business of the head office or the related corporation, as the case may be, in 2 or more countries or territories including Singapore.