Singapore legislation
Regulation 8
Regulation 8
Returns and audit
Subregulation 1
The forms mentioned in this regulation are those set out in the Schedule.
Subregulation 2
An authorised reinsurer shall prepare and lodge with the Authority for each financial year —
where the authorised reinsurer is authorised as a general reinsurer, a statement, which shall be in Form 1, giving particulars as to premiums, claims and commissions in respect of its general business; (b)where the authorised reinsurer is authorised as a life reinsurer, the following statements in respect of its life business: (i)a statement, which shall be in Form 2, giving particulars as to premiums, claims and commissions; and
a statement, which shall be in Form 3, giving particulars on the issue of new policies, and movements in claims and other items during that financial year, and the business in force as at the end of that financial year;
a statement, which shall be in Form 4, on the reinsurance deposit required under section 34D of the Act;
in respect of the authorised reinsurer’s global business operations —
a balance-sheet, which shall be in Form 5, as at the end of that financial year; and
a profit and loss statement, which shall be in Form 6; and
information on the authorised reinsurer’s external auditor, containing the particulars set out in Form 7 —
for each financial year; or
if there is a change in its external auditor.
Subregulation 3
The statements for any financial year referred to in paragraph (2)(a), (b), (c), (d) and (e)(i) shall be based on the annual audited financial statements of the authorised reinsurer with respect to that period.
Subregulation 4
The documents to be lodged with the Authority under this regulation for any financial year of an authorised reinsurer shall be accompanied by the annual audited report of the authorised reinsurer with respect to that period, including the audited financial statements and the auditor’s opinion on the financial statements.
Subregulation 5
Where any report or statement referred to in paragraph (4) is in a language other than English, the copy required by that paragraph shall be in English and shall be certified to be a true translation of the original by the translator.
Subregulation 6
If the authorisation of an insurer has been withdrawn under section 34B of the Act, this regulation shall, unless the Authority otherwise directs, continue to apply in relation to the insurer in respect of matters that occurred before the withdrawal, as if his authorisation had not been withdrawn.