Schedule 3

THIRD SCHEDULE(Section 20(5)).Deposits by Associations of Underwriters

1. An association of underwriters, in order to comply with subsection (4) of section 20 of the Act, shall make a deposit with the Accountant-General of a value of three hundred thousand dollars.

2. Not later than the end of June in each calendar year after 1966 there shall be made such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit is not less than fifty-five per cent of the premiums received by members of the association in respect of Singapore policies in the preceding calendar year.

3. Subject to any direction of the Minister under subsection (4) of section 20 of the Act, the Accountant-General shall retain any deposit under this paragraph unless and until the Commissioner is satisfied, and certifies, that insurance business is not being carried on in Singapore by any members of the association, and shall then transfer the amount of the deposit to the association except such part (if any) as the Minister directs to be kept available for meeting any such claims as are mentioned in that subsection.

4. Subsections (2), (3), (6) and (7) of section 7 of the Act shall apply, with any necessary adaptations, in relation to a deposit by an association under this Schedule as they apply in relation to a deposit by an insurer under that section.