Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018

These Regulations are the Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018 and come into operation on 1 January 2019.

In these Regulations, unless the context otherwise requires, “GSIF amount”, in relation to an insurance fund that relates to Singapore policies, means the highest of the following amounts:

$400,000;

20% of net premiums written of the fund in the preceding financial year;

20% of claim liabilities (net of reinsurance) of the fund as at the end of the preceding financial year.