Singapore legislation
Regulation 4
of Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018
Regulation 4
Financial requirement
For the purposes of section 8(3)(b) of the Act, the financial requirement that an applicant as a marine mutual insurer must satisfy is that the applicant must have a paid‑up ordinary share capital (or its equivalent recognised by the Authority as applicable to the applicant under the laws of the country or territory in which the applicant is incorporated, formed or established) of at least $5 million.