Singapore legislation
Regulation 5
of Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018
Regulation 5
Fund solvency requirement
For the purposes of section 18(1)(a) of the Act, the fund solvency requirement that a marine mutual insurer must satisfy in respect of an insurance fund established and maintained by the marine mutual insurer under the Act is —
in the case of an insurance fund that relates to Singapore policies, the surplus of assets over liabilities of the fund, less its contingent liabilities, must not at any time be less than the GSIF amount; and
in the case of an insurance fund that relates to offshore policies, the amount of assets in the fund, less its contingent liabilities, must not at any time be less than the amount of liabilities of the fund.