In forceAs enactedCurrent version · As enactedSee versions on Singapore Statutes Online(opens the publisher’s site)
Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018 · As enacted · Part 3 · Financial Requirement Before Licensing, Fund Solvency Requirement and Capital Adequacy Requirement
6. Capital adequacy requirement
Feedback & supportFor the purposes of section 18(1)(b) of the Act, the capital adequacy requirement that a marine mutual insurer must satisfy is that the shareholders’ equity and surplus, less the contingent liabilities of the marine mutual insurer, must not at any time be less than the sum of —
(a)
$400,000; and
(b)
the GSIF amount.