Singapore legislation
Regulation 6
of Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018
Regulation 6
Capital adequacy requirement
For 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.