Insurance (General Provisions) Regulations

for carrying on life business, other than life reinsurance business —

in the case of an insurer with total assets not exceeding $2 billion, a fee of $87,000; and

in the case of an insurer with total assets exceeding $2 billion, a fee of $140,000;

for carrying on general business, other than general reinsurance business —

in the case of an insurer with gross premiums not exceeding $100 million, a fee of $70,000; and

in the case of an insurer with gross premiums exceeding $100 million, a fee of $95,000; (c)for carrying on life reinsurance business —

in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $35,000; and

in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $45,000;

for carrying on general reinsurance business —

in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $35,000; and

in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $45,000;

for carrying on any combination of the insurance business referred to in sub-paragraphs (a) to (d), the aggregate of the respective fees.

the prescribed annual fee for a captive insurer is $6,000;

the prescribed annual fee for a marine mutual insurer is $17,000; and

the prescribed annual fee for a Special Purpose Reinsurance Vehicle is $5,000.

has not previously carried on the relevant type of insurance business in Singapore referred to in paragraph (1); or

has carried on the relevant type of insurance business referred to in paragraph (1) for less than one accounting period,and has not lodged the relevant statements relating to total assets or gross premiums under section 36 of the Act are the following:

for carrying on life business (other than life reinsurance business), a fee of $87,000; (ii)for carrying on general business (other than general reinsurance business), a fee of $70,000;

for carrying on life reinsurance business, a fee of $35,000; (iv)for carrying on general reinsurance business, a fee of $35,000;

for carrying on any combination of the insurance business referred to in sub-paragraphs (i) to (iv), the aggregate of the respective fees.

fees payable by the licensed insurer —

fees payable by the potential constituent insurer —where A is the total assets or total premiums, as the case may be, of the licensed insurer;B is the total assets or total premiums, as the case may be, of the potential constituent insurer;C is the total assets or total premiums, as the case may be, of the licensed insurer and all the potential constituent insurers; andD is the fee payable under paragraph (1) based on the combined total assets or gross premiums, as the case may be, of the licensed insurer and all the potential constituent insurers.

through such electronic funds transfer system as the Authority may, from time to time, designate where payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority; or

in such other form or manner as the Authority may allow.

the advertisement is not made to or directed at persons in Singapore, whether electronically or otherwise;

the advertisement does not contain any information especially relevant to persons in Singapore;

the advertisement contains a prominent disclaimer referred to in paragraph (2); and

the advertisement is not referred to in, or directly accessible from, any source which is calculated to draw the attention of persons in Singapore to the advertisement.

is directed at persons outside Singapore; or (b)shall not be acted on by persons in Singapore.

publication in a newspaper, magazine, journal or other periodical;

display of posters or notices;

circulars, handbills, brochures, pamphlets, books or other documents;

letters addressed to individuals or bodies corporate or unincorporate;

photographs or cinematograph films; or

sound broadcasting, television, the internet or other media.

has a period of at least 14 days after the date of receipt of the policy to examine the terms and conditions of the policy; and

may terminate the policy within the same period provided under sub-paragraph (a) for the policy owner to examine the terms and conditions of the policy.

any sum which the policy owner has paid in connection with the policy (whether by way of premium or otherwise and whether to the insurer or his agent for the purpose of receiving that sum) shall, subject to paragraph (3), be recoverable from the insurer by the policy owner; and (b)any expense incurred by the insurer in underwriting the policy shall be recoverable by the insurer from the policy owner.

in the case of a winding up of the affairs of an insurer to which this regulation applies by the court, in determining whether the insurer is unable to pay its debts, any liability of the insurer in respect of policies; and

in the case of a winding up of the affairs of an insurer to which this regulation applies, any liability of the insurer in respect of Singapore policies or offshore policies which is required to be valued, shall be determined in the manner as set out in Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).

in the case of a policy issued before 23rd August 2004 —

where the policy is an endowment policy, an amount equal to 80% of the liabilities of the licensed insurer in respect of that policy determined in accordance with paragraph (2); or

where the policy is a whole life policy, an amount equal to 95% of the liabilities of the licensed insurer in respect of that policy determined in accordance with paragraph (2),less any moneys due under the policy to the insurer; or

in the case of a policy issued on or after 23rd August 2004, the amount that the insurer is contractually liable for on the surrender of the policy,at the date of the surrender.

in the case of any policy introduced before 1st January 1994 —

the A1924-29 Ultimate Mortality Table set out in Table 1 of the Schedule for both male and female lives; and (ii)an interest rate of 4% per annum; and

in the case of any policy introduced on or after 1st January 1994 —

the 1992 Commissioner’s Valuation Table set out in Table 2 of the Schedule; and

an interest rate of 4% per annum.