Regulation 1
Citation and commencement
These Regulations are the Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 and come into operation on 1 October 2022.
/akn/sg/act/sub_leg/1966/IA-S775-2022
Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1966
- Sections
- 3
Quick answer
About this subsidiary legislation
Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IA-S775-2022 1966, currently marked in force and first recorded in 1966.
Regulation 2
Revocation
The Insurance (Lloyd’s Scheme) Regulations (Rg 8) are revoked.
Regulation 3
Saving provision
Subregulation 1
Despite regulation 2, the following provisions apply in respect of all the relevant deposits that were made and maintained by Lloyd’s with the Authority before 1 October 2022:
(a)
all income accruing in respect of the relevant deposits are payable to Lloyd’s;
(b)
the Authority must retain the relevant deposits for the purpose of meeting any claim that may be made against any member of Lloyd’s in respect of the insurance business carried on in Singapore by the members under the revoked Regulations (called in this regulation a relevant claim);
(c)
the Authority may apply the relevant deposits to meet any relevant claim;
(d)
if the Authority is satisfied that any part of the relevant deposits need not be retained for the purpose of meeting any relevant claim — return to Lloyd’s that part of the relevant deposits.
Subregulation 2
In this regulation —
Definition
“Lloyd’s” means the society of underwriters known in the United Kingdom as Lloyd’s and incorporated by the Lloyd’s Act 1871 of the United Kingdom;
Definition
“relevant deposits” means the deposits required to be made and maintained by Lloyd’s under regulation 3(1)(b) and (c) of the revoked Regulations;
Definition
“revoked Regulations” means the Insurance (Lloyd’s Scheme) Regulations as in force immediately before 1 October 2022.
Common questions
- What is Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022?
- Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IA-S775-2022 1966, currently marked in force and first recorded in 1966.
- Is Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 still in force?
- Yes — Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 is currently in force.
- When did Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 take effect?
- Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 was first recorded in 1966.
- How many regulations does Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 have?
- Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 contains 3 regulations.
- Where can I read the official version of Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022?
- The official text of Insurance (Lloyd’s Scheme) (Revocation) Regulations 2022 is published at sso.agc.gov.sg.