Singapore legislation
Regulation 3
of Insurance (Transitional and Savings Provisions) Regulations 2003
Regulation 3
Persons providing reinsurance of liabilities under insurance policies to persons in Singapore
Subregulation 1
From 1st January 2004, any person carrying on reinsurance business outside Singapore and carrying on the business of providing the reinsurance of liabilities under insurance policies, as principal and as an insurer, to persons in Singapore immediately before that date, shall be deemed to be an authorised reinsurer (referred to in this regulation as a deemed authorisation) under the Insurance Act (Cap. 142) in respect of the class or classes of business carried on by that person immediately before that date —
until 30th March 2004; (b)where an application for authorisation under section 8A of the Insurance Act is made by that person on or before 30th March 2004, until the date on which the application is approved under that Act or the application is refused or withdrawn; or
where no application for authorisation under section 8A of the Insurance Act is made by that person on or before 30th March 2004, until the date on which the last contract of insurance for the reinsurance of liabilities under insurance policies entered into by that person with any person in Singapore before 1st January 2004 expires,whichever is the latest.
Subregulation 2
Any person deemed to be an authorised reinsurer under paragraph (1) shall be exempt from complying with the requirements of the Insurance (Authorised Reinsurers) Regulations 2003(G.N. No. S 680/2003).
Subregulation 3
The Authority may at any time, by notice in writing to any person or class of persons referred to in paragraph (1), specify any condition or restriction to which the deemed authorisation is subject.