Regulation 2

“Accounting Standards” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“aggregate limit”, in relation to a contract of reinsurance entered into between an SPRV and a ceding insurer, means the maximum amount payable to the ceding insurer under that contract;

“appointed day” means the date of commencement of these Regulations;

“ceding insurer” means an insurer that enters into a contract of reinsurance with an SPRV;

“collective investment scheme” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);

“counterparty” means any person who is under a financial obligation to the insurer;

“debt security” includes any debenture, bond or note;

“equity security” includes any stock, share, depository receipt or unit in a collective investment scheme;

“fully funded”, in relation to an SPRV, means —

“general fund” means an insurance fund established and maintained by a licensed insurer under section 17(1) of the Act for general business;

“insurance securitisation”, in relation to an SPRV, means any debt or other financing arrangement entered into by the SPRV with an investor, where repayment of the principal or interest (or both) to the investor is contingent upon the occurrence or non-occurrence of an event, upon which the ceding insurer is exposed to financial loss under contracts of insurance or reinsurance that the ceding insurer has issued;

“investment-linked fund” means an insurance fund for investment-linked policies established and maintained under section 17(1A) of the Act;

“MAS Notice 129” means the notice commonly known as MAS Notice 129 issued by the Authority under sections 36(3), 36(3A), 37(1)(b) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;

“MAS Notice 130” means the notice commonly known as MAS Notice 130 issued by the Authority under sections 36(3), 36(3A) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;

“MAS Notice 131” means the notice commonly known as MAS Notice 131 issued by the Authority under sections 36(3), 36(3A) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;

“MAS Notice 133” means the notice commonly known as MAS Notice 133 issued by the Authority under sections 18 and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;

“MAS Notice 212” means the notice commonly known as MAS Notice 212 issued by the Authority under sections 36(3), 36(3A) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;

“minimum condition liability”, in relation to a participating fund, means the sum of —

“mortgage insurance policy” means a policy that protects against losses on mortgage loans arising from default by borrowers;

“mortgage insurer” means an insurer licensed under the Act which has liabilities in respect of mortgage insurance policies;

“net premiums written” means the net amount of premiums written by an insurer after deduction of return premiums and payments in respect of reinsurance business ceded;

“non-participating fund” means an insurance fund established and maintained under section 17(2) of the Act which comprises wholly of non-participating policies;

“ordinary share” means any share other than a preference share;

“participating fund” means an insurance fund established and maintained under section 17(2) of the Act which comprises wholly or partly of participating policies;

“policy assets”, in relation to a participating fund, means the total assets of the fund as at valuation date less —

“preference share”, in relation to a licensed insurer incorporated in Singapore, has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“reinsurance recoverables” means any amount that an insurer is entitled to recover, but has yet to recover, from its reinsurance counterparty in respect of claims that have been paid by the insurer;

“share”, in relation to a licensed insurer incorporated in Singapore, has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“short-term policy” means —

“Special Purpose Reinsurance Vehicle” or “SPRV” means an insurer licensed under section 8 of the Act as a reinsurer to carry on life or general business or both classes of business and —

“total risk requirement” has the meaning set out in the First Schedule;

“trade credit insurer” means an insurer licensed under the Act which has liabilities in respect of trade credit insurance policies;

“trade credit insurance policy” means a policy that protects against the risks of loss of an insured arising from —

“unit”, in relation to a collective investment scheme, has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);

“valuation date” means the date on which the assets and liabilities of a licensed insurer are valued.