Regulation 5B

the underwriting income derived from carrying on marine hull and liability insurance and reinsurance business; and

the amount of income derived from carrying on marine hull and liability insurance and reinsurance business ascertained by the formula —where Pmis the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from its offshore marine hull and liability insurance and reinsurance business;Pnis the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from its marine hull and liability insurance and reinsurance business (other than offshore marine hull and liability insurance and reinsurance business);Pois the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from its offshore general insurance business;Piis the amount of the gross premiums received or receivable during the basis period in respect of policies underwritten by the approved marine hull and liability insurer in the course of carrying on its business in Singapore from its general insurance business (other than offshore general insurance business);Ais the total amount of its income referred to in regulation 5(1)(b) derived during the basis period; andBis the total amount of —

the dividends and interest it derived from outside Singapore;

the gains or profits it realised from the sale of its offshore investments; and

the interest from ACU deposits it derived,during the basis period from —

the investment of its insurance fund established and maintained under the Insurance Act 1966 for its general insurance business; and

the investment of its shareholders’ funds established in Singapore which are used to support its general insurance business,where the reference to the amount of gains or profits realised by the approved marine hull and liability insurer from the sale of its offshore investments is a reference to the amount (after deducting losses from the gains or profits) realised during the basis period from the sale of offshore investments acquired by the approved marine hull and liability insurer less any expenses directly attributable to the production of such gains or profits allowable under the Act.

who had, at any time before 19 February 2011, been approved as an approved marine hull and liability insurer under regulation 4 and the approval had since expired;

who had been approved again as an approved marine hull and liability insurer under regulation 4 between 19 February 2011 and 31 March 2016 (both dates inclusive); and

who does not satisfy the qualifying conditions which the Minister or such person as the Minister may appoint imposes for the purposes of regulation 7.