Singapore legislation

Regulation 3A

of Income Tax (Exemption and Concessionary Tax Rate for Income from Life Insurance Business) Regulations

Regulation 3A

Approval of captive insurer

Amended byS 320/2016 wef 16/02/2011S 603/2017 wef 01/04/2016S 611/2017 wef 01/06/2017S 611/2017 wef 01/06/2017S 215/2023 wef 31/12/2021S 215/2023 wef 31/12/2021S 215/2023 wef 31/12/2021S 603/2017 wef 26/10/2017

Subregulation 1

Amended byS 320/2016 wef 16/02/2011S 603/2017 wef 01/04/2016S 611/2017 wef 01/06/2017

The Minister or such person as he may appoint may, upon application by any captive insurer and if he considers it expedient in the public interest to do so, during the period from 17 February 2006 to 31 May 2017 (both dates inclusive) approve the insurer as an approved captive insurer.

Subregulation 2

Amended byS 611/2017 wef 01/06/2017

Any approval granted under paragraph (1) is for such period not exceeding 10 years as the Minister or such person as the Minister may appoint may specify.

Subregulation 3

Amended byS 215/2023 wef 31/12/2021S 215/2023 wef 31/12/2021S 215/2023 wef 31/12/2021S 603/2017 wef 26/10/2017

No approval may be given under paragraph (1) unless, at the time of such approval, all the functions in the following sub‑paragraphs are undertaken by the captive insurer, by a company incorporated in Singapore, or by personnel located in Singapore who are employed by a company incorporated outside Singapore:

(a)

either or both of the following:

(i)

ensuring compliance with any requirement or any direction, notice or other document issued under the Insurance Act 1966;

(ii)

ensuring compliance with any requirement or any direction, notice or other document issued under the Monetary Authority of Singapore Act 1970;

(b)

ensuring compliance with any requirement relating to financial accounting, auditing and reporting under the Companies Act 1967;

(c)

the day-to-day management of the captive insurer’s business.

Read in full context — Income Tax (Exemption and Concessionary Tax Rate for Income from Life Insurance Business) Regulations →