Singapore legislation
Regulation 2
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —[Deleted by S 840/2018 wef 01/01/2019](2) For the purposes of the definition of “net asset value” in paragraph (1) —
in determining the value of the assets owned by a company, any amount on account of goodwill or of any other intangible asset shall be disregarded; and
in determining the amount of the liabilities of a company —
all contingent or prospective liabilities shall be taken into account; and
any amount on account of any liability related to the share capital of the company shall not be taken into account.
Definition
“applicant” means an applicant for registration as an insurance broker referred to in section 76 of the Act;
Definition
“exempt direct insurance broker” means an exempt insurance broker carrying on business as a direct insurance broker;
Definition
“exempt insurance broker” means any person who is exempt from registration as an insurance broker under section 92(1)(a), (b), (c), (d), (e) or (f) of the Act in respect of carrying on business as an insurance broker;
Definition
“exempt reinsurance broker” means an exempt insurance broker carrying on business as a general reinsurance broker or a life reinsurance broker;
Definition
“net asset value”, in relation to a company, means the excess of the value of the assets owned by the company over its liabilities.