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Establishment and maintenance of separate insurance funds

Insurance (Lloyd’s Asia Scheme) Regulations

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—(1) A Service Company must, on behalf of each syndicate for whose members the Service Company has been approved under regulation 6A(1) to enter into any contract of insurance, establish and maintain in Singapore the following insurance funds in respect of policies issued by the Service Company and by any coverholder authorised by the Service Company, on behalf of the members of that syndicate, in the course of carrying on insurance business in Singapore: (a)an insurance fund for Singapore policies; (b)an insurance fund for offshore policies.(2) A Service Company must pay any premium received by it in respect of any policy issued by the Service Company, or by any coverholder authorised by the Service Company, on behalf of any member of a syndicate referred to in paragraph (1) into the appropriate insurance fund established for that syndicate under paragraph (1).(3) The premium receipts of different members of Lloyd’s carrying on insurance business in Singapore through the same Service Company or different Service Companies may be placed or pooled in the same bank account or may be otherwise mixed together except that the assets of an insurance fund for Singapore policies must not be mixed with the assets of an insurance fund for offshore policies.(4) The assets of the insurance funds established under paragraph (1) shall only be used to meet permitted trust outgoings.(5) During any year, there shall remain in the respective insurance funds, assets not less in value than the amount of premiums received respectively for policies issued by the Service Company and by any coverholder authorised by the Service Company, on behalf of the members of the syndicate concerned in the course of carrying on insurance business in Singapore under these Regulations in the same year, less the amount of permitted trust outgoings attributable to the respective policies paid during the year.(6) Subject to paragraph (7), a Service Company may, at any time, transfer all or any assets of an insurance fund established under paragraph (1) to such premiums trust funds outside Singapore as the Authority may permit if, and only if —(a)there is a surplus of cash and deposits in the insurance fund over the claims liabilities of the syndicate concerned in respect of the insurance fund; and(b)immediately after such transfer, the cash and deposits in the insurance fund will not fall below the claims liabilities of the syndicate concerned in respect of the insurance fund.(7) For the purposes of paragraph (6) —(a)except as provided in sub-paragraph (b), the amount of assets that the Service Company may transfer shall not exceed the surplus of cash and deposits in the insurance fund over the claims liabilities of the syndicate concerned in respect of the insurance fund, as stated in —(i)the audited statement of accounts for the last accounting period lodged with the Authority in accordance with regulation 21; or(ii)the statement of accounts for the last quarter lodged with the Authority in accordance with regulation 21,whichever is the lower; and(b)where an audited statement of accounts as at a date after the end of the period to which the statement of accounts referred to in sub-paragraph (a) relates has been lodged with the Authority, the amount of assets that the Service Company may transfer shall not exceed the surplus of cash and deposits in the insurance fund over the claims liabilities of the syndicate concerned in respect of the insurance fund as stated in the first-mentioned audited statement of accounts.(7) [Deleted by S 814/2004 wef 01/01/2005]

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