Singapore legislation
Regulation 2
of Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018
Regulation 2
Definition
In these Regulations, unless the context otherwise requires, “GSIF amount”, in relation to an insurance fund that relates to Singapore policies, means the highest of the following:
(a)
$400,000;
(b)
20% of net premiums written of the fund in the preceding financial year;
(c)
20% of claim liabilities (net of reinsurance) of the fund as at the end of the preceding financial year.