Singapore legislation
Regulation 4
of Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018
Regulation 4
Fund solvency requirement
For the purposes of section 18(1)(a) of the Act, the fund solvency requirement that a captive insurer must satisfy in respect of an insurance fund established and maintained by the captive insurer under the Act is —
in the case of an insurance fund for general business that relates to Singapore policies, the surplus of assets over liabilities of the fund, less its contingent liabilities, must not at any time be less than the GSIF amount;
in the case of an insurance fund for general business that relates to offshore policies, the amount of assets in the fund, less its contingent liabilities, must not at any time be less than the amount of the liabilities of the fund; and
in the case of an insurance fund for life business, the amount of assets in the fund, less its contingent liabilities, must not at any time be less than the amount of the liabilities of the fund.