Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018

These Regulations are the Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018 and come into operation on 1 January 2019.

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 amounts:

For the purposes of the definition of “marine mutual insurance business” in section 1A of the Act, the prescribed risks are —

For the purposes of section 8(3)(b) of the Act, the financial requirement that an applicant as a marine mutual insurer must satisfy is that the applicant must have a paid‑up ordinary share capital (or its equivalent recognised by the Authority as applicable to the applicant under the laws of the country or territory in which the applicant is incorporated, formed or established) of at least $5 million.

For the purposes of section 18(1)(a) of the Act, the fund solvency requirement that a marine mutual insurer must satisfy in respect of an insurance fund established and maintained by the marine mutual insurer under the Act is —

For the purposes of section 18(1)(b) of the Act, the capital adequacy requirement that a marine mutual insurer must satisfy is that the shareholders’ equity and surplus, less the contingent liabilities of the marine mutual insurer, must not at any time be less than the sum of —

A marine mutual insurer is exempt from sections 17(16) and 20 of the Act if and only if it maintains such accounts and records, as the Authority may specify, of any insurance fund established by the marine mutual insurer.

A marine mutual insurer is exempt from sections 31(1)(c) and 37 of the Act.

A marine mutual insurer is exempt from section 39(1) and (3) of the Act in respect of any document lodged by the marine mutual insurer as specified in the direction issued by the Authority that is commonly known as MAS Notice 212, in accordance with section 36(3) and (3A) of the Act.

The Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007 (G.N. No. S 746/2007) (called in these Regulations the 2007 Regulations) are revoked.

Despite regulation 10, a marine mutual insurer must comply with the 2007 Regulations as in force immediately before 1 January 2019, read with the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) as in force immediately before 1 January 2019, in respect of statements of accounts and other statements, reports and other documents that are required to be lodged by the marine mutual insurer with the Authority under the 2007 Regulations, for —