Regulation 1
Citation and commencement
These Regulations are the Insurance (Accounts and Statements) Regulations 2018 and come into operation on 1 January 2019.
/akn/sg/act/sub_leg/1966/IA-S844-2018
Insurance (Accounts and Statements) Regulations 2018
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1966
- Sections
- 5
Quick answer
About this subsidiary legislation
Insurance (Accounts and Statements) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IA-S844-2018 1966, currently marked in force and first recorded in 1966.
Regulation 2
Definitions
In these Regulations, unless the context otherwise requires —“direct general insurer” means a direct insurer licensed to carry on general business only;“general reinsurer” means a reinsurer licensed to carry on general business only;“quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year;“Special Purpose Reinsurance Vehicle” has the meaning given by regulation 2 of the Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018 (G.N. No. S 837/2018).
Definition
“direct general insurer” means a direct insurer licensed to carry on general business only;
Definition
“general reinsurer” means a reinsurer licensed to carry on general business only;
Definition
“quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year;
Definition
“Special Purpose Reinsurance Vehicle” has the meaning given by regulation 2 of the Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018 (G.N. No. S 837/2018).
Regulation 3
Exemption from section 39(1) and (3) of Act
Subregulation 1
A licensed insurer (other than a captive insurer, marine mutual insurer or Special Purpose Reinsurance Vehicle) is exempt from section 39(1) and (3) of the Act in respect of —
(a)
the following documents lodged by the insurer under the direction issued by the Authority that is commonly known as MAS Notice 129 (called in this regulation MAS Notice 129), in accordance with section 36(3) and (3A) of the Act:
(i)
any report in Form A9;
(ii)
all Quarterly Returns; (iii)all Other Annual Returns; and
(b)
the following documents lodged by the insurer under MAS Notice 129, in accordance with section 37(1)(b) of the Act:
(i)
Actuary’s Report on Policy Liabilities in respect of General Business;
(ii)
Actuary’s Report on Policy Liabilities in respect of Life Business;
(iii)
Actuary’s Certificate on Statement of Premiums and Claims Development by Line of Business.
Subregulation 2
In this regulation, “Form A9”, “Quarterly Returns” and “Other Annual Returns” have the meanings given to them in MAS Notice 129.
Regulation 4
Revocation
The Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004) (called in these Regulations the 2004 Regulations) are revoked.
Regulation 5
Saving and transitional provisions
Subregulation 1
This regulation applies to a licensed insurer, other than a captive insurer, marine mutual insurer or Special Purpose Reinsurance Vehicle.
Subregulation 2
Despite regulation 4, a licensed insurer must lodge the statements of accounts and other statements, reports and other documents that are required to be lodged under the 2004 Regulations as in force immediately before 1 January 2019, in accordance with the form and manner set out in those Regulations, for the following periods: (a)the quarter beginning on 1 October 2018; (b)the accounting period beginning on or after 1 January 2018 and ending on 31 December 2018; (c)the financial year of the licensed insurer beginning on any day between 1 January 2018 and 31 December 2018 (both dates inclusive).
Subregulation 3
Despite regulation 4, a direct general insurer that is a licensed insurer as at 31 December 2018 must also comply with —
(a)
regulation 5(1)(a)(iii) of the 2004 Regulations as in force immediately before 1 January 2019, read with regulations 9(1), 13 and 15 of those Regulations, for —
(i)
the quarter beginning on 1 January 2019;
(ii)
the quarter beginning on 1 April 2019; (iii)the quarter beginning on 1 July 2019; and (iv)the quarter beginning on 1 October 2019; and
(b)
regulation 5(1)(b)(i) of the 2004 Regulations as in force immediately before 1 January 2019, read with regulations 9(1), 13 and 15 of those Regulations, for the accounting period beginning on 1 January 2019.
Subregulation 4
Despite regulation 4, a general reinsurer that is a licensed insurer as at 31 December 2018 must also comply with —
(a)
regulation 5(2)(a)(iii) of the 2004 Regulations as in force immediately before 1 January 2019, read with regulations 9(1), 13 and 15 of those Regulations, for —
(i)
the quarter beginning on 1 January 2019;
(ii)
the quarter beginning on 1 April 2019; (iii)the quarter beginning on 1 July 2019; and
(iv)
the quarter beginning on 1 October 2019; and
(b)
regulation 5(2)(b)(i) of the 2004 Regulations as in force immediately before 1 January 2019, read with regulations 9(1), 13 and 15 of those Regulations, for the accounting period beginning on 1 January 2019.
Common questions
- What is Insurance (Accounts and Statements) Regulations 2018?
- Insurance (Accounts and Statements) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IA-S844-2018 1966, currently marked in force and first recorded in 1966.
- Is Insurance (Accounts and Statements) Regulations 2018 still in force?
- Yes — Insurance (Accounts and Statements) Regulations 2018 is currently in force.
- When did Insurance (Accounts and Statements) Regulations 2018 take effect?
- Insurance (Accounts and Statements) Regulations 2018 was first recorded in 1966.
- How many regulations does Insurance (Accounts and Statements) Regulations 2018 have?
- Insurance (Accounts and Statements) Regulations 2018 contains 5 regulations.
- Where can I read the official version of Insurance (Accounts and Statements) Regulations 2018?
- The official text of Insurance (Accounts and Statements) Regulations 2018 is published at sso.agc.gov.sg.