Singapore legislation
Regulation 5
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 —
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 —
the quarter beginning on 1 January 2019;
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
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 —
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 —
the quarter beginning on 1 January 2019;
the quarter beginning on 1 April 2019; (iii)the quarter beginning on 1 July 2019; and
the quarter beginning on 1 October 2019; and
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.