Singapore legislation
Regulation 3
Regulation 3
Tier 1 and Tier 2 DFHC (Licensed Insurer)
Subregulation 1
For the purposes of these Regulations, a DFHC (Licensed Insurer) is —
a Tier 1 DFHC (Licensed Insurer) if —
the DFHC (Licensed Insurer) holds, directly or indirectly, any share in one or more insurance companies carrying on life business, and the consolidated total assets of the FHC group of the DFHC (Licensed Insurer) is $20 billion or more in value or its equivalent in any foreign currency;
all insurance companies in the FHC group of the DFHC (Licensed Insurer) carry on only general business, and the consolidated total gross premium of the FHC group of the DFHC (Licensed Insurer) is $2 billion or more in value or its equivalent in any foreign currency; or
the DFHC (Licensed Insurer) has at least one subsidiary that is a Tier 1 insurer; and
a Tier 2 DFHC (Licensed Insurer) if the DFHC (Licensed Insurer) does not satisfy any of the requirements under sub‑paragraph (a)(i), (ii) or (iii) as a Tier 1 DFHC (Licensed Insurer).
Subregulation 2
For the purposes of paragraph (1) —
the consolidated total assets of the FHC group of a DFHC (Licensed Insurer) refer to “Total Assets” as reported under the column on “Group (Consolidated Accounts)” in Form 1A of the latest annual returns submitted by the DFHC (Licensed Insurer) to the Authority in accordance with FHC‑N129 Notice to Designated Financial Holding Companies, Financial Holding Companies Act 2013 on Returns; and
the consolidated total gross premium of the FHC Group of a DFHC (Licensed Insurer) refers to “Gross Premium” as reported under the column on “Group (Consolidated Accounts)” in Form 2A of the latest annual returns submitted by the DFHC (Licensed Insurer) to the Authority in accordance with FHC‑N129 Notice to Designated Financial Holding Companies, Financial Holding Companies Act 2013 on Returns.
Subregulation 3
In this regulation —
Definition
“foreign country” means any country or territory other than Singapore;
Definition
“general business” has the meaning given by section 3(1)(b) of the Insurance Act 1966;
Definition
“insurance company” means any company that is carrying on insurance business, whether or not it is approved, licensed, registered, authorised, or otherwise regulated by the Authority, or a regulatory authority of a foreign country, to carry on insurance business;
Definition
“life business” has the meaning given by section 3(1)(a) of the Insurance Act 1966;
Definition
“regulatory authority”, in relation to a foreign country, means any authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under the Insurance Act 1966;
Definition
“Tier 1 insurer” has the meaning given by regulation 4(1)(a) of the Insurance (Corporate Governance) Regulations 2013 (G.N. No. S 197/2013).