Notes to Form 2

The notes to this Form shall be applicable to and shown separately for the total non-investment-linked fund as well as each individual investment-linked fund.

The following shall be stated as notes to this return:

(For any note where the amount is nil, this shall be indicated as "NIL").

Note Breakdown for the following items:

(a) Other income (Income Row 12).

(b) Other claims (Outgo Row 3).

(c) Other expenses (Outgo Row 14).

Instructions for completion of Form 2

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.  Amounts shown in this return shall be net amounts after deducting payments or claims by the insurer in respect of reinsurances.

3.  "Gross investment income" refers to the gross amount of interest, dividends and rents earned.

4.  "Investment expenses" refers to the expenses incurred in earning the interest, dividends and rents, including expenses incurred in managing the investments.

5.  "Gain on sale of assets" refers to the gross amount realised on sale of investments, land and buildings and other fixed assets after deducting expenses incurred. Losses on sale of assets shall only be netted off within the same category of assets.

6.  "Net decrease (increase) in non-admitted assets" is determined by taking the beginning balance of the aggregate of non-admitted assets and subtracting the ending balance of the aggregate of non-admitted assets. The aggregate of non-admitted assets is determined by taking the difference between the Total Assets column and the Admitted Assets column of the Singapore Insurance Fund of Form 1.

7.  "Transfers from reserves" refers to transfers from "Other reserves" of the Fund Balance-Sheet.

8.  Payments for total and permanent disability and critical illnesses shall be included in death benefit payments.

9.  Advance payment of maturity values under anticipated endowment policies shall be included in maturity benefit payments.

10.  "Surrenders" includes surrenders of bonus.

11.  "Commissions" refers to compensation to agents which relate to the volume of new business, business in force or persistency of business. It includes first year and renewal commissions, persistency bonus, overriding commissions and production bonus.

12.  "Staff salaries and expenses" includes -

(a) Salaries, bonuses and allowances;

(b) Directors' expenses;

(c) Contribution to CPF, pensions and gratuities;

(d) Medical fees;

(e) Training; and

(f) Skills development levy.

13.  "Head Office or parent company expenses" refers to charges or common expenses incurred by head office or regional office or parent company for services rendered to or on behalf of its branch or subsidiary in Singapore.

14.  "Agency-related expenses" refers to expenses incurred by the insurer in providing benefits to its agents. It includes training allowance, office rent for agents, agent's travelling allowances, convention expenses and compensation or allowances to agents for recruiting new agents.

15.  "Other expenses" includes -

(a) Property tax;

(b) Repairs and maintenance;

(c) Public utilities;

(d) Printing, stationery and periodicals;

(e) Postage, telephone and telex charges;

(f) Computer bureau charges;

(g) Hire of office equipments;

(h) Licence and association fees;

(i) Advertising and subscriptions;

(j) Entertainment;

(k) Travelling expenses; and

(l) Bad debts written off.

Notes to Form 3

The notes to this Form shall be applicable to and shown separately for the total non-investment-linked fund as well as each individual investment-linked fund.

The following shall be stated as notes to this return:

(For any note where the amount is nil, this shall be indicated as "NIL").

Note 1 Details of mortgage reducing term insurances (Rows 3 and 20).

Note 2 Breakdown for "Others" (Rows 6, 15 and 23).

Note 3 Details of annuity contracts sold under the CPF Minimum Sum Scheme (Rows 8 and 25).

Instructions for completion of Form 3

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.  Items in this return shall be shown after deduction of amounts in respect of reinsurance on the coinsurance method of liabilities of the insurer.

3.  Items for premiums (except for single premiums) and in the case of annuities items for amounts insured shall be the amounts payable per year. Items for premiums shall include extra premiums in respect of higher risks experienced by the insured.

4.  Additional insurance cover taken up as a rider to a basic life policy shall be classified according to type, i.e., term, accident, health, or others. Critical illness riders shall be classified under "Others".

5.  "New business" includes policies issued as conversions of term contracts.

6.  "Number of policies" does not apply to riders.

7.  "Amount insured" does not apply to accident and health insurance.

8.  Items under "Terminations and transfers" of this return shall be shown exclusive of bonus additions.

9.  Termination of a policy arising from total and permanent disability or from critical illnesses shall be classified under "Death".

10.  "Surrender" refers to a policy which lapses after it has acquired a surrender value. This also includes policies whose non-forfeiture loan option has expired.

11.  "Forfeiture" refers to a policy which carries a surrender value and lapses before it acquires the surrender value.

12.  Lapses shall be reported net of reinstatements.

13.  In the case of a policy which does not have a surrender value, e.g., term, accident or health insurance, the policy is considered an expiry if it lapses.

14.  Insurers shall classify the reduction of any portions of sums insured of mortgage related term insurances under "Expiry".

15.  "Net transfers" refers to the increase or decrease by transfers of policies to or from Singapore registers.

16.  "Others" under "Terminations and transfers" includes term contracts converted to permanent insurance.

 

S 588/2002, wef 21/11/2002

Instructions for completion of Form 3A:

1.   All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

S 588/2002, wef 21/11/2002

2.   Items in this return shall be shown after deduction of amounts in respect of retrocession on the coinsurance method of liabilities of the reinsurer.

S 588/2002, wef 21/11/2002

3.   Items for premiums (except for single premiums) and in the case of annuities, items for amounts insured shall be the amounts payable per year. Items for premiums shall include extra premiums in respect of higher risks experienced by the insured.

S 588/2002, wef 21/11/2002

4.   Reinsurance shall be classified according to type i.e. life insurance, accident, health, etc as long as the reinsurance treaty permits. However, where the business is bundled, it shall be classified according to the primary exposure. For example, a bundled reinsurance policy with health reinsurance as the primary exposure shall be classified as health reinsurance even if it includes some element of term insurance.

S 588/2002, wef 21/11/2002

5.   "New Business" refers to business that enters the books of the reinsurer for the first time. For example, "new business" for group business refers to new groups, but not new members of an existing group.

S 588/2002, wef 21/11/2002

6.   "Amount Insured" shall not be applicable to reinsurance contracts that do not have a definite amount of claims payment, e.g. accident claims that depend on the nature of the injury and hospitalization claims that depend on the nature of surgery and the length of hospitalization. "Amount Insured" shall also not apply to "Financial Reinsurance".

S 588/2002, wef 21/11/2002

7.   "Amount Insured" for "Disability Income" shall be the yearly benefit payable in case of a claim.

S 588/2002, wef 21/11/2002

8.   "Amount Insured" for plans with acceleration riders shall be the sum assured of the basic policy only.

S 588/2002, wef 21/11/2002

9.   "Single Premium" shall refer to the premium for covering periods in excess of one year. Hence, single premiums paid in respect of insurance contracts of less than one year e.g. travel insurance shall be classified as "Other Premiums".

S 588/2002, wef 21/11/2002

10.   "Life (Coinsurance)" refers to reinsurance business on life and dread disease basic/rider policies reinsured based on the ceding company's office premiums, with the payment of a reinsurance commission and with the reinsurer being liable for its share of the reserves.

S 588/2002, wef 21/11/2002

11.   "Portfolio Cover" shall include Catastrophic, Excess of Loss, Stop Loss and other non-proportional portfolio reinsurance covers. "Amount Insured" in this case shall be the maximum possible liability for the year.

S 588/2002, wef 21/11/2002

12.   "Financial Reinsurance" refers to reinsurance business as defined in the MAS Notices.

S 588/2002, wef 21/11/2002

 

Notes to Form 4

The notes to this Form shall be applicable to and shown separately for the total non-investment-linked fund as well as each individual investment-linked fund.

The following shall be stated as notes to this return:

(For any note where the amount is nil, this shall be indicated as "NIL").

Note 1 Breakdown for "Others" (Rows 4, 11 and 17).

Note 2 Number of dependants covered under group policies (Column 2, Row 18).

Instructions for completion of Form 4

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.  Items in this return shall be shown after deduction of amounts in respect of reinsurance on the coinsurance method of liabilities of the insurer.

3.  Items for premiums (except for single premiums) and in the case of annuities items for amounts insured shall be the amounts payable per year.

4.  Extensions of coverage to additional lives and upward revisions of amount of insurance shall be classified under "Increases under existing policies".

5.  If a policy has combined life insurance cover and other benefits, this policy shall be counted as life insurance. However, the premiums for other benefits shall be classified according to their nature, e.g., accident or health.

6.  "Expiry" includes decreases under existing contracts with respect to employees leaving or retiring.

7.  "Others" under "Terminations" includes decreases under existing contracts but excludes those decreases classified as "Expiry".

Instructions for completion of Form 5

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.  This return provides a breakdown of the Premium income (Income Row 2) and Commissions (Outgo Row 7) of Form 2 - Fund Revenue Account (Life Business).

3.  All items in this return shall be shown after deduction of amounts in respect of reinsurance ceded.

4.  Accident and health insurances include accident and health insurance riders.

 

 

Note to Form 6 (to be shown separately for each Fund)

The following shall be stated as notes to this return:

(For any note where the amount is nil, this shall be indicated as "NIL").

Note Breakdowns for the following items:

(a) Other income (Income Row 13); and

(b) Other expenses (Outgo Row 9).

Instructions for completion of Form 6

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.   "Loss reserves" consists of provisions set up for claims reported but not yet determined, claims incurred but not reported (IBNR) and claims incurred but not enough reported (IBNER), as well as all expenses associated with the settlement of such claims.

S 18/2002, wef 08/01/2002

3.  "Net premiums written" refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.

4.  "Gross investment income" refers to the gross amount of interest, dividends and rents earned.

5.  "Investment expenses" refers to the expenses incurred in earning the interest, dividends and rents, including expenses incurred in managing the investments.

6.  "Gain on sale of assets" refers to the gross amount realised on sale of investments, land and buildings and other fixed assets after deducting expenses incurred. Losses on sale of assets shall only be netted off within the same category of assets.

7.  "Net decrease (increase) in non-admitted assets" is determined by taking the beginning balance of the aggregate of non-admitted assets and subtracting the ending balance of the aggregate of non-admitted assets. The aggregate of non-admitted assets is determined by taking the difference between the Total Assets column and the Admitted Assets column of the Singapore Insurance Fund of Form 1 - Fund Balance-Sheet.

8.  "Transfers from reserves" refers to transfers from "Other reserves" of Form 1 - Fund Balance-Sheet.

9.  "Net claims settled" refers to net claims paid plus the increase in outstanding claims during the period.

10.  "Staff salaries and expenses" includes -

(a) Salaries, bonuses and allowances;

(b) Directors' expenses;

(c) Contribution to CPF, pensions and gratuities;

(d) Medical fees;

(e) Training; and

(f) Skills development levy.

11.  "Head office or parent company expenses" refers to charges or common expenses incurred by head office or regional office or parent company for services rendered to or on behalf of its branch or subsidiary in Singapore.

12.  "Managing agent's fees" refers to fees paid to those agents appointed by an insurer to both underwrite and manage a portfolio of business.

13.  "Other expenses" includes -

(a) Property tax;

(b) Repairs and maintenance;

(c) Public utilities;

(d) Printing, stationery and periodicals;

(e) Postage, telephone and telex charges;

(f) Computer bureau charges;

(g) Hire of office equipment;

(h) Licence and association fees;

(i) Advertising and subscriptions;

(j) Entertainment;

(k) Travelling expenses;

(l) Agency allowance (including profit commissions); and

(m) Bad debts written off.

Notes to Form 7

The following shall be stated as notes to this return:

(For any note where the amount is nil, this shall be indicated as "NIL").
Note 1 "Management expenses" and "Net investment income" for the different lines of business may be allocated according to net premiums written or some other reasonable basis used by the insurer which is acceptable to its external auditors. The bases used shall be stated as a note to this return.
Note 2 Particulars on reinsurances of special risks other than reinsurances of liabilities under a marine and aviation policy.

Instructions for completion of Form 7

1.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

2.  For the purpose of risk classification, where separate figures for each class of business are not available, as in a combined policy covering several classes of risks, the premiums may be shown under the predominant class of risk.

3.  For annual policies issued in respect of direct risks, insurers shall recognise premium income in full when the risks commence.

S 18/2002, wef 08/01/2002

4.  It includes, but it is not limited to, employer's liability insurance, workmen's compensation insurance, public liability insurance, motor vehicle insurance, plate glass insurance, burglary and theft insurance, fidelity guarantee, bond and credit insurance, personal accident and health insurance as written by non-life insurance companies, and other substantially similar kinds of insurance.

In respect of Offshore Insurance Fund business, "Casualty and Others" refers to insurance covering loss or liability arising from accident or mishap, excluding certain types of loss which by law or custom are considered as falling exclusively within the scope of other types of insurance such as property or marine.

Property insurance is insurance against risks of loss of, or damage to, material property, excluding certain types of loss which by law or custom are considered as falling exclusively within the scope of marine, aviation and transport insurance, motor vehicle insurance or miscellaneous accident insurance.

5.  "Gross premiums" refers to gross premiums received or receivable including portfolio premiums, after deduction of discounts and return premiums, which have been entered into the books of the insurer during the period. Commissions shall not be deducted from gross premiums.

6.  "Reinsurance business ceded" refers to premiums paid or payable on reinsurance ceded during the period. It includes portfolio premiums in respect of ceded business.

7.  "Net premiums written" refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.

8.  "Gross claims less salvage" refers to claims paid, including portfolio losses and medical and legal expenses incurred directly in settlement of claims paid during the period, net of recoveries from salvages.

9.  "Recoveries from reinsurance business ceded" refers to reinsurance recoveries received or receivable from reinsurance in respect of claims paid including portfolio losses, during the period.

10.  "Outstanding claims" refers to claims which have been approved by the company for payment but not yet paid. It includes expenses associated with the settlement of such claims.

11.  "Net claims settled" refers to net claims paid plus the increase in outstanding claims during the period.

12.  "Loss reserves" consists of provisions set up for claims reported but not yet determined, claims incurred but not reported (IBNR) and claims incurred but not enough reported (IBNER), as well as all expenses associated with the settlement of such claims.

S 18/2002, wef 08/01/2002

13.  "Net claims incurred" refers to net claims settled plus the increase in loss reserves during the period.

 

Regulation 3 (1A)

S 31/2004, wef 21 Jan 2004

Instructions for completion of Form 8

1.  This return is only applicable to insurers incorporated in Singapore.

2.  The insurer's Balance-Sheet as shown in its Annual Report shall be presented in the prescribed format.

3.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

4.  "Land and buildings" includes properties acquired through foreclosures and in settlement of debts.

5.  "Equity shares" comprises ordinary shares, preference shares, subscription rights and share warrants issued by companies.

6.  "Other securities of companies" comprises quoted and unquoted bonds issued by companies and bills of exchange.

7.  "Other secured loans" includes loans guaranteed by a bank licensed under the Banking Act (Cap. 19).

8.  Amounts pertaining to insurance transactions with related companies shall be reported as if they were separate insurers. Net premiums, net claims and deposits shall be included as "Outstanding premiums and agents' balances", "Reinsurance recoverables", "Amounts owing to insurers", "Deposits withheld" or "Reinsurance deposits", as the case may be. Non-insurance transactions shall be reported under balances due from/to related companies.

9.  "Outstanding premiums and agents' balances" refers to net premiums payable to the insurer, including net premiums due from related companies. For direct business, "agents' balances" shall be net of the premium refund to insured and the commissions payable to agents or brokers. It shall be determined on an agent by agent or broker by broker basis, as the case may be. Outstanding premiums due from insured shall only be offset by claims and premium refund (if any) payable to the insured on an insured by insured basis. In the case of life companies, "agents' balances" shall not include amounts due from agents in respect of financing schemes provided by the companies. A reinsurer shall treat "outstanding premiums and agents' balances" in a similar manner as a direct insurer.

10.  "Reinsurance recoverables" refers to net claims recoverable from reinsurers, including net claims recoverable from related companies. Claims recoverable from and premiums owing to reinsurers shall be set off on an individual account basis.

11.  "Reserves" includes amounts appropriated out of profits and accumulated over the years and are not designated to meet any known liability, contingency, commitment or diminution in the value of assets. It includes capital reserves such as fixed asset revaluation reserves, share premium and other reserves not normally regarded as available for distribution as dividends.

12.  "Unappropriated profits" refers to the balance of profit or loss carried forward from the previous financial year and the net balance of profit or loss of operations during the current year.

13.  "Life Insurance Liabilities" in Row 5 and "Life Insurance Assets" in Row 15 shall equal to "Total Liabilities" (Row 9) and "Total Assets" (Row 10) in Form 10.

14.  "Loss reserves" consists of provisions set up for claims reported but not yet determined, claims incurred but not reported (IBNR) and claims incurred but not enough reported (IBNER), as well as all expenses associated with the settlement of such claims.

S 18/2002, wef 08/01/2002

15.  "Outstanding claims" refers to claims which have been approved by the company for payment but not yet paid. It includes expenses associated with the settlement of such claims.

16.  "Amounts owing to insurers" refers to claims owing by the insurer to ceding companies and premiums owing to reinsurers, including net premiums or claims payable to related companies. Premiums and claims owing to and owing by the insurer shall be set off on an individual account basis.

Instructions for completion of Form 9

1.  This return is only applicable to insurers incorporated in Singapore.

2.  The insurer's Profit and Loss Statement as shown in its Annual Report shall be presented in the prescribed format.

3.  All items, except item 6, shown in this return relate to operations of insurers other than their life insurance operations.

4.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

5.  "Gross premiums" refers to gross premiums received or receivable, including portfolio premiums, after deduction of discounts and return premiums, which have been entered into the books of the insurer during the year. Commissions shall not be deducted from gross premiums.

6.  "Net premiums written" refers to net amount of premiums after deduction of return premiums and payments in respect of reinsurance business ceded.

7.  "Underwriting results" refers to the balance after deducting incurred claims, net commissions incurred and management expenses from earned premiums.

8.  "Earned premiums" refers to the amount of premiums earned by the insurer after taking into account any changes in reserves for unexpired risks for the year.

9.  "Net investment income" refers to gross dividends, interest and rents less investment expenses incurred.

10.  "Other income" includes all other miscellaneous income.

 

Instructions for completion of Form 10

1.  This return is only applicable to Singapore incorporated insurers registered to carry on life insurance business in Singapore.

2.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

3.  The insurer's balance-sheet for its life business as shown in its annual report shall be presented in the prescribed format.

4.  "Land and buildings" includes properties acquired through foreclosures and in settlement of debts.

5.  "Equity shares" comprises quoted and unquoted ordinary shares, preference shares and share warrants issued by companies.

6.  "Other securities of companies" comprises quoted and unquoted bonds issued by companies and bills of exchange.

7.  "Actuarial reserves" refers to reserves set up for the actuarial liabilities of the insurers.

8.  "Other reserves" refers to reserves other than "Actuarial reserves".

Instructions for completion of Form 11

1.  This return is only applicable to Singapore incorporated insurers registered to carry on life insurance business in Singapore.

2.  Amounts shown in this return shall be net amounts after deducting payments or claims by the insurer in respect of reinsurances.

3.  All amounts shown in this return are to be rounded up to the nearest dollar. Negative amounts shall be preceded by "-".

4.  The insurer's profit and loss statement for its life business as shown in its annual report shall be presented in the prescribed format.

5.  "Net investment income" refers to gross dividends, interest and rents less investment expenses incurred in earning the interest, dividends and rents, including expenses incurred in managing the investments.

6.  "Gain on sale of assets" refers to the gross amount realised on sale of investments, land and buildings and other fixed assets after deducting expenses incurred. Losses on sale of assets shall only be netted off within the same category of assets.

7.  "Surrenders" includes surrenders of bonus.

8.  "Commissions" refers to compensation to agents which relate to the volume of new business, business in force or persistency of business. It includes first year and renewal commissions, persistency bonus, or overriding commissions and production bonus.

S 31/2004, wef 21 Jan 2004

 

Note to Form 12

The following shall be stated as a note to this return:

(For any note where the amount is nil, this shall be indicated as "NIL")

Note Breakdown of "Other Reserves".

Instructions for completion of Form 12

1.  This return is only applicable to insurers incorporated outside Singapore and registered to carry on general insurance business in Singapore.

2.  All amounts shown in this return are to be rounded up to the nearest thousand dollar. Negative amounts shall be preceded by "-".

3.  "Net premiums written" and "loss reserves" relate to general insurance business only.

4.  "Net premiums written" refers to the net amount of premiums after deduction of return premiums and payments in respect of reinsurance ceded.

5.  "Loss reserves" consists of provisions set up for claims reported but liability not yet determined, claims incurred but not yet reported, i.e., IBNR claims and all expenses associated with the settlement of such claims.

6.  The completed return should be certified by the auditors.

S 31/2004, wef 21 Jan 2004