|
Citation
1. These Regulations may be cited as the Insurance (Accounts and Statements) Regulations.
Definitions
2. In these Regulations, unless the context otherwise requires -
"accounting period", in relation to a captive insurer or Protection and Indemnity Club, means the financial year of the insurer;
"principal officer" has the same meaning as in section 31 (11) of the Act;
"Protection and Indemnity Club" means an insurer registered under section 8 of the Act as a direct insurer to carry on general class of insurance business who is permitted under his licence to carry on protection and indemnity insurance business only;
"protection and indemnity insurance business" means the business of insuring against third party liabilities and expenses arising from owning or operating ships as principals.
S 678/2003, wef 01/01/2004
S 31/2004, wef 21/01/2004
Returns to be lodged by insurers
3. -(1) For the purpose of section 36 (1) of the Act, a registered insurer shall lodge statements of account and other statements in accordance with this regulation.
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
(1A) The forms mentioned in this regulation are those set out in the First Schedule.
S 31/2004, wef 21/01/2004
(1B) A form prescribed by this regulation shall be completed in accordance with such directions as may be specified in the form or by the Authority.
S 31/2004, wef 21/01/2004
(2) An insurer registered to carry on general business shall lodge, for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business -
(a) a fund balance-sheet as at the end of that accounting period in Form 1;
S 31/2004, wef 21/01/2004
(b) a fund revenue account in Form 6; and
S 588/2002, wef 21/11/2002
S 31/2004, wef 21/01/2004
(c) a statement in Form 7 giving as regards policies belonging to general business particulars as to premiums, claims, underwriting results and operating results during that accounting period.
S 588/2002, wef 21/11/2002
S 31/2004, wef 21/01/2004
(3) A direct insurer registered to carry on life business shall lodge, for each accounting period, for each insurance fund established and maintained by the insurer under the Act -
(a) a fund balance-sheet as at the end of that accounting period in Form 1;
(b) a fund revenue account in Form 2;
(c) separate statements in Form 3 for policies issued to individuals and in Form 4 for policies issued to groups of individuals, giving as regards policies belonging to each type of life business as required in the forms -
(i) particulars on the issue of new policies;
(ii) the termination and transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii) the business in force as at the end of that accounting period; and
(d) a statement in Form 5 giving particulars on premiums and commissions incurred during that accounting period.
31/2004, wef 21/01/2004
(3A) A direct insurer registered to carry on life business shall lodge, for each accounting period, each of the forms set out in paragraph (3) for the aggregate of all insurance funds established and maintained by the insurer in respect of Singapore policies which are non-investment-linked policies.
S 31/2004, wef 21/01/2004
(3B) A reinsurer registered to carry on life business shall lodge, for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business -
(a) a fund balance-sheet as at the end of that accounting period in Form 1;
(b) a fund revenue account in Form 2; and
(c) a statement in Form 3A giving as regards policies belonging to each type of life business -
(i) particulars on the issue of new policies;
(ii) the termination and transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii) the business in force as at the end of that accounting period.
S 31/2004, wef 21/01/2004
(3C) A captive insurer registered to carry on life business shall lodge, for each accounting period, for each insurance fund established and maintained by the insurer under the Act -
(a) a fund balance-sheet as at the end of that accounting period in Form 1; and
(b) a fund revenue account in Form 2;
S 31/2004, wef 21/01/2004
(4) There shall be lodged for each financial year by a registered insurer incorporated in Singapore, in respect of the insurer's global business operations .
(a) a balance-sheet, which shall be in Form 8, as at the end of that financial year; and
(b) a revenue and profit and loss statement which shall be in Form 9.
S 31/2004, wef 21/01/2004
(5) There shall be lodged for each financial year by a registered insurer (other than a captive insurer) incorporated in Singapore and registered in respect of life business, in relation to the insurer's total life insurance operations .
(a) a balance-sheet, which shall be in Form 10, as at the end of that financial year; and
(b) a revenue account which shall be in Form 11.
S 31/2004, wef 21/01/2004
(6) There shall be lodged for each financial year by a registered insurer (other than a captive insurer) incorporated or established outside Singapore and registered in respect of general business, a statement which shall be in Form 12 on the solvency margin of the insurer's global business operations.
S 31/2004, wef 21/01/2004
3A. Deleted by S678/2003, wef 01/01/2004.
3B. Deleted by S678/2003, wef 01/01/2004.
Returns on actuarial investigation of life business
4. -(1) The forms mentioned in this regulation are those set out in the Fifth Schedule.
S 18/200, wef 08/01/2002
S 31/2004, wef 21/01/2004
(2) A form prescribed by this regulation shall be completed in accordance with such directions as may be specified in the form or by the Authority.
S 467/2002, wef 01/10/2002
S 588/2002, wef 21/11/2002
S 31/2004, wef 21/01/2004
(3) For the purpose of section 37 (1) (c) of the Act, the insurer registered to carry on life business shall prepare, for each accounting period, an abstract of the report of the investigation into the financial condition of the insurer which shall include -
(a) the matters set out in Part I of the Fifth Schedule;
(b) a summary and valuation of policies -
(i) in the case of a direct insurer, in Form 13; or
(ii) in the case of a reinsurer, in Form 13A,
in respect of the insurer's life business as at the end of that accounting period for -
(A) the aggregate of all insurance funds established and maintained in respect of Singapore policies; and
(B) the aggregate of all insurance funds established and maintained in respect of offshore policies; and
(c) a valuation result and distribution of surplus in Form 14 for -
(i) each insurance fund established and maintained by the insurer under the Act; and
(ii) the aggregate of all insurance funds established and maintained in respect of non-investment-linked policies that are Singapore policies,
as at the end of that accounting period.
S 31/2004, wef 21/01/2004
(4) For the purpose of section 37 (1) (c) of the Act, the actuary making the investigation shall, in the certificate relating to the abstract -
(a) state that he is satisfied as to the accuracy of the valuations of the liabilities in respect of insurance policies made for the purposes of the investigation;
(b) where the actuary is in the direct employment of the insurer, state that he has satisfied himself as to the accuracy of the data on which the valuations are based;
(c) state that he is satisfied that the values of liabilities in respect of insurance policies determined in the investigation adequately represent the obligations of the insurer; and
(d) state and quantify the financial impact of any material event which occurs after the end of the accounting period but before the date the certificate is lodged to the Authority.
S 31/2004, wef 21/01/2004
(5) An insurer registered to carry on life business who had an investigation made to it in accordance with section 37 (1) (a) of the Act shall lodge, for each accounting period -
(a) statements as to policies and premiums as at the end of that accounting period set out in Part III of the Fifth Schedule;
(b) where the actuary making the investigation referred to in section 37(1)(a) of the Act is not in the diret employment of the insurer but is acting under an arrangement with the insurer, a separate certification signed by or on behalf of the principal officer of the insurer stating the precaution taken by the insurer to ensure the accuracy of the data on which the valuations are based; and
(c) where the insurer is a direct insurer, an actuary's report, signed by the actuary, based on the solvency testing carried out by the actuary under the Insurance (Duties of Actuary) Regulations (Rg 3).
S 31/2004, wef 21/01/2004
(6) If the actuary is not a permanent officer of the insurer, the certificate shall, so far as it relates to the accuracy of the data on which the valuations are based, be given and signed by or on behalf of the insurer.s principal officer in Singapore, and the actuary shall in his part of the certificate state the precautions taken by the actuary to ensure the accuracy of the data.
(7) There shall be lodged statements signed by the actuary analysing as at the date of the investigation the position as regards policies and premiums of the business to which the report relates.
(8) An insurer shall, on establishing its offshore insurance fund under the Act, lodge in respect of policies belonging to the life business for which the insurer has established an offshore insurance fund a summary and valuation prepared and signed by a qualified actuary of those policies as at the beginning of the accounting period, together with the report and certificate mentioned in paragraphs (3) and (4).
Returns on actuarial investigation of general business
4A. -(1) The abstract of the actuary's report and the certificate relating thereto which an insurer registered in respect of general business is required to lodge under section 37 (1) of the Act shall be prepared in accordance with this regulation.
(2) The abstract of the actuary's report shall be prepared in compliance with the requirements of the Sixth Schedule and shall be signed by the actuary.
S 467/2002, wef 01/10/2002
(3) The certificate to be prepared and signed by the actuary shall state the actuary's opinion on the amount of premium and claims liabilities in respect of insurance funds and shall certify, as set out in the Seventh Schedule, that the valuation was done in accordance with the requirements stipulated in the Insurance Regulations (Rg 1).
S 467/2002, wef 01/10/2002
S 18/2002, wef 08/01/2002
Returns on life solvency margin
5. For the purpose of section 36 (1) of the Act, there shall be lodged for each accounting period by a registered insurer who is a direct insurer in relation to the insurance business for which an insurance fund is maintained for Singapore policies under section 17 (1) of the Act in respect of life business a statement, which shall be prepared in compliance with the requirements of Part IV of the Fifth Schedule and shall be in Form 15, on the fund solvency margin.
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
Annual report
5A.-(1) Where the financial year of a registered insurer covers the same period as the accounting period, the insurer shall be exempt from submitting its annual report to the Authority under section 36 (13) of the Act, subject to the condition that the insurer shall lodge the annual report with the Authority within the period specified in regulation 10 (1).
(2) Where the financial year of a registered insurer does not cover the same period as the accounting period, the insurer shall lodge with the Authority a copy of its annual report for each financial year.
(3) In this regulation, "annual report", in relation to a registered insurer, means any report for each financial year submitted to the members of the insurer and any statement of accounts so submitted with respect to that year.
S 31/2004, wef 21/01/2004
Provisions as to returns submitted
6. -(1) Any document to be lodged with the Authority under regulation 4 shall comply with the following requirements:
(a) the particulars required to be in the abstract of an actuary's report and the statement as to policies and premiums shall be so arranged that the numbers and letters of the items correspond with those in Parts I and III of the Fifth Schedule;
S 467/2002, wef 01/10/2002
(b) the document shall be made out separately or in separate parts for business in Singapore and for business outside Singapore, and also for each part of the business outside Singapore for which a different basis of valuation is adopted;
(c) a valuation of liabilities in respect of life policies shall, for purposes of the document or any separate part of it, be made on a basis not less stringent than the minimum basis; and if the document or part relates to business in a country outside Singapore, the basis shall not be less stringent than is required by the law of that country for any corresponding valuation of liabilities of that business; and
(d) where the business to which the document or a separate part of it relates includes policies other than life policies, the liabilities in respect of those policies shall be valued on a basis approved by the Authority, and there shall be made such additions to or adaptations of the document or part as are necessary to show particulars of those policies and the results of the valuation.
(2) In relation to any document required to be lodged under these Regulations, all amounts shall be stated in Singapore dollars unless otherwise specified in the appropriate form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each document.
(3) Documents lodged by a captive insurer to comply with sections 36 of the Act shall be excepted from section 39 (3) of the Act.
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
(4) The actuary's report lodged under regulation 4 (5) (c) shall be excepted from section 39 (1) and (3) of the Act.
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
Value of assets and liabilities
7. The value or amount stated for any asset and liability in any document that an insurer is required to lodge under these Regulations (other than regulation 3 (4), (5) and (6)) shall be the value or amount as determined in accordance with any applicable valuation regulation under the Insurance Regulations (Rg 1) or the Insurance (Investment-Linked Life Insurance) Regulations (Rg 4).
S 31/2004, wef 21/01/2004
Lodgment and signatures of returns
8. -(1) A document to be lodged by an insurer under regulation 3, 4 or 5 shall be lodged by sending to the Authority .
(a) in the case of an insurer other than a captive insurer, 3 copies; and
(b) in the case of a captive insurer, 2 copies.
(2) At least one of the copies referred to in paragraph (1) shall be an original copy and shall bear the signature of -
(a) 2 directors of the insurer; and
(b) the principal officer of the insurer or an officer signing on behalf of the principal officer.
(3) The persons signing any balance-sheet under regulation 3 shall lodge a certificate in the form set out in the Eighth Schedule.
S 18/2002, wef 08/01/2002
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
(4) Where by these Regulations a document is required to be signed by or on behalf of the insurer's principal officer in Singapore, it shall, if not signed by that officer, be signed by one of the insurer's officers in Singapore who is for the time being notified to the Authority as having authority for the purposes of this regulation to sign in place of the principal officer in Singapore.
(5) A document to be lodged by an insurer shall be in English, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.
8A. Deleted by S678/2003, wef 01/01/2004
Audit and auditor's report
9. -(1) For the purpose of section 36 (9) of the Act, the auditor shall prepare a report and a supplementary report in the forms set out in the Ninth Schedule in relation to the audit conducted for the accounting period.
S 18/2002, wef 08/01/2002
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
(2) For the purpose of section 36 (1) of the Act, a registered insurer shall lodge, for each accounting period, information on external auditors conducting the audit for that period in the form set out in the Ninth Schedule.
S 467/2002, wef 01/10/2002
S 31/2004, wef 21/01/2004
(3) The supplementary report and the information on external auditors shall be excepted from section 39 (1) and (3) of the Act.
S 31/2004, wef 21/01/2004
9A. Deleted by S678/2003, wef 01/01/2004.
9B. Deleted by S678/2003, wef 01/01/2004.
Deadlines for submission of returns, reports and statements
10.-(1) Any document to be lodged by a registered insurer (other than a captive insurer) shall be lodged with the Authority -
(a) in the case of the statement on the solvency margin of the insurer's global business referred to in regulation 3 (6), within 6 months from the date to which the statement relates;
(b) in the case of the actuary's report referred to in regulation 4 (5) (c), within 6 months from the date to which the report relates;
(c) in the case of the annual report referred to in regulation 5A of a registered insurer incorporated outside Singapore, within 6 months from the date to which the report relates; and
(d) in any other case, within 3 months from the date to which the document relates.
S 18/2002, wef 08/01/2002
S 31/2004, wef 21/01/2004
(2) Any document to be lodged by a captive insurer shall be lodged with the Authority within 6 months from the date to which the document relates.
S 31/2004, wef 21/01/2004
|
