requirements relating to and duties of members of lloyd’s carrying on insurance business under scheme
—(1) A member of Lloyd’s may carry on insurance business specified in the First Schedule in Singapore if —
the member registers with the administrator in accordance with regulation 4;
the member carries on insurance business, and enters into contracts of insurance, in Singapore only through a Service Company registered in accordance with regulation 6;
the member authorises any Service Company acting as his or its agent for the purposes of these Regulations —
to accept service of notices and legal processes in respect of or connected to the carrying on of insurance business in Singapore, including any notice or direction of the Authority to the member; and
Lloyd’s has given an undertaking to the Authority that the holder of any insurance policy issued by the member under these Regulations shall have recourse to the Chain of Security, in accordance with and subject to the terms of the relevant Lloyd’s trust deeds and Lloyd’s byelaws, conditions and requirements governing the trust deeds, to the same extent as the holder of a general business policy issued by the same member of Lloyd’s in London.
(2) In paragraph (1), “relevant Lloyd’s trust deeds” means the member’s Lloyd’s Premiums Trust Deed, the Lloyd’s Asia (Singapore Policies) Instrument, the Lloyd’s Asia (Offshore Policies) Instrument, the member’s deposit trust deed or other trust deed governing the member’s Lloyd’s deposit or any special reserve trust deed.
—(1) A member of Lloyd’s who wishes to carry on insurance business in Singapore under these Regulations shall apply to be registered with the administrator.
(2) An application for registration under paragraph (1) shall be in such form and contain such particulars as the administrator may determine.
(3) Upon receiving an application under paragraph (1), the administrator shall not register the applicant unless the administrator is satisfied —
that the applicant is a member of Lloyd’s; and
that the applicant has appointed one or more Service Companies through which he or it intends to carry on insurance business in Singapore.