On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 18/04/2013.
PART IV
Requirements relating to and duties oF Administrator
14.
—(1) The administrator shall, directly or with the assistance of the regulatory resources of Lloyd’s, exercise due diligence and use all reasonable effort to co-ordinate and monitor the compliance of the provisions of the Act and these Regulations by the Service Companies.
(2) If the administrator, in the course of the performance of its duties under these Regulations, is satisfied that there is any matter materially affecting the operation of these Regulations, including but not limited to any matter —
(a)
which may adversely affect the financial position of any member of Lloyd’s carrying on insurance business in Singapore under these Regulations;
(b)
which may constitute a breach of any provision of the Act or a criminal offence involving fraud or dishonesty; or
(c)
which may involve irregularities in the accounts required to be submitted to the Authority under regulation 21, including irregularities that may jeopardize the insurance funds established under regulation 11,
the administrator shall immediately report the matter to the Authority.
15.
—(1) The administrator shall appoint a chief executive officer who shall be an individual resident in Singapore.
(1A) The administrator shall not appoint any person as its chief executive officer or a director unless the administrator satisfies the Authority that the person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
(1B) Where an administrator has obtained the approval of the Authority to appoint a person as its chief executive officer or director under this regulation, the person may be re-appointed as chief executive officer or director, as the case may be, of the administrator immediately upon the expiry of the earlier term without the approval of the Authority.
16.
—(1) The administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain a deposit with the Authority of a value of not less than $500,000.
(2) Not later than 31st July of each year, the administrator shall, on behalf of all members of Lloyd’s carrying on insurance business in Singapore under these Regulations, make and maintain with the Authority such additional deposit, if any, as is necessary to secure that the aggregate value of the deposit referred to in paragraph (1) shall be the greater of $500,000, or 30% of the premiums in respect of Singapore policies issued by the members of Lloyd’s in the course of carrying on insurance business in Singapore under these Regulations in the preceding year.
(2A) A deposit under paragraph (2) shall be made in the form of assets of such nature as may be directed by the Authority.
(3) The Authority may apply all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim in respect of a policy issued under these Regulations which remains unpaid 30 days after the issue of a notice by the Authority under paragraph (4).
(4) Before applying any part of the deposits made under paragraph (1), the Authority shall give the administrator a notice in writing of its intention to do so and identify the claim in respect of which the deposits are to be applied.
(5) Where the Authority has applied all or any part of the deposits made under paragraphs (1) and (2) towards any valid claim under paragraph (3), the administrator shall top up any deficiency in the deposits within 30 days of the notice of the deficiency by the Authority.
(6) The Authority shall retain any deposit required to be made under paragraphs (1) and (2) until it is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations.
(7) If the Authority is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations, the Authority shall transfer to the administrator the entire deposits less such part that the Authority determines should be kept available for purpose of meeting claims against such members in respect of policies issued by the members of Lloyd’s under these Regulations.
(8) In this regulation, “premiums” means gross premiums less commissions and credit for reinsurance ceded, in Form 3, where —
(a)
“commissions” means the amount shown in the column titled “Total” at row 28 of the table on Singapore Insurance Fund in Form 3;
(b)
“credit for reinsurance ceded” means an amount computed as follows:
A x (1 – (B x C)), | |
where A | is the amount of reinsurance business ceded to a person carrying on insurance business that is accounted for in row 6, 7 or 8 of the table on Singapore Insurance Fund in Form 3; |
B | is the reinsurance counterparty factor described in paragraph 1(11) of the First Schedule to the Insurance (Valuation and Capital) Regulations 2004 (G. N. No. S 498/2004); and |
C | is the appropriate counterparty risk factor described in paragraph 1(11) of the First Schedule to the Insurance (Valuation and Capital) Regulations 2004; |
(c)
“Form 3” means the audited statement of accounts for the last accounting period lodged with the Authority in accordance with regulation 21 in Form 3 in the Fifth Schedule; and
(d)
“gross premiums” means the sum of the figures shown in the column titled “Total” at rows 1 and 5 of the table on Singapore Insurance Fund in Form 3.
17. [Deleted by S 665/2010 wef 04/11/2010]
18.
—(1) The administrator shall maintain —
(a)
a register of members of Lloyd’s registered under regulation 4;
(b)
a register of Service Companies registered under regulation 6; and
(c)
a register containing the names and the particulars of each syndicate under which the members of Lloyd’s referred to in sub-paragraph (a) carry on insurance business in Singapore under these Regulations, the names of each member of Lloyd’s who carries on insurance business in Singapore under that syndicate and the share of each member of Lloyd’s in the undertakings of that syndicate.
(2) The register of members of Lloyd’s referred to in paragraph (1)(a) shall contain the particulars set out in the Third Schedule.
(3) The register of Service Companies referred to in paragraph (1)(b) shall contain the particulars set out in the Fourth Schedule.
(4) The administrator shall notify the Authority, in writing, at least 14 days before effecting any change to the particulars set out in paragraphs (a), (b), (ba) and (bb) of the Fourth Schedule in the register of Service Companies.
(5) The administrator shall lodge with the Authority a copy each of the registers referred to in paragraph (1)(b) and (c) on an annual basis by 31st January in each year.
19. The administrator shall, in the event of an unresolved dispute over a claim by a policy owner under a policy issued by any member of Lloyd’s carrying on insurance business in Singapore under these Regulations, upon the request of the policy owner assist the policy owner in making a complaint to the Lloyd’s Complaint’s Department for the purpose of resolving the dispute.
20.
—(1) The administrator shall immediately notify the Authority —
(a)
if any Service Company ceases to enter into contracts of insurance in Singapore on behalf of any member of Lloyd’s;
(b)
if the managing agent that is related to a Service Company in a manner described in regulation 5(b) ceases to be permitted by Lloyd’s to act as a managing agent of Lloyd’s;
(c)
if any member of Lloyd’s carrying on insurance business in Singapore under these Regulations —
(i)
ceases to enter into contracts of insurance through any Service Company; or
(ii)
where the member of Lloyd’s carrying on insurance business in Singapore under these Regulations enters into contracts of insurance through a managing agent that is related to any Service Company in a manner described in regulation 5(b), ceases to enter into contracts of insurance through the managing agent;
(d)
if any member of Lloyd’s carrying on insurance business in Singapore under these Regulations ceases to do so for any reason; or
(e)
if any of the following is the subject of any disciplinary action by Lloyd’s, or is under an inquiry in accordance with the Lloyd’s Inquiries and Investigations Byelaw as directed by or under the authority of the Council of Lloyd’s, that may result in disciplinary action to expel or suspend the person being taken against the person:
(i)
a member of Lloyd’s carrying on insurance business in Singapore under these Regulations;
(ii)
a Service Company; or
(iii)
a managing agent at Lloyd’s in relation to which a Service Company is acting as agent in Singapore.
(2) The administrator shall give not less than 6 months notice in writing to the Authority if it intends to cease to act as administrator under these Regulations.
21.
—(1) The administrator shall —
(a)
lodge with the Authority, in accordance with this regulation and regulations 25 and 26, such statements of accounts and other documents provided by each Service Company under regulation 13(6)(a);
(b)
prepare and lodge with the Authority such other statements of accounts and other documents in relation to the carrying on of insurance business in Singapore by the members of Lloyd’s under these Regulations as the Authority may require.
(1A) The administrator shall lodge with the Authority one copy of the annual report of Lloyd’s for the most recently concluded financial year.
(2) The Authority may require any statement or document referred to in paragraph (1)(b) to be furnished in such form and manner and at such times and intervals as the Authority may determine.