On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 18/04/2013.
4.
—(1) For the purposes of section 34D of the Act and subject to paragraph (3), the reinsurance deposit to be maintained by an authorised reinsurer in respect of each class of business for which it is authorised shall be an amount not less than $2 million or, where allowed by the Authority, its equivalent in foreign currency in the form of Singapore dollar fixed deposits or foreign currency fixed deposits with a bank licensed under the Banking Act (Cap. 19).
(2) Deposits made by an authorised reinsurer under paragraph (1) shall be in the name of the Authority.
(3) Every authorised reinsurer shall, not later than 7 months after the end of each financial year, 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 —
(a)
$2 million;
(b)
30% of the gross premiums written in respect of policies issued by the authorised reinsurer under the Act in that financial year; or
(c)
30% of the gross liabilities incurred in respect of policies issued by the authorised reinsurer under the Act as at the end of that financial year,
whichever is the highest.
(4) The Authority shall retain any deposit made under paragraphs (1) and (3) until it is satisfied that the authorised reinsurer has ceased to provide reinsurance of liabilities under insurance policies to persons in Singapore.
(5) If the Authority is satisfied that the authorised reinsurer has ceased to provide reinsurance of liabilities under insurance policies to persons in Singapore, the Authority shall transfer to the authorised reinsurer the deposits made under paragraphs (1) and (3) less any amount that the Authority determines should be kept available for the purpose of meeting claims against the authorised reinsurer in respect of policies issued by the authorised reinsurer under the Act.
(6) An authorised reinsurer which has made any deposit under section 34D of the Act may, at any time, substitute for any asset comprised in the deposit such other assets as the Authority may specify so long as the deposits are not thereby reduced to an amount below that which is required under paragraphs (1) and (3).
(7) If the authorised reinsurer goes into liquidation or is dissolved at its place of incorporation or origin —
(a)
it shall immediately notify the Authority; and
(b)
the Authority shall pay the balance of the deposits made under paragraphs (1) and (3), if any, to the liquidator of the authorised reinsurer after paying any debt or meeting any claim against the authorised reinsurer in respect of policies issued by the authorised reinsurer under the Act.
(8) The Authority may appoint any person to perform any of its functions under paragraphs (5) and (7)(b).
(9) For the purposes of paragraphs (5) and (7)(b), the costs and expenses of appointing any person under paragraph (8) shall be paid in priority to any claim against the authorised reinsurer, and all claims against the authorised reinsurer in respect of policies issued by the authorised reinsurer shall rank equally between themselves.