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On 13/12/2017, you requested the version in force on 13/12/2017 incorporating all amendments published on or before 13/12/2017. The closest version currently available is that of 26/10/2017.
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Approval of captive insurer
3A.
—(1)  The Minister or such person as he may appoint may, upon application by any captive insurer and if he considers it expedient in the public interest to do so, during the period from 17 February 2006 to 31 May 2017 (both dates inclusive) approve the insurer as an approved captive insurer.
[S 320/2016 wef 16/02/2011]
[S 603/2017 wef 01/04/2016]
[S 611/2017 wef 01/06/2017]
(2)  Any approval granted under paragraph (1) is for such period not exceeding 10 years as the Minister or such person as the Minister may appoint may specify.
[S 611/2017 wef 01/06/2017]
(3)  No approval may be given under paragraph (1) unless, at the time of such approval, all the functions in the following sub‑paragraphs are undertaken by the captive insurer, by a company incorporated in Singapore, or by personnel located in Singapore who are employed by a company incorporated outside Singapore:
(a)
either or both of the following:
(i)
ensuring compliance with any requirement or any direction, notice or other document issued under the Insurance Act (Cap. 142);
(ii)
ensuring compliance with any requirement or any direction, notice or other document issued under the Monetary Authority of Singapore Act (Cap. 186);
(b)
ensuring compliance with any requirement relating to financial accounting, auditing and reporting under the Companies Act (Cap. 50);
(c)
the day-to-day management of the captive insurer’s business.
[S 603/2017 wef 26/10/2017]
History for Provision '3A Approval of captive insurer'.
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pr3A-.
01/04/2008
Formal Consolidation
08 December 2010
SL
748/2010
Compare versionsDiff

16/02/2011
Informal Consolidation
05 July 2016
Amended
S 320/2016

13/08/2013
Informal Consolidation
13 August 2013
Amended
S 519/2013

05/08/2014
Informal Consolidation
05 July 2016
Amended
S 320/2016

01/04/2016
Informal Consolidation
26 October 2017
Amended
S 603/2017

05/07/2016
Informal Consolidation
05 July 2016
Amended
S 320/2016

01/06/2017
Informal Consolidation
27 October 2017
Amended
S 611/2017

26/10/2017
Informal Consolidation
26 October 2017
Amended
S 603/2017