On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 31/12/2002.
21.
—(1) Where the Authority is satisfied that there exists a ground on which the Authority would be empowered by section 12 to cancel the registration of an insurer, the Authority may require that assets of the insurer of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in Singapore.
[11/86]
(2) The Authority may direct that, for the purposes of any requirement under this section, assets of a specified class or description shall or shall not be treated as assets maintained in Singapore.
[11/86]
(3) The Authority may direct that, for the purposes of any requirement under this section, the domestic liabilities of a registered insurer, or such liabilities of any class or description, shall be taken to be the net liabilities after deducting any part of them which is reinsured.
[11/86]
(4) A requirement imposed under this section may be framed so as to come into effect immediately after the day on which it is imposed or so as to come into effect after the expiration of a specified period or such longer period as the Authority may allow.
[11/86]
(5) In this section, any reference to a domestic liability is a reference to a liability of the insurance business carried on by the registered insurer in Singapore, including the margins of solvency prescribed under section 18.
[11/86; 32/93]
(6) Subject to subsection (7), in computing the amount of any liabilities for the purposes of this section, all contingent and prospective liabilities shall be taken into account but not liabilities in respect of share capital.
[11/86]
(7) For the purposes of this section, the value of any assets and the amount of any liabilities shall be determined in accordance with any valuation regulations made under this Act.
[11/86]