Regulatory Alerts2013-04-22
Added
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
The Monetary Authority of Singapore issued this notice to define the criteria for related corporations of authorised reinsurers seeking exemption from the extra-territoriality provisions of the Insurance Act. Regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations exempts reinsurance arrangements between licensed insurers and their unlicensed, overseas-incorporated related corporations, provided specific conditions are met. This document supersedes the 2004 version and outlines the requirements these related corporations must satisfy to qualify for the exemption.
Notices
Last Revised Date: 22 April 2013
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
Criteria to be met by a related corporation, which intends to enjoy the exemption granted under regulation 12(b) of the the Insurance (Authorised Reinsurers) Regulations.
Exemptions
Issued pursuant to:
Regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations
Applies to:
Authorised Reinsurer
View Notice
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
(106.6 KB)
This notice applies to all authorised reinsurers.
It sets out the criteria to be met by a related corporation that intends to enjoy the exemption granted under regulation 12(b) of the the Insurance (Authorised Reinsurers) Regulations.
Regulation 12(b) of the Regulations provides that section 56A of the Insurance Act (Cap.142) shall not apply where a reinsurance arrangement is entered into between a licensed insurer (other than a captive insurer) and its related corporation which is incorporated outside Singapore, is not a licensed insurer and satisfies the criteria as specified in this notice.
18 Apr 2013
IA/PP-N02.1 (Amendment) 2013 (110.3 KB) takes effect.
02 Apr 2013
IA/PP-N02.1 dated 30 Jul 2004 (8.37 KB) [cancelled with effect from 18 Apr 2013 ]
Sets out requirements applicable to authorised reinsurers such as the lodgement of reinsurance deposit, disclosure requirements and submission of annual returns.