annual return: form 1 - fund balance sheet i841g …...i841g coface, singapore branch annual return:...
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COFACE, Singapore BranchI841G
ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET
Reporting Cycle:
General: Singapore Insurance Fund
122006
Description
ASSETS
Equity securities
Debt securities
Land and buildings
Loans
Cash and deposits
Other invested assets
Investment income due or accrued
Outstanding premiums and agents' balances
Deposits withheld by cedants
Reinsurance recoverables (on paid claims)
Income tax recoverables
Fixed assets
Inter-fund balances and intra group balances (due from)
Other assets
Total Assets (1 to 14)
LIABILITIES
Policy liabilities
Other liabilities:
Outstanding claims
Annuities due and unpaid
Reinsurance deposits
Amounts owing to insurers
Bank loans and overdrafts
Inter-fund balances and intra-group balances (due to)
Others
Total Liabilities (16 to 23)
SURPLUS (15 - 24)
Annex
1A
1B
1C
1D
1E
1F
1G
1H
1I
1J
1K
1L
1M
1N
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Amount
0
0
0
0
27,148,752
0
82,680
1,665,705
0
0
0
0
143,732
58,975
29,099,844
12,454,815
0
0
0
2,008,302
0
3,589,357
4,871,998
22,924,472
6,175,372
12/06/2012 02:16 PM
COFACE, Singapore BranchI841G
ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET
Reporting Cycle:
General: Offshore Insurance Fund
122006
Description
ASSETS
Equity securities
Debt securities
Land and buildings
Loans
Cash and deposits
Other invested assets
Investment income due or accrued
Outstanding premiums and agents' balances
Deposits withheld by cedants
Reinsurance recoverables (on paid claims)
Income tax recoverables
Fixed assets
Inter-fund balances and intra group balances (due from)
Other assets
Total Assets (1 to 14)
LIABILITIES
Policy liabilities
Other liabilities:
Outstanding claims
Annuities due and unpaid
Reinsurance deposits
Amounts owing to insurers
Bank loans and overdrafts
Inter-fund balances and intra-group balances (due to)
Others
Total Liabilities (16 to 23)
SURPLUS (15 - 24)
Annex
1A
1B
1C
1D
1E
1F
1G
1H
1I
1J
1K
1L
1M
1N
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Amount
0
0
0
0
23,071,397
0
18,846
13,997,882
248,611
0
0
0
0
87,301
37,424,037
22,874,736
0
0
0
2,196,101
0
627,562
7,266,913
32,965,312
4,458,725
12/06/2012 02:16 PM
General: Singapore Insurance Fund
Description
Equity securities other than collective investment schemes
Collective investment schemes
Total (1 to 2) = Row 1 of Form 1
Row No.
1
2
3
Listed
0
0
Unlisted
0
0
Amount
0
0
0
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1A - INVESTMENT IN EQUITY SECURITIES
12/06/2012 02:16:36 PM
General: Offshore Insurance Fund
Description
Equity securities other than collective investment schemes
Collective investment schemes
Total (1 to 2) = Row 1 of Form 1
Row No.
1
2
3
Listed
0
0
Unlisted
0
0
Amount
0
0
0
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1A - INVESTMENT IN EQUITY SECURITIES
12/06/2012 02:16:36 PM
General: Singapore Insurance Fund
Description
Government debt securities
Qualifying debt securities
Other debt securities
Total (1 to 3) = Row 2 of Form 1
Row No.
1
2
3
4
Amount
0
0
0
0
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1B - INVESTMENT IN DEBT SECURITIES
12/06/2012 02:16:36 PM
General: Offshore Insurance Fund
Description
Government debt securities
Qualifying debt securities
Other debt securities
Total (1 to 3) = Row 2 of Form 1
Row No.
1
2
3
4
Amount
0
0
0
0
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1B - INVESTMENT IN DEBT SECURITIES
12/06/2012 02:16:36 PM
General: Singapore Insurance Fund
122006
I841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1C - INVESTMENT IN LAND AND BUILDINGS
COFACE, Singapore Branch
Location and Descriptionof Land and Buildings Row No. Cost
LastRevaluation
Date
Last ReportedAmount
Changes fromLast Reported
AmountAmount
Total = Row 3 of Form 1 21 0
12/06/2012 02:16:55 PM
General: Offshore Insurance Fund
122006
I841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1C - INVESTMENT IN LAND AND BUILDINGS
COFACE, Singapore Branch
Location and Descriptionof Land and Buildings Row No. Cost
LastRevaluation
Date
Last ReportedAmount
Changes fromLast Reported
AmountAmount
Total = Row 3 of Form 1 21 0
12/06/2012 02:16:55 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1D - INVESTMENT IN LOANS
Description
Policy loans
Mortgage loans
Other secured loans
Unsecured loans
Total (1 to 4) = Row 4 of Form 1
Row No.
1
2
3
4
5
Amount Outstanding
0
0
0
0
Provision for DoubtfulLoans
0
0
0
0
Amount
0
0
0
0
0
12/06/2012 02:16:36 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1D - INVESTMENT IN LOANS
Description
Policy loans
Mortgage loans
Other secured loans
Unsecured loans
Total (1 to 4) = Row 4 of Form 1
Row No.
1
2
3
4
5
Amount Outstanding
0
0
0
0
Provision for DoubtfulLoans
0
0
0
0
Amount
0
0
0
0
0
12/06/2012 02:16:36 PM
General: Singapore Insurance Fund 2006 12Reporting Cycle:
I841G
ANNUAL RETURN: ANNEX 1E - BREAKDOWN OF OTHER INVESTED ASSETS
COFACE, Singapore Branch
Description
Derivatives
Options:
(a) Call options
(b) Put options
(c) Swaptions
(d) Other options
Total investments in options (1 to 4)
Futures contracts:
(a) Currency futures contracts
(b) Interest rate futures contracts
(c) Other futures contracts
Total investments in futures contracts (6 to 8)
Forward contracts:
(a) Currency forward contracts
(b) Interest rate forward contracts
(c) Other forward contracts
Total investments in forward contracts (10 to 12)
Swaps:
(a) Interest rate swaps
(b) Currency swaps
(c) Other swaps
Total investments in swaps (14 to 16)
Other derivatives
Total investments in derivatives (5 + 9 + 13 + 17 + 18)
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
NotionalPrincipalAmount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other invested assets excluding derivatives
12/06/2012 02:16 PM
Total investments in other invested assets excludingderivatives 40 0
Total = Row 6 of Form 1 41 0
12/06/2012 02:16 PM
General: Offshore Insurance Fund 2006 12Reporting Cycle:
I841G
ANNUAL RETURN: ANNEX 1E - BREAKDOWN OF OTHER INVESTED ASSETS
COFACE, Singapore Branch
Description
Derivatives
Options:
(a) Call options
(b) Put options
(c) Swaptions
(d) Other options
Total investments in options (1 to 4)
Futures contracts:
(a) Currency futures contracts
(b) Interest rate futures contracts
(c) Other futures contracts
Total investments in futures contracts (6 to 8)
Forward contracts:
(a) Currency forward contracts
(b) Interest rate forward contracts
(c) Other forward contracts
Total investments in forward contracts (10 to 12)
Swaps:
(a) Interest rate swaps
(b) Currency swaps
(c) Other swaps
Total investments in swaps (14 to 16)
Other derivatives
Total investments in derivatives (5 + 9 + 13 + 17 + 18)
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
NotionalPrincipalAmount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other invested assets excluding derivatives
12/06/2012 02:16 PM
Total investments in other invested assets excludingderivatives 40 0
Total = Row 6 of Form 1 41 0
12/06/2012 02:16 PM
2006 12Reporting Cycle:General: Singapore Insurance Fund
COFACE, Singapore BranchI841G
ANNUAL RETURN: ANNEX 1F(b) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS' BALANCES OF DIRECTGENERAL INSURER
Description
In respect of direct business
Bad debts written off during the year
Ageing of outstanding premiums and agents' balances:
Outstanding period
Up to 3 months
Above 3 months but not exceeding 6 months
Above 6 months but not exceeding 12 months
Above 12 months
Gross total (2 to 5)
Provision for doubtful debts
Total outstanding premiums and agents' balances in respect of directbusiness (6 - 7)
In respect of reinsurance business
Bad debts written off during the year
Ageing of outstanding premiums and agents' balances:
Outstanding period
RowNo.
1
2
3
4
5
6
7
8
9
Direct Business- Agents
0
0
0
0
0
0
0
0
Direct Business- Brokers
0
213,354
64,795
18,457
36
296,642
0
296,642
Direct Business- Others
0
1,325,613
30,141
19,934
4,982
1,380,670
11,607
1,369,063
Amount
0
1,538,967
94,936
38,391
5,018
1,677,312
11,607
1,665,705
0
12/06/2012 02:16 PM
Up to 6 months
Above 6 months but not exceeding 12 months
Above 12 months but not exceeding 24 months
Above 24 months
Gross total (10 to 13)
Provision for doubtful debts
Total outstanding premiums and agents' balances in respect ofreinsurance business (14 - 15)
Total (8 + 16) = Row 8 of Form 1
10
11
12
13
14
15
16
17
0
0
0
0
0
0
0
1,665,705
Note: For direct insurance business, outstanding period starts from date of commencement of the cover.
In respect of reinsurance business, outstanding period commences from the date of premiums are accrued in the books of the registered insurer.
12/06/2012 02:16 PM
2006 12Reporting Cycle:General: Offshore Insurance Fund
COFACE, Singapore BranchI841G
ANNUAL RETURN: ANNEX 1F(b) - AGEING OF OUTSTANDING PREMIUMS AND AGENTS' BALANCES OF DIRECTGENERAL INSURER
Description
In respect of direct business
Bad debts written off during the year
Ageing of outstanding premiums and agents' balances:
Outstanding period
Up to 3 months
Above 3 months but not exceeding 6 months
Above 6 months but not exceeding 12 months
Above 12 months
Gross total (2 to 5)
Provision for doubtful debts
Total outstanding premiums and agents' balances in respect of directbusiness (6 - 7)
In respect of reinsurance business
Bad debts written off during the year
Ageing of outstanding premiums and agents' balances:
Outstanding period
Up to 6 months
RowNo.
1
2
3
4
5
6
7
8
9
10
Direct Business- Agents
0
0
0
0
0
0
0
0
Direct Business- Brokers
0
0
302
0
31,718
32,020
0
32,020
Direct Business- Others
0
4,947,746
2,050,949
4,570,940
778,036
12,347,671
0
12,347,671
Amount
0
4,947,746
2,051,251
4,570,940
809,754
12,379,691
0
12,379,691
0
1,062,994
12/06/2012 02:16 PM
Above 6 months but not exceeding 12 months
Above 12 months but not exceeding 24 months
Above 24 months
Gross total (10 to 13)
Provision for doubtful debts
Total outstanding premiums and agents' balances in respect ofreinsurance business (14 - 15)
Total (8 + 16) = Row 8 of Form 1
11
12
13
14
15
16
17
240,639
310,625
3,933
1,618,191
0
1,618,191
13,997,882
Note: For direct insurance business, outstanding period starts from date of commencement of the cover.
In respect of reinsurance business, outstanding period commences from the date of premiums are accrued in the books of the registered insurer.
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1G - STATEMENT OF REINSURANCE RECOVERABLES
Description
Reinsurance recoveries on unpaid claims
Reinsurance recoverables written off during the year
Ageing of reinsurance recoverables (on paid claims):
Outstanding period
Up to 1 year
Above 1 year but not exceeding 2 years
Above 2 years
Total (3 to 5)
Provision for doubtful reinsurance recoverables
Total (6 - 7) = Row 10 of Form 1
Row No.
1
2
3
4
5
6
7
8
Amount
0
0
0
0
0
0
0
0
12/06/2012 02:16 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1G - STATEMENT OF REINSURANCE RECOVERABLES
Description
Reinsurance recoveries on unpaid claims
Reinsurance recoverables written off during the year
Ageing of reinsurance recoverables (on paid claims):
Outstanding period
Up to 1 year
Above 1 year but not exceeding 2 years
Above 2 years
Total (3 to 5)
Provision for doubtful reinsurance recoverables
Total (6 - 7) = Row 10 of Form 1
Row No.
1
2
3
4
5
6
7
8
Amount
0
0
0
0
0
0
0
0
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1H - FIXED ASSETS
Description
Motor vehicles
Computer equipment
Other fixed assets
Total (1 to 3) = Row 12 of Form 1
Row No.
1
2
3
4
Amount
0
0
0
0
12/06/2012 02:16 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1H - FIXED ASSETS
Description
Motor vehicles
Computer equipment
Other fixed assets
Total (1 to 3) = Row 12 of Form 1
Row No.
1
2
3
4
Amount
0
0
0
0
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1I - INTER-FUND BALANCES AND
Description
Balances due from head office / shareholders fund
Balances due from overseas branches / related corporations
Balances due from other insurance funds established andmaintained under the Act
Total (1 to 3) = Row 13 of Form 1
Row No.
1
2
3
4
Amount
0
3,715
140,017
143,732
INTRA-GROUP BALANCES (DUE FROM)
12/06/2012 02:16 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1I - INTER-FUND BALANCES AND
Description
Balances due from head office / shareholders fund
Balances due from overseas branches / related corporations
Balances due from other insurance funds established andmaintained under the Act
Total (1 to 3) = Row 13 of Form 1
Row No.
1
2
3
4
Amount
0
0
0
0
INTRA-GROUP BALANCES (DUE FROM)
12/06/2012 02:16 PM
General: Singapore Insurance Fund
Description Row No. Amount
Prepayment 1 30,000
Monitoring Fee Receivable 2 14,975
Rental Deposit for Staff's Apartment 3 14,000
Total = Row 14 of Form 1 26 58,975
I841G COFACE, Singapore Branch
2006 12
ANNUAL RETURN: ANNEX 1J - BREAKDOWN OF OTHER ASSETS
Reporting Cycle:
12/06/2012 02:16 PM
General: Offshore Insurance Fund
Description Row No. Amount
Prepayment 1 30,000
Intervention/Monitoring Fee Receivable 2 57,301
Total = Row 14 of Form 1 26 87,301
I841G COFACE, Singapore Branch
2006 12
ANNUAL RETURN: ANNEX 1J - BREAKDOWN OF OTHER ASSETS
Reporting Cycle:
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1L - INTER-FUND BALANCES AND
Description
Balances due to head office / shareholders fund
Balances due to overseas branches / related corporations
Balances due to other insurance funds established andmaintained under the Act
Total (1 to 3) = Row 22 of Form 1
Row No.
1
2
3
4
Amount
3,045,329
544,028
0
3,589,357
INTRA-GROUP BALANCES (DUE TO)
12/06/2012 02:16 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1L - INTER-FUND BALANCES AND
Description
Balances due to head office / shareholders fund
Balances due to overseas branches / related corporations
Balances due to other insurance funds established andmaintained under the Act
Total (1 to 3) = Row 22 of Form 1
Row No.
1
2
3
4
Amount
280,360
207,185
140,017
627,562
INTRA-GROUP BALANCES (DUE TO)
12/06/2012 02:16 PM
General: Singapore Insurance Fund
Description Row No. Amount
Advance receipts and collateral received 1 1,307,259
Accrued Expenses 2 39,714
Income tax and GST payable 3 640,608
Contingency Reserves 4 2,884,417
Total = Row 23 of Form 1 26 4,871,998
Reporting Cycle: 122006
I841G COFACE, Singapore Branch
ANNUAL RETURN: ANNEX 1M - BREAKDOWN OF OTHERS
12/06/2012 02:16 PM
General: Offshore Insurance Fund
Description Row No. Amount
Advance Receipts 1 71,574
Accrued Expenses 2 57,544
Income Tax and GST Payable 3 215,809
Contingency Reserves 4 6,921,986
Total = Row 23 of Form 1 26 7,266,913
Reporting Cycle: 122006
I841G COFACE, Singapore Branch
ANNUAL RETURN: ANNEX 1M - BREAKDOWN OF OTHERS
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1N - SURPLUS
Description
Surplus at beginning of period
Net income
Transfer (to) from head office / shareholders fund
Surplus at End of Period (1 to 3) = Row 25 of Form 1
Row No.
1
2
3
4
Amount
5,502,080
-326,708
1,000,000
6,175,372
12/06/2012 02:16 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1N - SURPLUS
Description
Surplus at beginning of period
Net income
Transfer (to) from head office / shareholders fund
Surplus at End of Period (1 to 3) = Row 25 of Form 1
Row No.
1
2
3
4
Amount
2,358,155
-2,699,430
4,800,000
4,458,725
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1(ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES
DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS
Description
Registered insurer / foreign insurer under the foreign insurer scheme
Authorised reinsurer / related corporation / head office / branch of head office of theregistered insurer
Unregistered reinsurer
Total (1 to 3)
Row No.
1
2
3
4
Amount
0
672,006
0
672,006
12/06/2012 02:16:36 PM
General: Offshore Insurance Fund
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 1(ii) - INFORMATION IN RESPECT OF REDUCTION IN UNEARNED PREMIUM RESERVES
DUE TO REINSURANCE CEDED TO REINSURERS IN RESPECT OF GENERAL BUSINESS
Description
Registered insurer / foreign insurer under the foreign insurer scheme
Authorised reinsurer / related corporation / head office / branch of head office of theregistered insurer
Unregistered reinsurer
Total (1 to 3)
Row No.
1
2
3
4
Amount
0
0
0
0
12/06/2012 02:16:36 PM
Description of Assets and Name of Investee Company
Name of company: -
Equity securities
Debt securities
Secured loans
Unsecured loans
Other invested assets
Row No.
1
2
3
4
5
No. of Units
0
0
0
0
0
Cost
0
0
0
0
0
Amount
0
0
0
0
0
COFACE, Singapore Branch
A RELATED CORPORATION OF REGISTERED INSURER
ANNUAL RETURN: ANNEX 1(iii) - INFORMATION IN RESPECT OF INVESTMENTS IN
Reporting Cycle:
I841G
2006 12
General: Singapore Insurance Fund
12/06/2012 02:17:02 PM
Description of Assets and Name of Investee Company
Name of company: -
Equity securities
Debt securities
Secured loans
Unsecured loans
Other invested assets
Row No.
1
2
3
4
5
No. of Units
0
0
0
0
0
Cost
0
0
0
0
0
Amount
0
0
0
0
0
COFACE, Singapore Branch
A RELATED CORPORATION OF REGISTERED INSURER
ANNUAL RETURN: ANNEX 1(iii) - INFORMATION IN RESPECT OF INVESTMENTS IN
Reporting Cycle:
I841G
2006 12
General: Offshore Insurance Fund
12/06/2012 02:17:02 PM
General: Singapore Insurance Fund
I841G
ANNUAL RETURN: NOTES TO FORM 1
Reporting Cycle: 122006
COFACE, Singapore Branch
Note 1 The aggregate amounts of loans to and amounts due from - Amount
(a) Directors 0
(b) Employees of the registered insurer 0
Note 3 - Description of any change in accounting policies and methodologies in the valuation ofassets and liabilities and the quantification of their effects.
NIL
Note 4 - Description of any prior adjustment and correction for errors and reasons for theadjustments and corrections.
NIL
Note 5 In respect of financial guarantee business - Amount
(a) where premiums are payable in instalments, the present value of futureinstalment premiums payable by the insured in a future accounting period 0
and discount rate used 0
(b) where the premiums are payable in full at the commencement of the policy ofinsurance, the full amount of the premiums payable by the insured in the accountingperiod in which the policy commences.
0
12/06/2012 02:17 PM
General: Offshore Insurance Fund
I841G
ANNUAL RETURN: NOTES TO FORM 1
Reporting Cycle: 122006
COFACE, Singapore Branch
Note 1 The aggregate amounts of loans to and amounts due from - Amount
(a) Directors 0
(b) Employees of the registered insurer 0
Note 3 - Description of any change in accounting policies and methodologies in the valuation ofassets and liabilities and the quantification of their effects.
NIL
Note 4 - Description of any prior adjustment and correction for errors and reasons for theadjustments and corrections.
NIL
Note 5 In respect of financial guarantee business - Amount
(a) where premiums are payable in instalments, the present value of futureinstalment premiums payable by the insured in a future accounting period 0
and discount rate used 0
(b) where the premiums are payable in full at the commencement of the policy ofinsurance, the full amount of the premiums payable by the insured in the accountingperiod in which the policy commences.
0
12/06/2012 02:17 PM
I841G COFACE, Singapore Branch
Reporting Cycle: 122006
ANNUAL RETURN: FORM 1 - ADDITIONAL INFORMATION
NIL
12/06/2012 02:16 PM
COFACE, Singapore BranchI841G
ANNUAL RETURN: FORM 2 - FUND PROFIT AND LOSS ACCOUNT
Reporting Cycle: 12
General: Singapore Insurance Fund
Description
Gross premiums
Less: Outward reinsurance premiums
Investment revenue
Less: Investment expenses
Other income
Total Income (1 to 5)
Gross claims settled
Less: Reinsurance recoveries
Management expenses
Distribution expenses
Increase (decrease) in net policy liabilities
Provision for doubtful debts/ bad debts written off on receivables
Taxation expenses
Other expenses
Total Outgo (7 to 14)
Net Income (6 - 15)
Annex
2A
2B
2C
2D
2E
2F
2G
2H
2I
2J
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Amount
12,486,957
2,232,331
165,151
0
351,956
10,771,733
311,716
141,047
2,403,444
1,720,521
5,254,507
0
250,000
1,299,300
11,098,441
(326,708)
2006
12/06/2012 02:16 PM
COFACE, Singapore BranchI841G
ANNUAL RETURN: FORM 2 - FUND PROFIT AND LOSS ACCOUNT
Reporting Cycle: 12
General: Offshore Insurance Fund
Description
Gross premiums
Less: Outward reinsurance premiums
Investment revenue
Less: Investment expenses
Other income
Total Income (1 to 5)
Gross claims settled
Less: Reinsurance recoveries
Management expenses
Distribution expenses
Increase (decrease) in net policy liabilities
Provision for doubtful debts/ bad debts written off on receivables
Taxation expenses
Other expenses
Total Outgo (7 to 14)
Net Income (6 - 15)
Annex
2A
2B
2C
2D
2E
2F
2G
2H
2I
2J
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Amount
24,836,720
894,014
659,112
0
173,054
24,774,872
6,684,599
673,167
2,115,576
8,586,215
7,206,035
0
582,835
2,972,209
27,474,302
(2,699,430)
2006
12/06/2012 02:16 PM
General: Singapore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2B - OUTWARD REINSURANCE PREMIUMS
COFACE, Singapore BranchI841G
Description
Registered insurer / foreign insurer under the foreing insurerscheme
Authorised reinsurer / related corporation / head office / branch ofhead office of the registered insurer
Unregistered reinsurer
Total (1 to 3) = Row 2 of Form 2
Row No.
1
2
3
4
Amount
0
2,232,331
0
2,232,331
12/06/2012 02:17:05 PM
General: Offshore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2B - OUTWARD REINSURANCE PREMIUMS
COFACE, Singapore BranchI841G
Description
Registered insurer / foreign insurer under the foreing insurerscheme
Authorised reinsurer / related corporation / head office / branch ofhead office of the registered insurer
Unregistered reinsurer
Total (1 to 3) = Row 2 of Form 2
Row No.
1
2
3
4
Amount
0
894,014
0
894,014
12/06/2012 02:17:05 PM
General: Singapore Insurance Fund
Description
Equity securities
Debt securities
Land and Buildings
Loans
Cash and deposits
Other invested assets
Total (1 to 6) = Row 3 of Form 2
Row No.
1
2
3
4
5
6
7
Interest / Dividend /Rental Income
0
0
0
0
840,000
0
Realised Gains(Losses) From Last
Reported Value /Write-backs(Write-offs)
0
0
0
0
0
0
Unrealised ChangesFrom Last Reported
Value
0
0
0
0
-674,849
0
Amount
0
0
0
0
165,151
0
165,151
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 2C - INVESTMENT REVENUE
12/06/2012 02:16:39 PM
General: Offshore Insurance Fund
Description
Equity securities
Debt securities
Land and Buildings
Loans
Cash and deposits
Other invested assets
Total (1 to 6) = Row 3 of Form 2
Row No.
1
2
3
4
5
6
7
Interest / Dividend /Rental Income
0
0
0
0
901,202
0
Realised Gains(Losses) From Last
Reported Value /Write-backs(Write-offs)
0
0
0
0
0
0
Unrealised ChangesFrom Last Reported
Value
0
0
0
0
-242,090
0
Amount
0
0
0
0
659,112
0
659,112
122006
COFACE, Singapore BranchI841G
Reporting Cycle:
ANNUAL RETURN: ANNEX 2C - INVESTMENT REVENUE
12/06/2012 02:16:39 PM
General: Singapore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2D - BREAKDOWN OF OTHER INCOME
I841G COFACE, Singapore Branch
Description Row No. Amount
Monitoring/Intervention/Risk services 1 351,956
Total = Row 5 of Form 2 26 351,956
12/06/2012 02:17:07 PM
General: Offshore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2D - BREAKDOWN OF OTHER INCOME
I841G COFACE, Singapore Branch
Description Row No. Amount
Monitoring/intervention/risk services 1 173,054
Total = Row 5 of Form 2 26 173,054
12/06/2012 02:17:07 PM
General: Singapore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2F - MANAGEMENT EXPENSES
I841G COFACE, Singapore Branch
Description
Staff salaries & expenses
Office rent
Head office / parent company expenses
Directors' fees
Audit fees
Managing agent's fees
Repairs and maintenance
Public utilities
Printing, stationery and periodicals
Postage, telephone and telex charges
Computer charges
Hire of office equipment
Licence and association fees
Advertising and subscriptions
Entertainment
Travelling expenses
Row No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Amount
316,976
30,697
228,687
0
18,500
0
450
1,952
10,462
6,383
9,641
18,779
30,000
14,146
3,936
41,643
Actuarial,legal,tax and professional fee 1 16,270
Information cost 2 143,177
Recharges from regional head office 3 1,474,610
Miscellaneous expenses 4 37,135
Total = Row 9 of Form 2 27 2,403,444
12/06/2012 02:17:10 PM
General: Offshore Insurance Fund
122006Reporting Cycle:
ANNUAL RETURN: ANNEX 2F - MANAGEMENT EXPENSES
I841G COFACE, Singapore Branch
Description
Staff salaries & expenses
Office rent
Head office / parent company expenses
Directors' fees
Audit fees
Managing agent's fees
Repairs and maintenance
Public utilities
Printing, stationery and periodicals
Postage, telephone and telex charges
Computer charges
Hire of office equipment
Licence and association fees
Advertising and subscriptions
Entertainment
Travelling expenses
Row No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Amount
310,597
29,065
464,304
0
18,500
0
434
1,886
19,017
8,575
17,046
18,354
30,000
27,729
5,039
34,947
Actuarial,legal,tax and professional fee 1 24,227
Information cost 2 334,060
Recharges from regional head office 3 728,424
Miscellaneous expenses 4 43,372
Total = Row 9 of Form 2 27 2,115,576
12/06/2012 02:17:10 PM
General: Singapore Insurance Fund
ANNUAL RETURN: ANNEX 2I - BREAKDOWN OF OTHER EXPENSES
Reporting Cycle:
I841G
122006
COFACE, Singapore Branch
Description Row No. Amount
Exchange losses 1 68,745
Movement in contingency reserves 2 1,230,555
Total = Row 14 of Form 2 26 1,299,300
12/06/2012 02:17:12 PM
General: Offshore Insurance Fund
ANNUAL RETURN: ANNEX 2I - BREAKDOWN OF OTHER EXPENSES
Reporting Cycle:
I841G
122006
COFACE, Singapore Branch
Description Row No. Amount
Exchange losses 1 99,084
Movement in contingency reserves 2 2,873,125
Total = Row 14 of Form 2 26 2,972,209
12/06/2012 02:17:12 PM
I841G COFACE, Singapore Branch
Reporting Cycle: 2006 12
ANNUAL RETURN: FORM 2 - ADDITIONAL INFORMATION
NIL
12/06/2012 02:16 PM
General: Singapore Insurance Fund
COFACE, Singapore BranchI841G
122006Reporting Cycle:
ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OF GENERAL BUSINESS
Description
A. PREMIUMS
Gross premiums
Direct business
Reinsurance business accepted -
In Singapore
From other ASEAN countries
From other countries
Total (2 to 4)
Reinsurance business ceded -
In Singapore
To other ASEAN countries
To other countries
Total (6 to 8)
Net premiums written (1 + 5 - 9)
Premium liabilities at beginning of period
Premium liabilities at end of period
Premiums earned during the period (10 + 11 - 12)
B. CLAIMS
Gross claims settled
Direct business
Reinsurance business accepted -
In Singapore
From other ASEAN countries
From other countries
Total (15 to 17)
Recoveries from reinsurance business ceded -
In Singapore
To other ASEAN countries
To other countries
Total (19 to 21)
Net claims settled (14 + 18 - 22)
Claims liabilities at end of period
Claims liabilities at beginning of period
Net claims incurred (23 + 24 - 25)
C. MANAGEMENT EXPENSES
Management Expenses
D. DISTRIBUTION EXPENSES
Commissions
Reinsurance commissions
Net commissions incurred (28 - 29)
Other distribution expenses
E. UNDERWRITING RESULTS
Underwriting gain / (loss) (13 - 26 - 27 - 30 - 31)
F. NET INVESTMENT INCOME
G. OPERATING RESULT (32 + 33)
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Marine andAviation - Cargo
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Marine andAviation - Hulland Liability
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Fire
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Motor
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Work InjuryCompensation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
PersonalAccident
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Health
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Misc - PublicLiability
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Misc - Bonds
1,857,217
0
0
0
0
0
0
41,570
41,570
1,815,647
614,671
1,322,672
1,107,646
25,505
0
0
0
0
0
0
0
0
25,505
558,839
277,853
306,491
335,795
190,098
(2,889)
192,987
0
272,373
(33,758)
238,615
Misc -Engineering /
CAR / EAR
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Misc -Professional
Indemnity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Misc - Credit /Political Risk
10,483,220
146,520
0
0
146,520
0
0
2,190,761
2,190,761
8,438,979
1,614,436
2,334,098
7,719,317
286,211
0
0
0
0
0
0
141,047
141,047
145,164
8,239,207
4,693,348
3,691,023
2,067,649
1,575,853
48,319
1,527,534
0
433,111
198,909
632,020
Misc - Others
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Misc - Sub-Total
12,340,437
146,520
0
0
146,520
0
0
2,232,331
2,232,331
10,254,626
2,229,107
3,656,770
8,826,963
311,716
0
0
0
0
0
0
141,047
141,047
170,669
8,798,046
4,971,201
3,997,514
2,403,444
1,765,951
45,430
1,720,521
0
705,484
165,151
870,635
Total
12,340,437
146,520
0
0
146,520
0
0
2,232,331
2,232,331
10,254,626
2,229,107
3,656,770
8,826,963
311,716
0
0
0
0
0
0
141,047
141,047
170,669
8,798,046
4,971,201
3,997,514
2,403,444
1,765,951
45,430
1,720,521
0
705,484
165,151
870,635
12/06/2012 02:16 PM
General: Offshore Insurance Fund
COFACE, Singapore BranchI841G
122006Reporting Cycle:
ANNUAL RETURN: FORM 6 - STATEMENT OF PREMIUMS, CLAIMS AND UNDERWRITING RESULTS IN RESPECT OFGENERAL BUSINESS
Description
A. PREMIUMS
Gross premiums
Direct business
Reinsurance business accepted -
In Singapore
From other ASEAN countries
From other countries
Total (2 to 4)
Reinsurance business ceded -
In Singapore
To other ASEAN countries
To other countries
Total (6 to 8)
Net premiums written (1 + 5 - 9)
Premium liabilities at beginning of period
Premium liabilities at end of period
Premiums earned during the period (10 + 11 - 12)
B. CLAIMS
Gross claims settled
Direct business
Reinsurance business accepted -
In Singapore
From other ASEAN countries
From other countries
Total (15 to 17)
Recoveries from reinsurance business ceded -
In Singapore
To other ASEAN countries
To other countries
Total (19 to 21)
Net claims settled (14 + 18 - 22)
Claims liabilities at end of period
Claims liabilities at beginning of period
Net claims incurred (23 + 24 - 25)
C. MANAGEMENT EXPENSES
Management Expenses
D. DISTRIBUTION EXPENSES
Commissions
Reinsurance commissions
Net commissions incurred (28 - 29)
Other distribution expenses
E. UNDERWRITING RESULTS
Underwriting gain / (loss) (13 - 26 - 27 - 30 - 31)
F. NET INVESTMENT INCOME
G. OPERATING RESULT (32 + 33)
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Marine andAviation - Cargo
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Marine andAviation - Hulland Liability
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Property
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Casualty andOthers
17,162,788
0
0
7,673,932
7,673,932
0
0
894,014
894,014
23,942,706
6,468,737
7,202,294
23,209,149
6,160,750
0
523,849
0
523,849
0
0
673,167
673,167
6,011,432
15,672,442
9,199,965
12,483,909
2,115,576
8,466,616
(119,599)
8,586,215
0
23,449
659,112
682,561
Total
17,162,788
0
0
7,673,932
7,673,932
0
0
894,014
894,014
23,942,706
6,468,737
7,202,294
23,209,149
6,160,750
0
523,849
0
523,849
0
0
673,167
673,167
6,011,432
15,672,442
9,199,965
12,483,909
2,115,576
8,466,616
(119,599)
8,586,215
0
23,449
659,112
682,561
12/06/2012 02:16 PM
General: Singapore Insurance Fund
Note 2 - Particulars on reinsurances of special risks other than reinsurances of liabilitiesunder a marine and aviation policy.
NIL
Note 1 - Items in this Form may be allocated according to a reasonable basis used by theregistered insurer which is acceptable to its external auditor. The bases used shall be statedas a Note to this Form.
Basis for allocation of management expenses and net investment income to the different lines ofbusiness 1.Management expenses: All common management expenses have been allocated to the "Bonds" and "Credit/Political Risk"category under the "Miscellaneous" class of business based on the gross written premium for SIF. 2.Net investment income: Net investment income has been allocated to the "Bonds" and "Credit/Political Risk" category underthe "Miscellaneous" class of business in accordance to amount of fixed deposit interest earned on thefixed deposit placed out and the exchange differences on the cash & fixed deposit respectively underthe "Bonds" and "Credit/Political Risk" lines of business for SIF.
I841G
Reporting Cycle: 2006 12
ANNUAL RETURN: NOTES TO FORM 6
COFACE, Singapore Branch
12/06/2012 02:17 PM
General: Offshore Insurance Fund
Note 2 - Particulars on reinsurances of special risks other than reinsurances of liabilitiesunder a marine and aviation policy.
NIL
Note 1 - Items in this Form may be allocated according to a reasonable basis used by theregistered insurer which is acceptable to its external auditor. The bases used shall be statedas a Note to this Form.
Basis of allocation of management expenses and net investment income to the different lines ofbusiness 1.Management expenses All management expenses have been entirely allocated to the "Casualty & others" class of businessfor OIF. 2.Net investment income Net investment income has been entirely allocated to the "Casualty & others" class of business forOIF.
I841G
Reporting Cycle: 2006 12
ANNUAL RETURN: NOTES TO FORM 6
COFACE, Singapore Branch
12/06/2012 02:17 PM
ANNUAL RETURN: FORM 6 - ADDITIONAL INFORMATION
122006Reporting Cycle:
COFACE, Singapore BranchI841G
NIL
12/06/2012 02:16 PM
ANNUAL RETURN: FORM 7 - STATEMENT IN RESPECT OF ACCIDENT AND HEALTH BENEFITS
Reporting Cycle: 2006 12COFACE, Singapore BranchI841G
Description
A. PREMIUMS
Gross premiums
Reinsurance ceded
Net premiums written (1 - 2)
Premium liabilities at beginning of period
Premium liabilities at end of period
Premium earned during the period (3 + 4 - 5)
B. CLAIMS
Gross claims settled
Reinsurance recoveries
Net claims settled (7 - 8)
Claim liabilities at end of period
Claim liabilities at beginning of period
Net claims incurred (9 + 10 - 11)
C. MANAGEMENT EXPENSES
Management expenses
D. DISTRIBUTION EXPENSES
Commissions
Reinsurance commissions
Net commissions incurred (14 - 15)
Other distribution expenses
E. UNDERWRITING RESULTS (6 - 12 - 13 - 16 - 17)
F. NET INVESTMENT INCOME
G. OPERATING RESULTS (18 + 19)
H. OTHERS
Number of policies in force
Number of lives covered under policies in force
Number of claims registered
RowNo.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Medical Expense
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Medical Expense
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Critical Illness
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Critical Illness
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Disability
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Disability
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Personal Accident
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Personal Accident
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Hospital Cash
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Hospital Cash
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
Individual
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
Group
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Form 7 (b) - Accident and Health Insurance (Short-term)
ANNUAL RETURN: NOTES TO FORM 7(b)
122006Reporting Cycle:
COFACE, Singapore BranchI841G
Note 1 - Items in this Form may be allocated according to a reasonable basis used by theregistered insurer. The bases used shall be stated as a Note to this Form.
Nil
12/06/2012 02:17 PM
ANNUAL RETURN: FORM 7(b) - ADDITIONAL INFORMATION
122006Reporting Cycle:
COFACE, Singapore BranchI841G
NIL
12/06/2012 02:17 PM
ANNUAL RETURN: FORM 10 - STATEMENT OF FINANCIAL POSITION IN RESPECT OF GLOBALBUSINESS OPERATIONS AS AT 31/12/2006
12Reporting Cycle: 2006
COFACE, Singapore BranchI841G
Description
Life Business
1. Policy liabilities
General Business
1. Net premiums written
2. Premium liabilities
3. Claim liabilities
Shareholders fund
1. Paid-up capital
2. Unappropriated profits (losses)
3. Reserves - Capital
General
Others*
Total (5 to 9)
Row No.
1
2
3
4
5
6
7
8
9
10
Amount
'000 (in foreign currency)
EURO DOLLAR
0
329,951
56,520
238,342
69,795
40,706
0
0
482,271
592,772
12/06/2012 02:17 PM
ANNUAL RETURN: NOTES TO FORM 10
12Reporting Cycle: 2006
Note 1 - Breakdown of "Others" Row No. Amount
Capitalisation Reserve Form10 Note1 - Breakdown of "Others"3 2,265
Construction Gains Reserve Form10 Note1 - Breakdown of "Others"4 488
Contingency Reserve Form10 Note1 - Breakdown of "Others"7 234,278
Crisis Reserve Form10 Note1 - Breakdown of "Others"2 56,511
Investment Reserve Form10 Note1 - Breakdown of "Others"6 2,399
Reserve for Reinvested Capital GainsForm10 Note1 - Breakdown of "Others"5 144
Share Premium Form10 Note1 - Breakdown of "Others"1 186,186
COFACE, Singapore BranchI841G
12/06/2012 02:17 PM
ANNUAL RETURN: FORM 10 - ADDITIONAL INFORMATION
122006Reporting Cycle:
NIL
COFACE, Singapore BranchI841G
12/06/2012 02:17 PM
COFACE, Singapore BranchI841G
122006Reporting Cycle:
ANNUAL RETURN: FORM 20 - ACTUARY'S CERTIFICATE ON POLICY LIABILITIES INRESPECT OF GENERAL BUSINESS
ACTUARIAL INVESTIGATION OF POLICY LIABILITIES
Description
Premium Liabilities
Claim Liabilities
Policy Liabilities
Singapore Insurance Fund
3,621,335
6,558,550
10,179,885
Offshore Insurance Fund
7,202,293
15,391,107
22,593,400
I have conducted an investigation into the valuation of policy liabilities relating to general businessas required under section 37 of the Insurance Act and confirm that the valuation is in accordance withall applicable requirements stipulated under the Act and directions issued under the Act, subject tothe qualifications stated below*. I certify these amounts, net of reinsurance, as follows:
*Qualifications (if none, state "none"):
None
12/06/2012 02:17:30 PM
COFACE, Singapore Branch
ANNUAL RETURN: FORM 20 - ADDITIONAL INFORMATION
122006Reporting Cycle:
NIL
I841G
12/06/2012 02:17 PM
ANNUAL RETURN: FORM 21 - STATEMENT IN RELATION TO FUND SOLVENCY REQUIREMENT OFINSURANCE FUND
Reporting Cycle:
Description
(i) Financial Resources of Insurance Fund
Balance in the surplus account (of participating fund)
Add:
Allowance for provision for non-guaranteed benefits
(of participating fund): (lower of 3 or 4)
Policy liabilities - minimum condition liability
50% of aggregate of provisions for non-guaranteed benefits and PAD
Surplus of insurance fund (of any other insurance fund)
Less:
Reinsurance adjustment
Financial resource adjustment: (8 to 12)
(a) loans to, guarantees granted for, and other
unsecured amounts owed to the registered insurer
(b) charged assets
(c) deferred tax assets
(d) intangible assets
(e) other financial resource adjustments
Financial Resources of Insurance Fund
(1 + 2 + 5 - 6 - 7)
(ii) Total Risk Requirement of Insurance Fund
A. Component 1 Requirement - Insurance Risks
Life Insurance Risk Requirement
(for participating fund): (15 + 18)
(a) Policy Liability Risk Requirement:
(zero or 16 - 17, whichever is higher)
Modified minimum condition liability
Minimum condition liability
(b) Surrender Value Condition Risk Requirement:
(zero or 19 - 20, whichever is higher)
Aggregate of surrender values of policies of the insurance fund
Higher of 21 or 22:
Sum of total risk requirement and minimum condition
liability of the insurance fund
Policy liabilities of the insurance fund
Life Insurance Risk Requirement
(other than participating fund) (24 + 27)
(a) Policy Liability Risk Requirement:
(zero or 25 - 26, whichever is higher)
Modified policy liabilities
Policy Liabilities
(b) Surrender Value Condition Risk Requirement:
(zero or 28 - 29, whichever is higher)
Aggregate of surrender values of policies of the insurance fund
Sum of total risk requirement and policy liabilities of the insurance fund
General Insurance Risk Requirement
(for general business): (31 to 32)
(a) Premium liability risk requirement
Row No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
12/06/2012 02:16:23 PM
(b) Claim liability risk requirement
Total C1 Requirement (14 + 23 + 30)
B. Component 2 Requirement - Investment Risks and Risks arising
from Interest Rate Sensitivity and Foreign Currency Mismatch
between Asset and Liabilities
Equity Investment Risk Requirement (35 to 36)
(a) Specific Risk Requirement
(b) General Risk Requirement
Debt Investment and Duration Mismatch Risk Requirement:
(38 or 43, whichever is higher)
(a) Sum of: (39 + 42)
Debt investment risk requirement in an increasing interest rate
environment (40 to 41)
Debt specific risk requirement
Debt general risk requirement
Liability adjustment requirement in an increasing interest rate environment
(b) Sum of: (44 + 47)
Debt investment risk requirement in a decreasing interest rate
environment (45 to 46)
Debt specific risk requirement
Negative of debt general risk requirement
Liability adjustment requirement in a decreasing interest rate environment
Loan Investment Risk Requirement
Property Risk Requirement
Foreign Currency Mismatch Risk Requirement (for Singapore Insurance Fund)
Derivative Counterparty Risk Requirement
Miscellaneous Risk Requirement
Total C2 Requirement (34 + 37 + 48 + 49 + 50 + 51 + 52)
C. Component 3 Requirement - Concentration Risks Counterparty Exposure Equity Securities Exposure Unsecured Loans Exposure Property Exposure Foreign Currency Risk Exposure Exposure to assets in miscellaneous risk requirements
Exposure to non-liquid assets with Singapore Insurance Fund
(for general business)
Total C3 Requirement (54 to 60)
Total Risk Requirement of Insurance Fund (33 + 53 +61)
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
545556575859
60
61
62
12/06/2012 02:16:23 PM
Reporting Cycle:
ANNUAL RETURN: FORM 21 - ADDITIONAL INFORMATION
12/06/2012 02:16:23 PM
FORM 23 - STATEMENT IN RELATION TO CAPITAL ADEQUACY REQUIREMENT OF REGISTERED INSURER
ANNUAL RETURN
Reporting Cycle:
Description
(i) Financial Resources of Registered Insurer
A. Tier 1 Resource
Aggregate of surpluses of all insurance funds other than a participating fund
Balances in the surplus account of each participating fund
Paid-up ordinary share capital
Unappropriated profits (losses)
Surpluses of Overseas Branch Operations
Irredeemable and non-cumulative preference shares
Any other capital instrument approved by the Authority as a Tier 1 resource
Less:
Reinsurance adjustment
Financial resource adjustment: (10 to 14)
(a) loans to, guarantees granted for and other unsecured amounts owed to
the registered insurer
(b) charged assets
(c) deferred tax assets
(d) intangible assets
(e) other financial resource adjustments
Total Tier 1 Resource (1 to 7 less 8 to 9)
B. Tier 2 Resource
Irredeemable and non-cumulative preference shares not recognised
as Tier 1 resource
Irredeemable and non-cumulative preference shares
Other Tier 2 resource
Total Tier 2 Resource (16 to 18)
C. Aggregate of allowance for provisions for non-guaranteed benefits
of participating funds
Financial Resources of Registered Insurer (higher of $5m or 15 + 19 +20)
(ii) Total Risk Requirement of Registered Insurer
(a) Total risk requirements of insurance funds established or maintained
under the Act
(b) Total risk requirements of assets and liabilities that do not belong to any
insurance fund established and maintained under the Act
Total Risk Requirement of Registered Insurer (22 to 23)
CAPITAL ADEQUACY RATIO (21/24)
Row No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
12/06/2012 02:16:32 PM
Reporting Cycle:
ANNUAL RETURN: FORM 23 - ADDITIONAL INFORMATION
12/06/2012 02:16:32 PM