Cap. 403 Art. 14Own funds of authorised insurance and reinsurance undertakings..

(1) The own funds of an authorised insurance and reinsurance undertaking shall comprise the sum of basic own funds and ancillary own funds.

(2) The amounts of ancillary own fund items to be taken into account when determining own funds shall be subject to the prior written approval of the competent authority.

(3) The competent authority shall issue Insurance Rules to determine the items making up the basic own funds and ancillary own funds, determine what constitutes surplus funds, provide for the classification of own funds into tiers and the eligibility of the own funds, and any other matter relating thereto.