Insurance Act(CHAPTER 142)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Classification of insurance business and construction of references to matters connected with insurance
Part II CONDUCT OF INSURANCE BUSINESS
General restriction on insurers
3 No person to carry on insurance business unless registered by Authority
4 Holding out as registered insurer
5 Use of word "insurance"
6 Prohibition relating to solicitation of insurance business and establishment of place of business or representative office
7 Examination of persons suspected of carrying on insurance business
Registration of Singapore insurers
8 Registration by Authority
9 Requirements before registration
10 Conditions of registration
11 Annual fees
12 Cancellation of registration
13 Effects of cancellation of registration
Deposits, registers of policies and insurance funds
14 Deposits
15 Bank covenants in lieu of deposits
16 Register of policies
17 Establishment of insurance funds and allocation of surplus
18 Margins of solvency
19 Form, investment and situation of assets
20 Requirements as to documents evidencing title to assets of insurance funds
21 Maintenance of assets in Singapore
22 Custody of assets
Miscellaneous requirements as to conduct of business
23 Payment in Singapore currency of policy moneys under life policies
24 Regulation of premiums under life policies
25 Control of form of proposals, policies and brochures
26 Requirements as to prospectuses and statements of capital
27 Control of take-overs of insurers incorporated in Singapore
28 Arrangements affecting control of insurers incorporated in Singapore
29 Control of substantial shareholdings of insurers incorporated in Singapore
30 Power of Authority to require an insurer incorporated in Singapore to obtain information as to beneficial interests in shares of insurer
31 Approval of directors and principal officers of insurers
32 Restriction on granting of unsecured loans or advances to directors and employees of insurers
33 General obligation to furnish information
Subsidiary
34 Carrying on of general business by Lloyd’s underwriters
35 Saving for validity of policies
Part III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Returns
36 Annual account and audit
37 Actuarial investigations and reports as to life business
38 Power to require returns under section 36 or 37 to be rectified
39 Additional provisions as to returns under section 36 or 37
Inspections and Investigations
40 Inspection and investigation of affairs of insurer
41 Powers of Authority to issue directions
Winding up
42 General provisions as to winding up
43 Special provision for insurers directed to cease insurance business
44 Co-operative societies doing insurance business
45 Priority of claim of policy owners
46 Policy Owners’ Protection Fund
Transfers of business
47 Schemes for transfer of business
48 Confirmation of schemes
49 Documents to be filed when scheme confirmed
Part IV MISCELLANEOUS AND GENERAL
Administration and enforcement
50 Appointment of assistants
51 Immunity from suit of Authority and its employees, etc.
52 Exemption
53 Statistics
54 Service of notices
55 General provisions as to offences
56 Jurisdiction of Courts
Miscellaneous amendments of law
57 Insurable interest required for life insurances
58 Capacity of infant to insure
59 Life policy moneys to be paid without deduction
60 Life policies (surrenders, non-payment of premiums, paid-up policies)
61 Payment of life policy and personal accident claims without probate, etc.
62 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)
63 No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86)
Supplementary
64 Regulations
65 Miscellaneous definitions
Legislative History
Comparative Table