Insurance Act(CHAPTER 142)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
1A Interpretation
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 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
34 (Repealed)
35 Saving for validity of policies
Part IIA FOREIGN INSURER SCHEMES
35A Interpretation of this Part
35B Establishment of foreign insurer schemes
35C Appointment of administrator of foreign insurer scheme
35D Carrying on of insurance business by foreign insurer under foreign insurer scheme
35E Non-application of Business Registration Act and Companies Act
35F Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme
35G Appointment of agent for foreign insurer scheme
35H Right of hearing and appeal
35I Effect of prohibition on carrying on insurance business
35J Effect of revocation of appointment of administrator
35K Holding out as foreign insurer or as agent of foreign insurer
35L Regulations
Part IIB INSURANCE INTERMEDIARIES
General
35M Insurance agent to operate under written agreement
35N Application of sections 35O to 35R and 35T,35U and 35V
35O Effect of payment to insurance intermediary
35P Disclosureby insurance intermediary
35Q Effect of payment to group policy owner and liability of insurer under group policy
35R Representation by insurance intermediary
35S Insurance agent to act only for insurers entitled to carry on business in Singapore
35T Control of written communication used by insurance intermediary
35U Obligation to furnish information to Authority
35V Authority may prohibit person from carrying on business as insurance intermediary
Conduct of Insurance Broking Business
35W Insurance broker not to carry on business unless registered
35X Registration of insurance brokers
35Y Registration requirements
35Z Conditions of registration
35ZA Annual fees
35ZB Cancellation of registration
35ZC Duty to maintain net asset value
35ZD Insurance broking premium accounts
35ZE Negotiation and placement of risk with unregistered insurer
35ZF Permission to negotiate and place risk with unregistered insurer
35ZG Negotiation and placement of risk with foreign insurer
35ZH Restriction as to receipt and payment of remuneration
35ZI Control of take-over of insurance broker
35ZJ Approval or removal of chief executive officer and director of insurance broker
35ZK Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker
35ZL Holding out as registered insurance broker
35ZM Use of words "insurance broking"
35ZN Exempt insurance brokers
35ZO Registers maintained by Authority
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 insurance 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 by Authority
40A Investigation by Authority
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 IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
49A Interpretation of this Part
49B Conditions for provision of assistance
49C Other factors to consider for provision of assistance
49D Assistance that may be rendered
49E Offences under this Part
49F Immunities
Part IIIB APPEALS
49G Appeals to Minister
49H Appeal Advisory Committees
49I Disclosure of information
49J Regulations for purposes of this Part
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 notice, etc.
55 General provisions as to offences
55A Penalties for bodies corporate
56 Jurisdiction of court
56A Extra-territoriality of Act
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 accidentclaims 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 Saving provisions
Legislative History
Comparative Table