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 Examination of persons suspected of carrying on insurance business
Registration of Singapore insurers
7 Registration by Authority
8 Requirements before registration
9 Conditions of registration
10 Annual fees
11 Cancellation of registration
12 Effects of cancellation of registration
Deposits, registers of policies and insurance funds
13 Deposits
14 Bank covenants in lieu of deposits
15 Register of policies
16 Establishment of insurance funds and allocation of surplus
17 Margins of solvency
18 Form, investment and situation of assets
19 Requirements as to documents evidencing title to assets of insurance funds
20 Maintenance of assets in Singapore
21 Custody of assets
Miscellaneous requirements as to conduct of business
22 Payment in Singapore currency of policy moneys under life policies
23 Regulation of premiums under life policies
24 Control of form of proposals, policies and brochures
25 Requirements as to prospectuses and statements of capital
26 Control of take-overs of insurers incorporated in Singapore
27 Arrangements affecting control of an insurer incorporated in Singapore
28 Control of substantial shareholdings of insurers incorporated in Singapore
29 Power of the Authority to require an insurer incorporated in Singapore to obtain information as to beneficial interests in shares of the insurer
30 Approval of directors and principal officers of insurers
31 General obligation to furnish information
Subsidiary
32 Insurance agents and brokers
33 Authority may prohibit insurance agents and brokers from carrying on business
34 Provision for members of associations of underwriters to carry on general business
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 Exemption
52 Annual reports
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.
61A No insurance to be made unless insurer has interest and no policy without inserting names. Cf. 14 George III c.48 (Life Assurance Act 1774)
61B No action for accidental fire. (Fire Prevention (Metropolis) Act 1774, s.86)
Supplementary
62 Regulations
63 Accounting periods of insurers
64 Miscellaneous definitions
FIRST SCHEDULE Definition of insurance terms
SECOND SCHEDULE Deposits by associations of underwriters
Legislative History