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Formal Consolidation |  2002 RevEd
Interpretation
1A.  In this Act, unless the context otherwise requires —
“accounting period”, relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority.
“actuary” means a Fellow of any prescribed institute;
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);
“captive insurer” means an insurer whose registration is restricted to the carrying on of business which consists principally of risks of its related companies, and includes a rent-a-captive insurer;
“direct general insurance broker” means a person who is for the time being registered under section 35X in respect of general business but not any reinsurance business;
“direct insurer” means any insurer other than a reinsurer or a captive insurer;
“director” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“directions” includes notices and circulars;
“exempt financial adviser” has the same meaning as in the Financial Advisers Act (Cap. 110);
“financial year” has the same meaning as in section 4(1) of the Companies Act;
“general reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to general business;
“insurance agent” means a person who is or has been carrying on insurance business in Singapore as an agent for one or more insurers and includes an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme under Part IIA.
“insurance broker” means a person who is or has been carrying on insurance business in Singapore as an agent for insureds or intending insureds in respect of insurance policies relating to general business or in respect of reinsurance of liabilities under insurance policies relating to life business;
“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore;
“insured” includes reinsured and “insurer” includes reinsurer;
“licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act;
“life reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to life business;
“registered insurance broker” means an insurance broker who is for the time being registered under section 35X;
“reinsurer” means an insurer whose registration is restricted to the carrying on of reinsurance business;
“representative”, in relation to a licensed financial adviser or exempt financial adviser, has the same meaning as in the Financial Advisers Act (Cap. 110);
“registered insurer” means an insurer which is for the time being registered under section 8;
“statutory balance-sheet” and “statutory valuation” mean respectively a balance-sheet lodged with the Authority in order to comply with section 36(1), and a valuation of which the results are shown in a valuation balance-sheet lodged with it on an actuarial investigation made in order to comply with section 37(1).
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Informal Consolidation | Amended Act 24 of 2003
Interpretation
1A.  In this Act, unless the context otherwise requires —
“accounting period”, relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority.
“actuary” means a Fellow of any prescribed professional body or institute;
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);
“authorised reinsurer” means an insurer which is for the time being authorised under section 8A;
[23/2003 wef 01/01/2004]
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);
“captive insurer” means an insurer whose registration is restricted to the carrying on of business which consists principally of risks of its related corporations, and includes a rent-a-captive insurer;
“company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
[23/2003 wef 01/01/2004]
“corporation” has the same meaning as in section 4(1) of the Companies Act;
[23/2003 wef 01/01/2004]
“direct insurance broker” means a person who is for the time being registered under section 35X in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business;
[23/2003 wef 01/01/2004]
“direct insurer” means any insurer other than a reinsurer , an authorised reinsurer or a captive insurer;
“director” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“directions” includes directives and notices;
[23/2003 wef 01/01/2004]
“exempt financial adviser” has the same meaning as in the Financial Advisers Act (Cap. 110);
“financial advisory service” has the same meaning as in section 2(1) of the Financial Advisers Act;
[23/2003 wef 01/01/2004]
“financial year” has the same meaning as in section 4(1) of the Companies Act;
“general reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to general business;
“insurance agent” means a person who is or has been carrying on insurance business in Singapore as an agent for one or more insurers and includes an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme under Part IIA.
“insurance broker” means a person who is or has been carrying on insurance business in Singapore as an agent for insureds or intending insureds in respect of —
(a)insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business; or
(b)reinsurance of liabilities under insurance policies relating to —
(i)life business; or
(ii)general business;
[23/2003 wef 01/01/2004]
“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore;
“insured” includes reinsured and “insurer” includes reinsurer;
“licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act;
“life reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to life business;
“registered insurance broker” means an insurance broker who is for the time being registered under section 35X;
“reinsurer” means an insurer whose registration is restricted to the carrying on of reinsurance business;
“related corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
[23/2003 wef 01/01/2004]
“representative”, in relation to a licensed financial adviser or exempt financial adviser, has the same meaning as in the Financial Advisers Act (Cap. 110);
“registered insurer” means an insurer which is for the time being registered under section 8;
“statutory balance-sheet” and “statutory valuation” mean respectively a balance-sheet lodged with the Authority in order to comply with section 36(1), and a valuation of which the results are shown in a valuation balance-sheet lodged with it on an actuarial investigation made in order to comply with section 37(1).
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