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Insurance Act

(CHAPTER 142)

Status:

Not current version
(effective from 01 May 2011 to 17 Apr 2013)

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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 or authorised by Authority

4 Holding out as registered insurer or authorised reinsurer

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 and authorisation of insurers

8 Registration by Authority

8A Authorisation by Authority

9 Requirements before registration

10 Conditions of registration or authorisation

11 Annual fees

12 Cancellation of registration

12A Withdrawal of authorisation

13 Effects of cancellation of registration and withdrawal of authorisation

Deposits, registers of policies and insurance funds

14 (Repealed)

14A Deposits by authorised reinsurers

15 Bank covenants in lieu of deposits

16 Register of policies

17 Establishment of insurance funds and allocation of surplus

18 Fund solvency requirements and capital adequacy requirements

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 and long-term accident and health 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, 35TA, 35U and 35V

35O Effect of payment to insurance intermediary

35P Pre-contract disclosure by 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

35TA Business conduct of insurance intermediaries

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

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 Action by Authority if relevant person unable to meet obligations, etc.

41A Effect of assumption of control under section 41

41B Duration of control

41C Responsibilities of officers, member, etc., of registered insurer

41D Remuneration and expenses of Authority and others in certain cases

41E Moratorium

41F Interpretation of sections 41 to 41E

42 (Repealed)

43 (Repealed)

44 (Repealed)

45 (Repealed)

46 (Repealed)

47 (Repealed)

48 (Repealed)

49 (Repealed)

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 IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF REGISTERED INSURER AND WINDING UP

Division 1 — Voluntary scheme for transfer of business

49FA Interpretation of this Division

49FB Voluntary scheme for transfer of business

49FC Confirmation of schemes

49FD Documents to be filed when scheme confirmed

Division 2 — Compulsory transfer of business

49FE Interpretation of this Division

49FF Compulsory transfer of business

49FG Certificate of transfer

49FH Moratorium, avoidance of disposition of property, etc.

Division 3 — Compulsory transfer of shares

49FI Interpretation of this Division

49FJ Compulsory transfer of shares

49FK Certificate of transfer

Division 4 — Power to restructure capital

49FL Interpretation of this Division

49FM Compulsory restructure of capital

49FN Certificate of restructuring

Division 5 — Winding up

49FO General provisions as to winding up

49FP Special provision for insurers directed to cease insurance business

49FQ Co-operative societies doing insurance business

49FR Priority of claims of policy owners and specified liabilities

Division 6 — Miscellaneous

49FS Modification of law of insolvency

49FT Power to obtain information under this Part

49FU Cessation of moratorium, etc., under this Part

49FV Recovery of fees, expenses, etc.

49FW Regulations for this Part

Part IIIB APPEALS

49G Appeals to Minister

49H Appeal Advisory Committees

49I Disclosure of information

49J Regulations for purposes of this Part

Part IIIC NOMINATION OF BENEFICIARIES

49K Interpretation of this Part

49L Trust nomination

49M Revocable nomination

49N Register of nominees

49O Relevant policies issued by co-operative society

49P Regulations for purposes of this Part

Part IV MISCELLANEOUS AND GENERAL

Administration and enforcement

50 Appointment of assistants

51 (Repealed)

52 Exemption

53 Statistics

54 Service of notice, etc.

55 General provisions as to offences

55A Penalties for corporations

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 living benefits or death benefits under life policy or accident and health policy, 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

63A Amendment of Schedules

64 Regulations

65 Saving provisions

FIRST SCHEDULE Definition of Insurance Terms

SECOND SCHEDULE Specified Provisions

Legislative History

Comparative Table

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Table Of Contents

Insurance Act

Status:

Not current version
(effective from 01 May 2011 to 17 Apr 2013)

Please check the legislation timeline to ensure that you are viewing the correct legislation version. See also FAQ B3.

Subsidiary Legislation
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Timeline

Document
Provision

Versions

or

find current version as at

28 Apr 2023

Amended by
Act 18 of 2022
01 Nov 2022

Amended by
Act 31 of 2022
01 Apr 2022

Amended by
Act 25 of 2021
13 Jan 2022

Amended by
S 26/2022
31 Dec 2021

2020 RevEd
01 Jul 2021

Amended by
Act 1 of 2020
02 Jan 2021

Amended by
Act 40 of 2019
30 Jul 2020

Amended by
Act 40 of 2018
28 Jan 2020

Amended by
Act 2 of 2019
01 Apr 2019

Amended by
Act 31 of 2018
29 Oct 2018

Amended by
Act 31 of 2017
08 Oct 2018

Amended by
Act 4 of 2017
05 Jun 2018

Amended by
Act 31 of 2017
01 Jan 2017

Amended by
Act 26 of 2016
03 Jan 2016

Amended by
Act 29 of 2014
01 Jan 2016

Amended by
Act 19 of 2015
01 Jul 2015

Amended by
Act 35 of 2014
01 Jan 2014

Amended by
Act 11 of 2013
18 Apr 2013

Amended by
Act 11 of 2013
01 May 2011

Amended by
Act 16 of 2011
01 Jan 2011

Amended by
S 184/2010
30 Mar 2010

Amended by
S 184/2010
01 Sep 2009

Amended by
Act 3 of 2009
31 Mar 2009

Amended by
S 130/2009
01 Mar 2009

Amended by
Act 3 of 2009
01 Apr 2008

Amended by
Act 5 of 2008
01 Apr 2006

Amended by
Act 42 of 2005
30 Jan 2006

Amended by
Act 21 of 2005
11 Apr 2005

Amended by
Act 5 of 2005
23 Aug 2004

Amended by
Act 23 of 2003
01 Jan 2004

Amended by
Act 24 of 2003
01 Jan 2004

Amended by
Act 23 of 2003
31 Dec 2002

2002 RevEd
01 Oct 2002

Amended by
Act 41 of 2001
08 Jan 2002

Amended by
Act 41 of 2001
01 Jul 2000

2000 RevEd
31 Dec 1999

Amended by
Act 30 of 1999
13 Sep 1999

Amended by
Act 25 of 1999
15 Aug 1995

Amended by
Act 21 of 1995
15 Jul 1994

1994 RevEd
31 Dec 1993

Amended by
Act 32 of 1993
12 Nov 1993

Amended by
Act 35 of 1993
30 Mar 1987

1985 RevEd

Table of Contents

Insurance Act
(CHAPTER 142) Long Title Part I PRELIMINARY

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 or authorised by Authority

4 Holding out as registered insurer or authorised reinsurer

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 and authorisation of insurers

8 Registration by Authority

8A Authorisation by Authority

9 Requirements before registration

10 Conditions of registration or authorisation

12 Cancellation of registration

12A Withdrawal of authorisation

13 Effects of cancellation of registration and withdrawal of authorisation

Deposits, registers of policies and insurance funds

14A Deposits by authorised reinsurers

15 Bank covenants in lieu of deposits

16 Register of policies

17 Establishment of insurance funds and allocation of surplus

18 Fund solvency requirements and capital adequacy requirements

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 and long-term accident and health 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

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, 35TA, 35U and 35V

35O Effect of payment to insurance intermediary

35P Pre-contract disclosure by 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

35TA Business conduct of insurance intermediaries

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 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 Action by Authority if relevant person unable to meet obligations, etc.

41A Effect of assumption of control under section 41

41B Duration of control

41C Responsibilities of officers, member, etc., of registered insurer

41D Remuneration and expenses of Authority and others in certain cases

41F Interpretation of sections 41 to 41E

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

Part IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF REGISTERED INSURER AND WINDING UP Division 1 — Voluntary scheme for transfer of business

49FA Interpretation of this Division

49FB Voluntary scheme for transfer of business

49FC Confirmation of schemes

49FD Documents to be filed when scheme confirmed

Division 2 — Compulsory transfer of business

49FE Interpretation of this Division

49FF Compulsory transfer of business

49FG Certificate of transfer

49FH Moratorium, avoidance of disposition of property, etc.

Division 3 — Compulsory transfer of shares

49FI Interpretation of this Division

49FJ Compulsory transfer of shares

49FK Certificate of transfer

Division 4 — Power to restructure capital

49FL Interpretation of this Division

49FM Compulsory restructure of capital

49FN Certificate of restructuring

Division 5 — Winding up

49FO General provisions as to winding up

49FP Special provision for insurers directed to cease insurance business

49FQ Co-operative societies doing insurance business

49FR Priority of claims of policy owners and specified liabilities

Division 6 — Miscellaneous

49FS Modification of law of insolvency

49FT Power to obtain information under this Part

49FU Cessation of moratorium, etc., under this Part

49FV Recovery of fees, expenses, etc.

49FW Regulations for this Part

Part IIIB APPEALS

49G Appeals to Minister

49H Appeal Advisory Committees

49I Disclosure of information

49J Regulations for purposes of this Part

Part IIIC NOMINATION OF BENEFICIARIES

49K Interpretation of this Part

49L Trust nomination

49M Revocable nomination

49N Register of nominees

49O Relevant policies issued by co-operative society

49P Regulations for purposes of this Part

Part IV MISCELLANEOUS AND GENERAL Administration and enforcement

50 Appointment of assistants

54 Service of notice, etc.

55 General provisions as to offences

55A Penalties for corporations

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 living benefits or death benefits under life policy or accident and health policy, 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

63A Amendment of Schedules

65 Saving provisions

FIRST SCHEDULE Definition of Insurance Terms SECOND SCHEDULE Specified Provisions Legislative History Comparative Table

Insurance Act

Status:

Not current version (effective from 01 May 2011 to 17 Apr 2013)

Timeline
Subsidiary Legislation
Amendment Annotation

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Actions
- View Current Version
- Amendments RSS Feed

Document
Provision

30 Mar 1987

1985 RevEd
12 Nov 1993

Amended by
Act 35 of 1993
31 Dec 1993

Amended by
Act 32 of 1993
15 Jul 1994

1994 RevEd
15 Aug 1995

Amended by
Act 21 of 1995
13 Sep 1999

Amended by
Act 25 of 1999
31 Dec 1999

Amended by
Act 30 of 1999
01 Jul 2000

2000 RevEd
08 Jan 2002

Amended by
Act 41 of 2001
01 Oct 2002

Amended by
Act 41 of 2001
31 Dec 2002

2002 RevEd
01 Jan 2004

Amended by
Act 23 of 2003
01 Jan 2004

Amended by
Act 24 of 2003
23 Aug 2004

Amended by
Act 23 of 2003
11 Apr 2005

Amended by
Act 5 of 2005
30 Jan 2006

Amended by
Act 21 of 2005
01 Apr 2006

Amended by
Act 42 of 2005
01 Apr 2008

Amended by
Act 5 of 2008
01 Mar 2009

Amended by
Act 3 of 2009
31 Mar 2009

Amended by
S 130/2009
01 Sep 2009

Amended by
Act 3 of 2009
30 Mar 2010

Amended by
S 184/2010
01 Jan 2011

Amended by
S 184/2010
01 May 2011

Amended by
Act 16 of 2011
18 Apr 2013

Amended by
Act 11 of 2013
01 Jan 2014

Amended by
Act 11 of 2013
01 Jul 2015

Amended by
Act 35 of 2014
01 Jan 2016

Amended by
Act 19 of 2015
03 Jan 2016

Amended by
Act 29 of 2014
01 Jan 2017

Amended by
Act 26 of 2016
05 Jun 2018

Amended by
Act 31 of 2017
08 Oct 2018

Amended by
Act 4 of 2017
29 Oct 2018

Amended by
Act 31 of 2017
01 Apr 2019

Amended by
Act 31 of 2018
28 Jan 2020

Amended by
Act 2 of 2019
30 Jul 2020

Amended by
Act 40 of 2018
02 Jan 2021

Amended by
Act 40 of 2019
01 Jul 2021

Amended by
Act 1 of 2020
31 Dec 2021

2020 RevEd
13 Jan 2022

Amended by
S 26/2022
01 Apr 2022

Amended by
Act 25 of 2021
01 Nov 2022

Amended by
Act 31 of 2022
28 Apr 2023

Amended by
Act 18 of 2022

Versions

or find current version as at

Search within Legislation

Search Results

SECOND SCHEDULE

Section 50(1A)

Specified Provisions

(1)	Section 11(3)
(2)	Section 35ZA(3)
(3)	Section 52(2). [23/2003 wef 01/01/2004]

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