Division 1 — General restriction on insurers
Division 2 — Licensed insurers
Miscellaneous requirements as to conduct of business
Division 1 — General provisions relating to insurance intermediaries
Division 2 — Conduct of insurance broking business
Division 1 Returns
Division 2 Inspections and Investigations
Division 3 Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
Division 1 Voluntary transfer of business
Division 2 Compulsory transfer of business
Division 3 Compulsory transfer of shares
Division 4 Power to restructure capital
Division 5 Winding up
Division 6 Miscellaneous
Division 1 — Administration and enforcement
Division 2 — Miscellaneous amendments of law
Division 3 — Supplementary
| Insurance Act |
| (CHAPTER 142) |
(Original Enactment: Act 46 of 1966)
| [1st January 1967] |
| 14. [Repealed by Act 16/2011 wef 01/05/2011] |
| 14A. [Repealed by Act 11 of 2013 wef 18/04/2013] |
| 15. [Repealed by Act 11 of 2013 wef 18/04/2013] |
| Register of policies |
| Establishment of insurance funds and allocation of surplus |
17.—(1) Every licensed insurer shall establish and maintain a separate insurance fund —
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| Fund solvency requirements and capital adequacy requirements |
18.—(1) Every licensed insurer shall satisfy —
[23/2003 wef 23/08/2004] [Act 11 of 2013 wef 18/04/2013]
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| Form, investment and situation of assets |
19. The Authority may prescribe or specify in directions, either generally or in such circumstances and to such extent as may be prescribed or specified —
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| Requirements as to documents evidencing title to assets of insurance funds |
| 20.—(1) Where an insurer has established an insurance fund under this Act, the insurer shall secure that any document evidencing the insurer’s title to assets of the fund, so long as the document is held by or on behalf of the insurer, shall be kept in Singapore or, if not so kept, shall be kept in the custody of a person in accordance with such directions as may be issued by the Authority. [11/86; 41/2001]
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| Maintenance of assets by licensed insurers |
21.—(1) The Authority may, from time to time, by notice in writing to any licensed insurer, or any class of licensed insurers, direct the insurer or class of insurers, as the case may be, each to maintain and hold such minimum amount or amounts of assets in Singapore as may be specified in the notice for the purpose of meeting its liabilities.
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| Custody of assets of licensed insurers |
| 22.—(1) The Authority may, in the case of a licensed insurer on which a requirement has been imposed under section 21, impose an additional requirement that the whole or a specified proportion of the assets to which the requirement under that section applies shall be held by a person approved by the Authority for the purposes of the requirement under this section as trustee for the insurer. [11/86] [Act 11 of 2013 wef 18/04/2013]
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