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
Division 1 — General restriction on insurers
3 No person to carry on insurance business unless licensed or authorised by Authority
4 Holding out as licensed insurer or authorised reinsurer
5 Use of word "insurance"
5A Restrictions on co-branding
6 Prohibition relating to solicitation of insurance business
6A Registration of representative office
7 Examination of persons suspected of carrying on insurance business
Division 2 — Licensed insurers
8 Licensing of insurers
8A (Repealed)
9 (Repealed)
10 (Repealed)
11 Annual fees of licensed insurers
12 Cancellation of licence
12A (Repealed)
13 Effects of cancellation of licence
14 (Repealed)
14A (Repealed)
15 (Repealed)
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 by licensed insurers
22 Custody of assets of licensed insurers
23 (Repealed)
24 Regulation of premiums under life policies and long-term accident and health policies
25 Control of form of proposals, policies and brochures
26 (Repealed)
27 Application and interpretation of sections 28 to 30
28 Control of take-overs of licensed insurers incorporated in Singapore
29 Control of substantial shareholdings of licensed insurers incorporated in Singapore
29A Objection to existing control of licensed insurers incorporated in Singapore
29B Power to make directions
29C Defences
29D Appeals
30 Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons
30A Application of sections 27 to 30 to licensed insurer that is co-operative society
30B Investment in corporations
31 Approval or removal of key executive person, chairman or director of licensed insurer
31A Disqualification of director or executive officer of licensed insurer
32 Restriction on granting of unsecured loans or advances to directors and employees of insurers
33 General obligation to furnish information
Division 3 — Authorised reinsurers
34 Authorisation of reinsurers
34A Annual fees of authorised reinsurers
34B Withdrawal of authorisation
34C Effects of withdrawal of authorisation
34D Deposits by authorised reinsurers
34E Bank covenants in lieu of deposits
34F Maintenance of assets by authorised reinsurers
34G Custody of assets of authorised reinsurers
34H General obligation of authorised reinsurers 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, and removal of chief executive officer or director of administrator in certain circumstances
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, and removal of chief executive officer or director of agent in certain circumstances
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
Division 1 — General provisions relating to insurance intermediaries
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
Division 2 — 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 unlicensed insurer
35ZF Permission to negotiate and place risk with unlicensed 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
Division 1 Returns
36 Annual account and audit, etc.
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
Division 2 Inspections and Investigations
40 Inspection by Authority
40A Investigation by Authority
40B Inspection in Singapore by parent supervisory authority
40C Confidentiality of inspection and investigation reports produced in respect of licensed insurer
Division 3 Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
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 licensed insurer
41D Remuneration and expenses of Authority and others in certain cases
41E Moratorium
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
49F Immunities
Part IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UP
Division 1 Voluntary transfer of business
49FA Interpretation of this Division
49FB Voluntary 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
Division 1 — Administration and enforcement
50 Appointment of assistants
51 (Repealed)
52 Exemption
53 Statistics
54 Service of notice, etc.
54A Electronic service
55 General provisions as to offences
55A Penalties for corporations
56 Jurisdiction of court
56A Extra-territoriality of Act
Division 2 — 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)
Division 3 — Supplementary
63A Amendment of Schedules
64 Regulations
65 Saving provisions
FIRST SCHEDULE Definition of Insurance Terms
SECOND SCHEDULE Specified Provisions
Legislative History
Comparative Table