Division 1 — General restriction on insurers
Division 2 — Licensed insurers
Division 3 — Authorised reinsurers
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 [Repealed by Act 16/2011 wef 01/05/2011] |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 [Repealed by Act 11 of 2013 wef 18/04/2013] |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 [Repealed by Act 11 of 2013 wef 18/04/2013] |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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| 23. [Repealed by Act 11 of 2013 wef 18/04/2013] |
| Regulation of premiums under life policies and long-term accident and health policies |
| 24.—(1) A direct insurer licensed to carry on life business shall not issue a life policy or a long-term accident and health policy of any description, being a Singapore policy or an offshore policy, if the premium chargeable under the policy is not in accordance with rates fixed with the approval of the actuary appointed under section 31 or, where no rates have been so fixed for policies of that description issued by the insurer, is not a premium approved for the policy by the actuary. [Act 11 of 2013 wef 18/04/2013]
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| Control of form of proposals, policies and brochures |
25.—(1) The Authority may, by notice in writing, require a Singapore insurer to submit to it —
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| 26. [Repealed by Act 11 of 2013 wef 18/04/2013] |
| Application and interpretation of sections 28 to 30 |
27.—(1) This section and sections 28 to 30 shall apply to, and in relation to, all individuals, whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated, formed, established or carrying on business in Singapore or not.
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| Control of take-overs of licensed insurers incorporated in Singapore |
28.—(1) No person shall, on or after the date of commencement of section 24 of the Insurance (Amendment) Act 2013, obtain effective control of a licensed insurer incorporated in Singapore without the prior written approval of the Authority.
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| Control of substantial shareholdings of licensed insurers incorporated in Singapore |
29.—(1) No person shall, on or after the date of commencement of section 24 of the Insurance (Amendment) Act 2013, become a substantial shareholder of a licensed insurer incorporated in Singapore without the prior written approval of the Authority.
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| Objection to existing control of licensed insurers incorporated in Singapore |
29A.—(1) The Authority may serve a written notice of objection on any person referred to in section 28 or 29 if the Authority is satisfied that —
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| Power to make directions |
29B.—(1) Without prejudice to section 29A, if the Authority is satisfied that any person has contravened section 28, 29 or 29A(5) or has failed to comply with any condition imposed under section 28(3) or (4) or 29(4) or (5), or if the Authority has served a written notice of objection under section 29A, the Authority may, by notice in writing —
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| Defences |
29C.—(1) Where a person is charged with an offence in respect of a contravention of section 28 or 29, it shall be a defence for the person to prove that —
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| Appeals |
| 29D. Any person who is aggrieved by a decision of the Authority under section 28, 29, 29A or 29B may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB. [Act 11 of 2013 wef 18/04/2013] |
| Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons |
30.—(1) The Authority may, by notice in writing, direct a licensed insurer that is incorporated in Singapore to obtain from any shareholder of the insurer, and to transmit to the Authority, information —
[Act 11 of 2013 wef 18/04/2013]
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| Application of sections 27 to 30 to licensed insurer that is co-operative society |
| 30A. Sections 27 to 30 shall apply, with the necessary modifications, to a licensed insurer that is a co-operative society as if it were a licensed insurer incorporated in Singapore. [Act 11 of 2013 wef 18/04/2013] |
| Investment in corporations |
30B.—(1) No licensed insurer which is established or incorporated in Singapore shall acquire or hold, directly or indirectly, a major stake in any corporation without the prior approval of the Authority.
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| Approval or removal of key executive person, chairman or director of licensed insurer |
31.—(1) Subject to this section, a licensed insurer shall have —
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| Disqualification of director or executive officer of licensed insurer |
31A.—(1) Notwithstanding section 31 or the provisions of any other written law —
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| Restriction on granting of unsecured loans or advances to directors and employees of insurers |
32.—(1) No licensed insurer shall in respect of its business in Singapore grant, directly or indirectly, unsecured loans or advances —
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| General obligation to furnish information |
33.—(1) The Authority may, by notice in writing, require any Singapore insurer to furnish it with information about any matter related to any business carried on by the insurer in Singapore or elsewhere if, in the opinion of the Authority, it requires that information for the discharge of its functions under this Act.
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