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
[Act 11 of 2013 wef 18/04/2013] |
| Authorisation of reinsurers |
| Annual fees of authorised reinsurers |
34A.—(1) Every authorised reinsurer shall pay to the Authority such annual fees as may be prescribed.
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| Withdrawal of authorisation |
34B.—(1) The Authority may by order withdraw the authorisation of any reinsurer, either wholly or in respect of a class of business, at the request of the reinsurer or on any of the grounds set out in subsection (2).
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| Effects of withdrawal of authorisation |
34C.—(1) Where an order of withdrawal of the authorisation of a reinsurer under section 34B becomes effective —
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| Deposits by authorised reinsurers |
34D.—(1) Every authorised reinsurer shall maintain a reinsurance deposit of a value of such amount as the Authority may prescribe for the purposes of this section in respect of each class of business for which it is authorised.
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| Bank covenants in lieu of deposits |
34E.—(1) If, in the case of any authorised reinsurer, a bank licensed under any written law for the time being in force relating to banking makes with the Authority an agreement in a form approved by the Authority whereby —
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| Maintenance of assets by authorised reinsurers |
34F.—(1) The Authority may, from time to time, by notice in writing to any authorised reinsurer, or any class of authorised reinsurers, direct the reinsurer or class of reinsurers, 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 authorised reinsurers |
34G.—(1) The Authority may, in the case of an authorised reinsurer on which a requirement has been imposed under section 34F, 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 reinsurer.
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| General obligation of authorised reinsurers to furnish information |
| 34H. The Authority may, by notice in writing, require any authorised reinsurer to furnish it with information about any matter related to any insurance business in respect of which the reinsurer is authorised if the Authority is of the opinion that it requires that information for the discharge of its functions under this Act. [Act 11 of 2013 wef 18/04/2013] |
| Saving for validity of policies |
| 35. Nothing in this Part, Part IIA or IIB shall invalidate any policy or contract of insurance. [41/2001] |