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Division 2 [Repealed by Act 31 of 2017]
Division 3 [Repealed by Act 31 of 2017]
Division 4 [Repealed by Act 31 of 2017]
Division 5 Winding up
Division 6 Miscellaneous
Division 1 Administration and enforcement
Division 2 Miscellaneous amendments of law
Division 3 Supplementary
| Division 2 — Licensed insurers |
| Licensing of insurers |
| Annual fees of licensed insurers |
| 12.—(1) Every licensed insurer must pay to the Authority such annual fees as may be prescribed. [23/2003; 11/2013]
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| Cancellation of licence |
| 13.—(1) The Authority may by order cancel the licence of any insurer, either wholly or in respect of a class of business, at the request of the insurer or on any of the grounds set out in subsection (3). [11/2013]
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| Effects of cancellation of licence |
14.—(1) Where an order of cancellation of the licence of an insurer under section 13 becomes effective —
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| Register of policies |
15.—(1) Every licensed insurer must establish and keep —
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| Establishment of insurance funds and allocation of surplus |
16.—(1) Every licensed insurer must establish and maintain a separate insurance fund —
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| Fund solvency requirements and capital adequacy requirements |
17.—(1) Every licensed insurer must satisfy —
[23/2003; 11/2013]
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| Form, investment and situation of assets |
18. 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 |
19.—(1) Where an insurer has established an insurance fund under this Act, the insurer must 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, is kept in Singapore or, if not so kept, is kept in the custody of a person in accordance with such directions as may be issued by the Authority.
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| Maintenance of assets by licensed insurers |
| 20.—(1) The Authority may, from time to time, by written notice 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. [11/2013]
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| Custody of assets of licensed insurers |
| 21.—(1) The Authority may, in the case of a licensed insurer on which a requirement has been imposed under section 20, impose an additional requirement that the whole or a specified proportion of the assets to which the requirement under that section applies must be held by a person approved by the Authority for the purposes of the requirement under this section as trustee for the insurer. [23/2003; 11/2013]
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| Regulation of premiums under life policies and long-term accident and health policies |
| 22.—(1) A direct insurer licensed to carry on life business must 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 35 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. [23/2003; 11/2013]
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| Control of form of proposals, policies and brochures |
23.—(1) The Authority may, by written notice, require a Singapore insurer to submit to it —
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| Regulation of payment of remuneration |
24.—(1) Any licensed insurer must not pay to any licensed financial adviser or exempt financial adviser, or a representative or a supervisor of any licensed financial adviser or exempt financial adviser, any remuneration in relation to —
[19/2015]
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| Application and interpretation of sections 26 to 32 |
| 25.—(1) This section and sections 26 to 32 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. [11/2013]
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| Control of take-overs of licensed insurers incorporated in Singapore |
| 26.—(1) A person must not, on or after 18 April 2013, obtain effective control of a licensed insurer incorporated in Singapore without the prior written approval of the Authority. [11/2013]
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| Control of substantial shareholdings of licensed insurers incorporated in Singapore |
| 27.—(1) A person must not, on or after 18 April 2013, become a substantial shareholder of a licensed insurer incorporated in Singapore without the prior written approval of the Authority. [11/2013]
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| Objection to existing control of licensed insurers incorporated in Singapore |
28.—(1) The Authority may serve a written notice of objection on any person referred to in section 26 or 27 if the Authority is satisfied that —
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| Power to make directions |
29.—(1) Without affecting section 28, if the Authority is satisfied that any person has contravened section 26, 27 or 28(5) or has failed to comply with any condition imposed under section 26(3) or (4) or 27(4) or (5), or if the Authority has served a written notice of objection under section 28, the Authority may, by written notice —
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| Defences |
30.—(1) Where a person is charged with an offence in respect of a contravention of section 26 or 27, it is a defence for the person to prove that —
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| Appeals |
| 31. Any person who is aggrieved by a decision of the Authority under section 26, 27, 28 or 29 may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B. [29D [11/2013] |
| Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons |
32.—(1) The Authority may, by written notice, direct a licensed insurer that is incorporated in Singapore to obtain from any shareholder of the insurer, and to transmit to the Authority, information —
[11/2013]
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| Application of sections 25 to 32 to licensed insurer that is co‑operative society |
| 33. Sections 25 to 32 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. [30A [11/2013] |
| Investment in corporations |
| 34.—(1) A licensed insurer which is established or incorporated in Singapore must not acquire or hold, directly or indirectly, a major stake in any corporation without the prior approval of the Authority. [11/2013]
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| Approval or removal of key executive person, chairperson or director of licensed insurer |
35.—(1) Subject to this section, a licensed insurer must have —
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| Disqualification of director or executive officer of licensed insurer |
36.—(1) Despite section 35 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 |
37.—(1) A licensed insurer must not in respect of its business in Singapore grant, directly or indirectly, unsecured loans or advances —
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| General obligation to provide information |
| 38.—(1) The Authority may, by written notice, require any Singapore insurer to provide 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. [11/2013]
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| Licensed insurers to provide information for web aggregator |
| 39.—(1) Without limiting section 38, the Authority may, by regulations made under section 154 or written notice, require a licensed insurer or class of licensed insurers to provide to the Authority, or such person as may be specified in the regulations or notice (called in this section the specified person), such information as the Authority may require for the purposes of the web aggregator. [19/2015]
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| Fees payable by licensed insurers for web aggregator |
40.—(1) Every licensed insurer must pay to the Authority such fees at such time and in such manner as may be prescribed for or in connection with all or any of the following:
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| Manufacture and offer of certain life policies |
| 41.—(1) If the Authority is of the opinion that it is in the public interest to do so, the Authority may direct a licensed insurer to manufacture and offer such type of life policy in Singapore as the Authority may prescribe or specify by written notice. [19/2015]
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