PART 4 | MISCELLANEOUS AND GENERAL |
| Division 1 — Administration and enforcement |
[11/2013] | Appointment of assistants |
| 137.—(1) Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation. [23/2003] | (2) The Authority may, by notification in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under a provision of this Act specified in the Second Schedule, or to revoke any such exemption. [23/2003] |
| (3) Any person appointed by the Authority under subsection (1) is deemed to be a public servant for the purposes of the Penal Code 1871. [50 |
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| 138.—(1) The Authority may, by regulations, exempt any person or class of persons from all or any of the provisions of this Act, subject to such terms or conditions as may be prescribed. [11/2013] | (2) Without limiting subsection (1), the Authority may make regulations to exempt any person or class of persons from section 4 or 75 and, in making these regulations, the Authority may make such provisions as it thinks fit to regulate the person or class of persons, whether by modification of provisions of this Act or by imposing such other requirements or restrictions as may be prescribed. [23/2003] |
| (3) The Authority may, on the application of any person, exempt the person from all or any of the provisions of this Act or any direction by written notice if the Authority considers it appropriate to do so in the circumstances of the case. [23/2003] |
(4) An exemption under subsection (3) —| (a) | may be granted subject to such terms or conditions as the Authority may specify by written notice; and | | (b) | need not be published in the Gazette. |
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(5) The Authority may at any time —| (a) | revoke any exemption granted under this section; or | | (b) | add to, vary or revoke any term or condition prescribed under subsection (1), or imposed under subsection (4) by written notice, or prescribe or impose a term or condition where none had been prescribed or imposed earlier. [52 [11/2013] |
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139.—(1) Without limiting section 154(1), regulations may provide —| (a) | for the collection by or on behalf of the Authority, at such intervals or on such occasions as may be prescribed, of statistical information as to such matters relevant to insurance as may be prescribed; and | | (b) | for the collection and use of statistical information for any purpose, whether or not connected with insurance. |
| (2) Without limiting section 154(1) and (4), the Authority may prescribe or specify in directions the form or manner in which statistical information is to be provided by Singapore insurers or insurance intermediaries to the Authority. [23/2003] |
| (3) No use may be made of any information obtained by or on behalf of the Authority by virtue only of this section except in a form which does not disclose the affairs of any particular person. [53 |
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140.—(1) Unless otherwise expressly provided in this Act, any notice, order or document required or authorised by this Act to be given to or served on any person may be given to or served on the person —| (a) | by delivering it to the person or to some adult member or employee of his or her family or household at his or her last known place of residence; | | (b) | by leaving it at his or her usual or last known place of residence or business in an envelope addressed to him or her; | | (c) | by sending it by registered post addressed to the person at his or her usual or last known place of residence or business; or | | (d) | in the case of a body corporate, a partnership or a body of persons —| (i) | by delivering it to the secretary or other like officer of the body corporate, partnership or body of persons at its registered office or principal place of business; or | | (ii) | by sending it by registered post addressed to the body corporate, partnership or body of persons at its registered office or principal place of business. |
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| (2) Any notice, order or document sent by registered post to any person in accordance with subsection (1) is deemed to be duly served on the person to whom the letter is addressed at the time when the letter would, in the ordinary course of post, be delivered. |
| (3) When proving service of the notice, order or document, it is sufficient to prove that the envelope containing the notice, order or document was properly addressed, stamped and posted by registered post. [54 |
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| 141.—(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be given to or served on any person. [11/2013] (2) For the purposes of the electronic service, the Authority may assign to any person —| (a) | an authentication code; and | | (b) | an account with the electronic service. [11/2013] |
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| (3) Despite section 140, where any person has given consent for any document to be served on the person through the electronic service, the Authority may serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service. [11/2013] |
| (4) Where a person has given consent for a document to be served on the person through the electronic service, the document is deemed to have been served at the time when an electronic record of the document enters the person’s account with the electronic service. [11/2013] |
(5) Despite any other written law, in any proceedings under this Act —| (a) | an electronic record of any document that was served through the electronic service; or | | (b) | any copy or print-out of that electronic record, |
| is admissible as evidence of the facts stated or contained therein if that electronic record, copy or print-out — |
| (c) | is certified by the Authority to contain all or any information served through the electronic service in accordance with this section; and | | (d) | is duly authenticated in the manner specified in subsection (7). [11/2013] |
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(6) To avoid doubt —| (a) | an electronic record of any document that was served through the electronic service; or | | (b) | any copy or print-out of that electronic record, |
| is not inadmissible in evidence merely because the document was served without the delivery of any equivalent document or counterpart in paper form. |
[11/2013] |
(7) For the purposes of this section, a certificate —| (a) | giving the particulars of —| (i) | any person whose authentication code was used to serve the document; and | | (ii) | any person or device involved in the production or transmission of the electronic record of the document, or the copy or print-out thereof; |
| | (b) | identifying the nature of the electronic record or copy or print-out thereof; and | | (c) | purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time, |
| is sufficient evidence that the electronic record, copy or print-out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue. |
[11/2013] |
| (8) Where the electronic record of any document, or a copy or print‑out of that electronic record, is admissible under subsection (5), it is presumed, until the contrary is proved, that the electronic record, copy or print-out accurately reproduces the contents of that document. [11/2013] |
| (9) The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service and the procedure in circumstances where there is a breakdown or interruption of the electronic service. [11/2013] |
(10) In this section, unless the context otherwise requires —| “account with the electronic service”, in relation to any person, means a computer account within the electronic service which is assigned by the Authority to that person for the storage and retrieval of electronic records relating to that person; |
| “authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure which is assigned to that person for the purposes of identifying and authenticating the access to and use of the electronic service by that person; |
| “document” includes notice and order; |
| “electronic record” has the meaning given by section 2 of the Electronic Transactions Act 2010. [54A [11/2013] |
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| General provisions as to offences |
142.—(1) Any person who —| (a) | signs any document lodged with the Authority under section 94, 95 or 119(1)(a); or | | (b) | provides the Authority with any information under or for the purposes of any other provision of this Act, |
| must use due care to secure that the document or information is not false in any material particular; and if the person does not use due care in this behalf and the document or information is false in a material particular, the person shall be guilty of an offence. |
[16/2011; 11/2013] (2) Any person who is guilty of an offence under subsection (1) shall be liable on conviction —| (a) | in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or | | (b) | in any other case, to a fine not exceeding $250,000. [11/2013] |
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(3) Any person who is guilty of any breach of a duty imposed on the person by this Act or any direction issued by the Authority under section 154(4) shall be guilty of an offence and, where no penalty is expressly provided, shall be liable on conviction —| (a) | in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or | | (b) | in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction. [11/2013] |
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| (4) Where an offence under this Act is committed by any corporation, any person who, at the time of the commission of the offence, is a director, manager, secretary or other similar officer of that corporation, or is purporting to act in that capacity, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly unless the person proves that he or she exercised all such diligence to prevent the commission of the offence as he or she ought to have exercised, having regard to the nature of his or her functions in that capacity and to all the circumstances. [23/2003] |
| (5) Where an offence under this Act is committed by a corporation, being an offence consisting in the breach of a duty imposed only on corporations, any individual guilty of the offence (whether under subsection (4) or otherwise) shall be liable on conviction to imprisonment for a term not exceeding 2 years in addition to or in substitution for any fine. [23/2003; 11/2013] |
| (6) For the purpose of any proceedings under subsection (1)(a), a document purporting to be signed by any person is presumed to have been signed by the person, unless the contrary is proved. |
| (7) The Authority may compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine that is prescribed for that offence. [11/2013] |
(8) The Authority may compound any offence under this Act (including an offence under a provision that has been repealed) which —| (a) | was compoundable at the time the offence was committed; but | | (b) | has ceased to be so compoundable, |
| by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed. |
[11/2013] |
| (9) On payment of the sum of money referred to in subsection (7) or (8), no further proceedings are to be taken against that person in respect of the offence. [11/2013] |
| (10) All sums collected by the Authority under subsection (7) or (8) must be paid into the Consolidated Fund. [55 [11/2013] |
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| Penalties for corporations |
| 143.—(1) Subject to subsection (2), where a corporation is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence. [23/2003] (2) Subsection (1) does not apply to any offence under this Act —| (a) | in respect of the breach of a duty imposed only on corporations; or | | (b) | for which different penalties are prescribed in this Act (other than section 142(5)) for individuals and for other persons found guilty of the offence. [11/2013] |
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| (3) Where an individual is convicted of an offence under this Act by virtue of section 142(4), the individual shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) does not apply. [55A |
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| 144. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court and a Magistrate’s Court have jurisdiction to try any offence under this Act and have power to impose the full penalty or punishment in respect of any offence under this Act. [56 |
| Extraterritoriality of Act |
145.—(1) Where a person does an act partly in and partly outside Singapore which, if done wholly in Singapore, would constitute an offence against any provision of this Act, that person shall be guilty of that offence as if the act were carried out by that person wholly in Singapore, and may be dealt with as if the offence were committed wholly in Singapore.(2) Where —| (a) | a person does an act outside Singapore which has a substantial and reasonably foreseeable effect in Singapore; and | | (b) | that act would, if carried out in Singapore, constitute an offence under section 4, 8, 70 or 75, |
| that person shall be guilty of that offence as if the act were carried out by that person in Singapore, and may be dealt with as if the offence were committed in Singapore. |
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| (3) The Authority may, by regulations, specify the circumstances under which subsection (2) does not apply. [56A |
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| Division 2 — Miscellaneous amendments of law |
[11/2013] | Insurable interest required for life insurances |
146.—(1) A life policy insuring the life of a person which is issued by a licensed insurer is void unless —| (a) | the person effecting the insurance has an insurable interest in the life which is insured at the time the insurance is effected; | | (b) | the life which is insured is that of —| (i) | the person effecting the insurance; | | (ii) | his or her spouse at the time the insurance is effected; | | (iii) | his or her child or ward under the age of 18 years at the time the insurance is effected; or | | (iv) | any other person on whom the person effecting the insurance is, at the time the insurance is effected, wholly or partly dependant; or |
| | (c) | the life policy is one in respect of which all of the conditions referred to in subsection (3) or (4) are satisfied. [3/2009; 11/2013] |
| (2) Where subsection (1)(a) applies, the policy moneys payable under the life policy must not exceed the amount of the insurable interest at the time the insurance is effected. [3/2009] |
(3) Section 5 of the Civil Law Act 1909 and section 151 do not apply to a life policy, and a life policy is not void, if all of the following conditions are satisfied:| (a) | the life which is insured is that of the settlor of a trust; | | (b) | the person effecting the insurance is the trustee of the trust; | | (c) | any beneficiary of the trust —| (i) | has an insurable interest in the life of the settlor at the time the insurance is effected; or | | (ii) | is —| (A) | the settlor’s spouse at the time the insurance is effected; | | (B) | the settlor’s child or ward under the age of 18 years at the time the insurance is effected; or | | (C) | any other person on whom the settlor is, at the time the insurance is effected, wholly or partly dependant; |
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| | (d) | the settlor consents in writing to the effecting of the insurance before it is effected. [3/2009] |
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(4) Section 5 of the Civil Law Act 1909 and section 151 do not apply to a life policy, and a life policy is not void, if all of the following conditions are satisfied:| (a) | the life which is insured is that of a beneficiary of a trust (called in this subsection the relevant beneficiary); | | (b) | the person effecting the insurance is the trustee of the trust; | | (c) | any beneficiary of the trust —| (i) | has an insurable interest in the life of the relevant beneficiary at the time the insurance is effected; or | | (ii) | is —| (A) | the relevant beneficiary’s spouse at the time the insurance is effected; | | (B) | the relevant beneficiary’s child or ward under the age of 18 years at the time the insurance is effected; or | | (C) | any other person on whom the relevant beneficiary is, at the time the insurance is effected, wholly or partly dependant; |
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| | (d) | the relevant beneficiary consents in writing to the effecting of the insurance before it is effected. [3/2009] |
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| (5) Subsections (1), (2), (3) and (4) apply to a life policy regardless of whether the proper law of the life policy is the law of Singapore. [3/2009] |
| (6) In this section, “insuring the life of a person” means insuring the payment of money (or the equivalent) on that person’s death or on the happening of any contingency dependent on the termination or continuance of that person’s life, and includes granting an annuity to commence on that death or at a time to be determined by reference thereto or to any such contingency. |
| (7) Insofar as in the case of any life policy the policy moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid must be applied by reference to the value of the right to the policy moneys immediately after the death or the happening before the death of any event on which they become payable. |
| (8) Subsections (1)(a) and (b), (2), (6) and (7) do not affect policies issued before 1 January 1967. [3/2009] |
| (9) Subsections (1)(c), (3), (4) and (5) do not affect policies issued before 1 March 2009. [57 [3/2009] |
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| Capacity of infant to insure |
| 147.—(1) Despite any law to the contrary, a person over the age of 10 years does not, by reason only of his or her age, lack the capacity to enter into a contract of insurance; but a person under the age of 16 years does not have the capacity to enter into such a contract except with the written consent of his or her parent or guardian. [3/2009] | (2) This section is deemed always to have had effect. [58 |
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| Life policy moneys to be paid without deduction |
| 148.—(1) Subject to section 150, any policy moneys payable under a life policy or moneys payable on the surrender of a life policy must be paid without any deduction for sums not due under the policy or under an agreement charging them on the policy, unless the deduction is made with the consent of the person entitled to those moneys; and any provision contained in a life policy or in any agreement relating thereto is void, insofar as it entitles the insurer to make any such deduction without that consent. [3/2009] | (2) Subsection (1) applies to all Singapore policies, but does not apply to any other policy issued before 1 January 1967. |
| (3) In any proceedings for the recovery of policy moneys due under the life policy or of moneys payable on the surrender of a life policy, no set‑off or counterclaim is allowed except for sums due under the policy or under an agreement charging them on the policy. [59 |
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| Life policies (surrenders, non-payment of premiums, paid-up policies) |
| 149.—(1) Where a life policy has been in force for 3 years or more, the policy owner may by written notice to the insurer surrender the policy, and the policy owner is then entitled to receive the surrender value thereof (if any) determined in accordance with such rules as may be prescribed (but subject to any deduction for sums due under the policy or under an agreement charging them on the policy). [11/2013] (2) Where a life policy has been in force for 3 years or more, the policy does not lapse and must not be forfeited by reason of the non‑payment of premiums, but has effect subject to such modifications as to the period for which it is to be in force or the benefits receivable thereunder or both as may be determined in accordance with any system adopted by the insurer and applicable to the policy; and —| (a) | in the case of a policy issued as a Singapore policy after 1 January 1967 or as an offshore policy issued after 1 January 1987, the system must be approved by the Authority, and must be that adopted and applicable at the time the policy is issued, and the policy must contain a statement in a form approved by the Authority of the effect of this subsection in relation to the policy; and | | (b) | in any other case, unless the system is determined by the policy, the system must be that which at the time when this section becomes applicable to the policy would apply to a like policy then issued as a Singapore policy. |
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| (3) Where a life policy has been in force for 3 years or more, the policy owner may by written notice to the insurer elect to exchange the policy for a paid‑up policy, which must be a non‑participating policy for an amount determined in accordance with such rules as may be prescribed, but with no other modification not required by this Act or some other written law. |
| (4) A policy issued in place of an earlier policy is, for the purposes of this section (including this subsection), treated as having been in force since the earlier policy began to be in force; but this does not affect the operation in relation to a policy of subsection (2)(a) or (b). |
(5) Subsections (1) to (3) do not apply —| (a) | to a policy securing the grant of an annuity for a term dependent upon human life; or | | (b) | to a policy under which no policy moneys are necessarily payable, not being a policy which provides for the payment of policy moneys on a death after a specified period. |
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| (6) As respects policies of any prescribed description, subsections (1), (2) and (3) have effect subject to such modifications as may be prescribed. |
| (7) The rights conferred by this section are in addition to, and not in derogation of, any other rights available to the policy owner under the terms of the policy or otherwise; but this section is not to be taken to confer on a policy owner any rights except against the insurer as such. |
| (8) This section applies to policies whenever issued; and, subject to subsection (5), extends to any Singapore policy and offshore policy. [60 |
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| Payment of living benefits or death benefits under life policy or accident and health policy, etc. |
150.—(1) In any case where —| (a) | the policy owner of any life policy or accident and health policy has made a nomination under section 132(2) in respect of the policy; | | (b) | that nomination is not revoked in accordance with section 132(7); | | (c) | the licensed insurer of the policy has received written notice of that nomination under section 134(1)(b); and | | (d) | any living benefits are payable under the policy, |
| the licensed insurer may make a payment from the living benefits, and is discharged from all liability in respect of the payment, to — |
| (e) | in a case where any trustee of the policy moneys is a person other than the policy owner —| (i) | that trustee, for the benefit of every nominee under that nomination; or | | (ii) | if there is more than one such trustee, any such trustee, for the benefit of every nominee under that nomination; or |
| | (f) | in any other case —| (i) | any nominee under that nomination who has attained the age of 18 years; | | (ii) | a parent or legal guardian, not being the policy owner, of any nominee under that nomination who is below the age of 18 years; or | | (iii) | the personal representatives of the estate of any nominee under that nomination who is deceased, |
| such payment not exceeding that nominee’s portion of the living benefits. |
[3/2009; 11/2013] |
(2) In any case where the policy owner of any life policy or accident and health policy dies, and death benefits are payable under the policy on his or her death —| (a) | if subsection (7), (8) or (9) applies in respect of the policy, the licensed insurer of the policy may make one or more payments in accordance with the applicable subsection from the death benefits under the policy, without the production of any probate or letters of administration; | | (b) | if subsection (10) applies in respect of the policy, the licensed insurer of the policy may make one or more payments in accordance with subsections (10) and (11) from the death benefits under all such policies issued by the licensed insurer on the deceased’s life in respect of which subsection (10) applies, such payment or payments not exceeding in the aggregate the amount prescribed by the Authority for the purposes of this paragraph, without the production of any probate or letters of administration; and | | (c) | the licensed insurer is discharged from all liability in respect of each such payment. [3/2009; 11/2013] |
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| (3) If, in any case referred to in subsection (2), estate duty is payable in Singapore on any death benefits referred to in that subsection, the licensed insurer may, despite section 43(2) of the Estate Duty Act 1929, make one or more payments in accordance with subsections (10) and (11) from the death benefits under all such policies issued by the licensed insurer (such payment or payments not exceeding in the aggregate the amount prescribed by the Authority for the purposes of this subsection) without the death benefits having been included in any schedule or certificate referred to in section 43(2) of that Act. [3/2009; 11/2013] |
| (4) If, as a consequence of making any payment under subsection (3), the aggregate of all payments made under that subsection will exceed the amount prescribed by the Authority for the purposes of this subsection, the licensed insurer must, before making the firstmentioned payment, give written notice to the Commissioner of Estate Duties of such particulars as the Commissioner may require. [3/2009; 11/2013] |
| (5) Subsection (3) applies in relation to death benefits under policies of which the deceased was not the policy owner at his or her death as it applies in relation to any death benefits referred to in subsection (2). [3/2009] |
| (6) Where the payment or payments allowed under subsection (3) on account of any death benefits have been made, the licensed insurer may, before paying the balance of such death benefits to one or more relevant persons according to their entitlements, apply the whole or any part of the death benefits to pay any unpaid estate duty payable on the death of the insured. [3/2009; 11/2013] |
(7) Where —| (a) | the policy owner of a policy referred to in subsection (2) has made a nomination under section 132(2) in respect of the policy; | | (b) | that nomination is not revoked in accordance with section 132(7); and | | (c) | the licensed insurer of the policy has received written notice of that nomination under section 134(1)(b), |
| the licensed insurer may make a payment under subsection (2)(a) to — |
| (d) | in a case where any trustee of the policy moneys is a person other than the policy owner —| (i) | that trustee, for the benefit of every nominee under that nomination; or | | (ii) | if there is more than one such trustee, any such trustee, for the benefit of every nominee under that nomination; or |
| | (e) | in any other case —| (i) | any nominee under that nomination who has attained the age of 18 years; | | (ii) | a parent or legal guardian, not being the policy owner, of any nominee under that nomination who is below the age of 18 years; or | | (iii) | the personal representatives of the estate of any nominee under that nomination who is deceased, |
| such payment not exceeding that nominee’s portion of the death benefits under the policy. |
[3/2009; 11/2013] |
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(8) Where —| (a) | the policy owner of a policy referred to in subsection (2) has made a nomination under section 133(2) in respect of the policy; | | (b) | that nomination is not and is not deemed to be revoked; and | | (c) | the licensed insurer of the policy has received written notice of that nomination under section 134(1)(b), |
| the licensed insurer may make a payment under subsection (2)(a) to — |
| (d) | any nominee under that nomination who has attained the age of 18 years; | | (e) | a parent or legal guardian, not being the policy owner, of any nominee under that nomination who is below the age of 18 years; or | | (f) | the personal representatives of the estate of any nominee under that nomination who dies after the policy owner, |
| such payment not exceeding that nominee’s portion of the death benefits under the policy. |
[3/2009; 11/2013] |
(9) Subject to subsection (7), where —| (a) | the policy owner of a policy referred to in subsection (2) has made, and has not revoked, a will in accordance with the Wills Act 1838; | | (b) | the will —| (i) | provides for the disposition of all death benefits under the policy; and | | (ii) | specifies such particulars of the policy as may be prescribed by the Authority under section 133(7)(b)(ii); and |
| | (c) | the licensed insurer of the policy has received written notice, signed by the policy owner, of that will in such manner as may be prescribed by the Authority for the purposes of this subsection, |
| the licensed insurer may make a payment under subsection (2)(a) to any executor of that will, such payment not exceeding the amount of the death benefits under the policy. |
[3/2009; 11/2013] |
(10) Subject to subsection (11), where —| (a) | the policy owner of a policy referred to in subsection (2) or (3) has not made —| (i) | any nomination under section 132(2) or 133(2) in respect of the policy; or | | (ii) | any will which —| (A) | provides for the disposition of all death benefits under the policy; and | | (B) | specifies such particulars of the policy as may be prescribed by the Authority under section 133(7)(b)(ii); |
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| | (b) | the licensed insurer of a policy referred to in subsection (2) or (3) has not received —| (i) | any written notice referred to in section 134(1)(b) of any nomination made under section 132(2) or 133(2) in respect of the policy; or | | (ii) | any written notice referred to in subsection (9)(c) of any will providing for the disposition of all death benefits under the policy; or |
| | (c) | there exist, in respect of a policy referred to in subsection (2) or (3), such other circumstances as the Authority may prescribe, |
| the licensed insurer of the policy may make a payment under subsection (2)(b) or (3) to any proper claimant from the death benefits under the policy. |
[3/2009; 11/2013] |
(11) Where subsection (10) applies, and the licensed insurer referred to in that subsection receives 2 or more different claims for payment in accordance with that subsection —| (a) | each such claim must be paid in the same order of priority; and | | (b) | the amount payable under subsection (2)(b) or (3) (as the case may be) in respect of any such claim must be calculated as follows: | | is the amount which would have been payable in respect of that claim had it been paid in full; |
| | | is the total amount which would have been payable in respect of all such claims had they been paid in full; and |
| | | is the amount prescribed by the Authority for the purposes of subsection (2)(b) or (3), as the case may be. |
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[3/2009; 11/2013] |
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(12) In this section, unless the context otherwise requires —| “policy owner” includes a part owner of a policy; |
“proper claimant” means a person who —| (a) | claims to be entitled to payment under subsection (2)(b) or (3) as executor of the deceased; or | | (b) | claims to be entitled to payment under subsection (2)(b) or (3) (whether for his or her own benefit or not) and is the widower, widow, parent, child, brother, sister, nephew or niece of the deceased; |
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| “relevant person” means the personal representative of the deceased or, where there is none, any proper claimant. [3/2009] |
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| (13) In deducing any relationship for the purposes of the definition of “proper claimant” in subsection (12), an illegitimate person is treated as the legitimate child of his or her actual parents. [3/2009] |
| (14) For the purposes of this section, where any nomination has been or is deemed to be varied, any reference to a nominee under that nomination is to be construed as a reference to a nominee under that nomination as varied. [61 [3/2009] |
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| No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774) |
151.—(1) An insurance must not be made by any person on any event wherein the person for whose use or benefit or on whose account the policy is made has no interest, or by way of gaming or wagering; and every assurance made contrary to this subsection is void.| (2) It shall not be lawful to make any policy on any event without inserting in such policy the names of the persons interested therein, or for whose use or benefit or on whose account such policy was made. |
| (3) In all cases where there is an interest in such event, no greater sum may be recovered or received from the insurer than the amount or value of the interest. |
| (4) Nothing in this section extends to insurance made by any person on ships or goods, or to contracts of indemnity against loss by fire or loss by other events whatsoever. [62 |
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| No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86) |
| 152. No action shall lie against a person in whose house or premises or on whose estate any fire accidentally began except that no contract or agreement made between landlord and tenant shall be hereby defeated or made void. [63 |
| Division 3 — Supplementary |
[11/2013] | 153.—(1) The Minister may by order in the Gazette amend, add to or vary the First or Second Schedule. [23/2003] | (2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient. [23/2003] |
| (3) Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette. [63A [23/2003] |
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154.—(1) The Authority may make regulations for carrying into effect the objects of this Act, and for prescribing anything which under this Act is to be prescribed.(2) Without limiting subsection (1), regulations may be made for or with respect to —| (a) | the forms for the purposes of this Act; | | (b) | the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the waiver, refund or remission, whether in whole or in part, of such fees; [Act 12 of 2024 wef 30/08/2024] | | (c) | the corporate governance of insurers and insurance brokers; [Act 12 of 2024 wef 30/08/2024] | | (d) | the risk management of insurers, including the management of financial risk, conduct risk, operational risk and underwriting risk, in relation to the conduct of insurance business in Singapore; and [Act 12 of 2024 wef 30/08/2024] | | (e) | the risk management of insurance brokers, including the management of financial risk, conduct risk, operational risk and reputational risk, in relation to the conduct of insurance broking business in Singapore. [Act 12 of 2024 wef 30/08/2024] |
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(3) Except as otherwise expressly provided in this Act, regulations made under this Act —| (a) | may be of general or specific application; | | (b) | may provide that a contravention of any specified provision thereof shall be an offence; and | | (c) | may provide —| (i) | in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction; or | | (ii) | in any other case, for penalties not exceeding a fine of $100,000 for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction. [23/2003; 11/2013] |
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| (4) The Authority may issue such directions as it may consider necessary for carrying into effect the objects of this Act, and may at any time vary, rescind or revoke any such directions. [11/2013] |
| (5) Without limiting subsection (4), the Authority may issue such directions as it may consider necessary to an authorised reinsurer with respect to the manner and form of the transfer of the whole or part of its business of providing the reinsurance of liabilities under insurance policies, to persons in Singapore. [23/2003] |
| (6) It is not necessary to publish any direction issued under this Act in the Gazette. [64 [11/2013] |
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155.—(1) The repeal of section 34 of this Act as in force immediately before 8 January 2002 does not —| (a) | invalidate any existing Lloyd’s policy; | | (b) | prevent the collection or receipt of premiums on any existing Lloyd’s policy; or | | (c) | prejudice any right or claim against the Lloyd’s underwriter, or by the Lloyd’s underwriter of any right or claim against any policy owner or person, relating to any existing Lloyd’s policy. |
| (2) The Authority must, if satisfied that insurance business is not being carried on in Singapore by any Lloyd’s underwriter under the repealed section 34, transfer any deposit referred to in the repealed section 34(4) and maintained under the repealed Second Schedule, to Lloyd’s, except such part (if any) that the Authority determines should be kept available for meeting claims against Lloyd’s underwriters in respect of any existing Lloyd’s policy. |
(3) For the purposes of this section —| “existing Lloyd’s policy” means any insurance policy entered into by a Lloyd’s underwriter before 8 January 2002 and which was authorised under the repealed section 34; |
| “Lloyd’s” has the meaning given by the repealed section 34; |
| “Lloyd’s underwriter” has the meaning given by the repealed section 34. [65 |
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