Insurance Act 1966
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 Interpretation
3 Classification of insurance business and construction of references to matters connected with insurance
Part 2 CONDUCT OF INSURANCE BUSINESS
Division 1 — General restriction on insurers
4 No person to carry on insurance business unless licensed or authorised by Authority
5 Holding out as licensed insurer or authorised reinsurer
6 Use of word "insurance"
7 Restrictions on co-branding
8 Prohibition relating to solicitation of insurance business
9 Registration of representative office
10 Examination of persons suspected of carrying on insurance business
Division 2 — Licensed insurers
11 Licensing of insurers
12 Annual fees of licensed insurers
13 Cancellation of licence
14 Effects of cancellation of licence
15 Register of policies
16 Establishment of insurance funds and allocation of surplus
17 Fund solvency requirements and capital adequacy requirements
18 Form, investment and situation of assets
19 Requirements as to documents evidencing title to assets of insurance funds
20 Maintenance of assets by licensed insurers
21 Custody of assets of licensed insurers
22 Regulation of premiums under life policies and long-term accident and health policies
23 Control of form of proposals, policies and brochures
24 Regulation of payment of remuneration
25 Application and interpretation of sections 26 to 32
26 Control of take-overs of licensed insurers incorporated in Singapore
27 Control of substantial shareholdings of licensed insurers incorporated in Singapore
28 Objection to existing control of licensed insurers incorporated in Singapore
29 Power to make directions
30 Defences
31 Appeals
32 Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons
33 Application of sections 25 to 32 to licensed insurer that is co‑operative society
33A Minister’s approval of section 26 or 27 application required where licensed insurer is co-operative society, etc.
34 Investment in corporations
35 Approval or removal of key executive person, chairperson or director of licensed insurer
36 Disqualification of director or executive officer of licensed insurer
37 Restriction on granting of unsecured loans or advances to directors and employees of insurers
38 General obligation to provide information
39 Licensed insurers to provide information for web aggregator
40 Fees payable by licensed insurers for web aggregator
41 Manufacture and offer of certain life policies
Division 3 — Authorised reinsurers
42 Authorisation of reinsurers
43 Annual fees of authorised reinsurers
44 Withdrawal of authorisation
45 Effects of withdrawal of authorisation
46 Deposits by authorised reinsurers
47 Bank covenants in lieu of deposits
48 Maintenance of assets by authorised reinsurers
49 Custody of assets of authorised reinsurers
50 General obligation of authorised reinsurers to provide information
51 Saving for validity of policies
Part 2A FOREIGN INSURER SCHEMES
52 Interpretation of this Part
53 Establishment of foreign insurer schemes
54 Appointment of administrator of foreign insurer scheme, and removal of chief executive officer or director of administrator in certain circumstances
55 Carrying on of insurance business by foreign insurer under foreign insurer scheme
56 Non-application of Business Names Registration Act 2014 and Companies Act 1967
57 Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme
58 Appointment of agent for foreign insurer scheme, and removal of chief executive officer or director of agent in certain circumstances
59 Right of hearing and appeal
60 Effect of prohibition on carrying on insurance business
61 Effect of revocation of appointment of administrator
62 Holding out as foreign insurer or as agent of foreign insurer
63 Regulations
Part 2B INSURANCE INTERMEDIARIES
Division 1 — General provisions relating to insurance intermediaries
64 Insurance agent to operate under written agreement
65 Application of sections 66 to 69 and 71, 72 and 73
66 Effect of payment to insurance intermediary
67 Pre-contract disclosure by insurance intermediary
68 Effect of payment to group policy owner and liability of insurer under group policy
69 Representation by insurance intermediary
70 Insurance agent to act only for insurers entitled to carry on business in Singapore
71 Control of written communication used by insurance intermediary
72 Business conduct of insurance intermediaries
73 Obligation to provide information to Authority
74 (Repealed)
Division 2 — Conduct of insurance broking business
75 Insurance broker not to carry on business unless registered
76 Registration of insurance brokers
77 Registration requirements
78 Conditions of registration
79 Annual fees
80 Cancellation of registration
81 Duty to maintain net asset value
82 Insurance broking premium accounts
83 Negotiation and placement of risk with unlicensed insurer
84 Permission to negotiate and place risk with unlicensed insurer
85 Negotiation and placement of risk with foreign insurer
86 Restriction as to receipt and payment of remuneration
87 Control of take-over of insurance broker
88 Approval or removal of chief executive officer and director of insurance broker
89 Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker
90 Holding out as registered insurance broker
91 Use of words "insurance broking"
92 Exempt insurance brokers
93 Registers maintained by Authority
Part 3 RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Division 1 — Returns
94 Annual account and audit, etc.
95 Actuarial investigations and reports as to insurance business
96 Power to require returns under section 94 or 95 to be rectified
97 Additional provisions as to returns under section 94 or 95
Division 2 — Inspections and Investigations
98 Inspection by Authority
99 Investigation by Authority
100 Inspection in Singapore by parent supervisory authority
101 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.
102 Action by Authority if relevant person unable to meet obligations, etc.
103 Effect of assumption of control under section 102
104 Duration of control
105 Responsibilities of officers, member, etc., of licensed insurer
106 Remuneration and expenses of Authority and others in certain cases
107 Moratorium
108 Interpretation of sections 102 to 107
Part 3A ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
109 Interpretation of this Part
110 Application of this Part
111 Conditions for provision of assistance
112 Other factors to consider for provision of assistance
113 Assistance that may be rendered
114 Offences under this Part
115 Immunities
Part 3AA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UP
Division 1 — Voluntary transfer of business
116 Interpretation of this Division
117 Voluntary transfer of business
118 Confirmation of schemes
119 Documents to be filed when scheme confirmed
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
120 General provisions as to winding up
121 Special provision for insurers directed to cease insurance business
122 Co-operative societies doing insurance business
123 Priority of claims of policy owners and specified liabilities
Division 6 — Miscellaneous
124 Power to obtain information under this Part
125 Recovery of fees, expenses, etc.
126 Regulations for this Part
Part 3B APPEALS
127 Appeals to Minister
128 Appeal Advisory Committees
129 Disclosure of information
130 Regulations for purposes of this Part
Part 3C NOMINATION OF BENEFICIARIES
131 Interpretation of this Part
132 Trust nomination
133 Revocable nomination
134 Register of nominees
135 Relevant policies issued by co-operative society
136 Regulations for purposes of this Part
Part 4 MISCELLANEOUS AND GENERAL
Division 1 — Administration and enforcement
137 Appointment of assistants
138 Exemption
139 Statistics
140 Service of notice, etc.
141 Electronic service
142 General provisions as to offences
143 Penalties for corporations
144 Jurisdiction of court
145 Extraterritoriality of Act
Division 2 — Miscellaneous amendments of law
146 Insurable interest required for life insurances
147 Capacity of infant to insure
148 Life policy moneys to be paid without deduction
149 Life policies (surrenders, non-payment of premiums, paid-up policies)
150 Payment of living benefits or death benefits under life policy or accident and health policy, etc.
151 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)
152 No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86)
Division 3 — Supplementary
153 Amendment of Schedules
154 Regulations
155 Saving provisions
Legislative History
Abbreviations
Comparative Table