Insurance (Amendment) Bill

Bill No. 18/1985

Read the first time on 31st October 1985.
An Act to amend the Insurance Act (Chapter 193 of the Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
Short title and commencement
1.  This Act may be cited as the Insurance (Amendment) Act 1985 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
Amendment of section 2
2.  Section 2(5) of the Insurance Act is amended by deleting the words “Singapore policies” at the end and substituting the words “insurance policies”.
Repeal and re-enactment of sections 3 and 4
3.  The Insurance Act is amended —
(a)by repealing section 3 and substituting the following section:
“No person to carry on insurance business unless registered by the Authority
3.—(1)  Subject to this Act, no person shall carry on any class of insurance business in Singapore as insurer unless the person is registered by the Authority under this Act in respect of that class of business.
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 3 years or to both and in the case of a continuing offence to a further fine of $2,000 for every day during which the offence continues after conviction.”; and
(b)by repealing section 4 and substituting the following sections:
“Registration by Authority
4.—(1)  A person who desires to carry on insurance business in Singapore as insurer shall apply in writing to the Authority for registration under this section and shall furnish such information as the Authority may require.
(2)  Upon receiving an application under subsection (1), the Authority shall consider the application and may, subject to section 4A, register the applicant with or without conditions or refuse to register it.
(3)  A registration under this section may be restricted to reinsurance business.
(4)  The Authority shall cause notice of any registration of a Singapore insurer to be published in the Gazette.
Requirements before registration
4A.—(1)  The Authority shall not register any applicant under section 4 unless the applicant —
(a)is a company as defined in the Companies Act (Cap. 185) or a company incorporated outside Singapore which has an established place of business in Singapore or is a society registered under the Co-operative Societies Act 1979 (Act 17 of 1979);
(b)has made the deposit under section 7; and
(c)where it has a share capital its paid-up share capital is, or where it does not have a share capital the value of its assets exceeds the amount of its liabilities by, not less than such amount as may be prescribed.
(2)  For the purposes of subsection (1)(c) the Authority may prescribe different amounts for different classes of insurance business or for different types of insurers.”.
Repeal and re-enactment of section 5A
4.  Section 5A of the Insurance Act is repealed and the following section substituted therefor:
“Annual fees
5A.—(1)  Every registered insurer shall pay to the Authority such annual fees as may be prescribed.
(2)  The Authority may prescribe different annual fees for different classes of insurance business or for different types of registered insurers.
(3)  The Authority may exempt wholly or in part any registered insurer from the payment of the annual fees prescribed under this section.”.
Repeal and re-enactment of section 6
5.  Section 6 of the Insurance Act is repealed and the following section substituted therefor:
“Cancellation of registration
6.—(1)  The Authority may by order, at the request of the insurer or on any of the grounds set out in subsection (2), cancel the registration of any insurer either wholly or in respect of a class of business, as the case may be.
(2)  The grounds referred to in subsection (1) are —
(a)that the insurer has not commenced business within 12 months after being registered;
(b)that the insurer has ceased to carry on insurance business in respect of any class of business;
(c)that it appears to the Authority that the insurer has failed to satisfy an obligation to which it is subject by virtue of this Act;
(d)that there exists a ground on which the Authority would be prohibited by section 4A from registering the insurer;
(e)that the insurer proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
(f)that the insurer is carrying on its business in a manner likely to be detrimental to the interests of its policy owners;
(g)that the insurer is unable to meet its obligations;
(h)that the insurer has failed to effect satisfactory reinsurance arrangements;
(i)that the insurer has contravened any provision of this Act or any regulation made thereunder or any condition imposed or any direction given by the Authority under this Act;
(j)that any of the officers of the insurer holding a managerial or executive position has been convicted of any offence under this Act;
(k)that the insurer has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts in its application for registration; or
(l)that it is in the public interest to cancel the registration.
(3)  The Authority shall before cancelling the registration of an insurer under this section otherwise than at the request of the insurer cause to be given to the insurer notice in writing of its intention to do so, specifying a date, not less than 14 days after the date of the notice, upon which the cancellation will take effect and calling upon the insurer to show cause to the Authority why the registration should not be cancelled.
(4)  Notwithstanding the fact that the registration of an insurer has been cancelled under this section, so long as the insurer remains under any liability in respect of insurance policies belonging to the class of insurance business to which the registration relates, the insurer shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment of premiums and claims on those policies.
(5)  When the Authority has cancelled a registration under this section, it shall forthwith inform the insurer of the cancellation.
(6)  An order of cancellation made by the Authority shall not take effect until the expiration of a period of 14 days after the Authority has informed the insurer of the order.”.
Amendment of section 6A
6.  Section 6A(1)(b) of the Insurance Act is amended by deleting the words “Singapore policies belonging to that class effected before the date of cancellation of registration and subsection (2) of” and substituting the words “insurance policies belonging to that class effected before the date of cancellation of registration and”.
Amendment of section 7
7.  Section 7 of the Insurance Act is amended —
(a)by deleting subsections (1) and (2) and substituting the following subsections:
“(1)  A Singapore insurer, while registered in respect of any class of insurance business, shall at all times have in respect of that class of business a deposit with the Authority of a value of not less than $500,000.
(2)  A deposit under subsection (1) shall be made in assets of such nature as the Authority may specify.”;
(b)by deleting the words “Accountant-General” and “subsection (3) of section 6 of this Act” in subsection (4) and substituting the words “Authority” and “section 6(4)”, respectively;
(c)by deleting subsection (5) and substituting the following subsection:
“(5)  Where the value of the deposit made by an insurer under subsection (1) in respect of any class of business is less than $500,000 at any time, the Authority may by notice in writing direct the insurer to add thereto within 28 days of the service of the notice such assets as the Authority may specify of a value not less than the difference.”;
(d)by deleting the words “cash or securities specified in the Second Schedule to this Act” in subsection (6) and substituting the words “such other assets as the Authority may specify”;
(e)by deleting subsections (7) and (8);
(f)by deleting the word “Accountant-General” in subsection (9)(a) and substituting the word “Authority”; and
(g)by deleting the words “subsection (3)” wherever they appear in subsection (9)(a) and substituting in each case the words “subsection (4)”.
Amendment of section 8
8.  Section 8 of the Insurance Act is amended —
(a)by deleting subsection (1) and substituting the following subsection:
“(1)  If, in the case of any insurer, 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 the bank covenants to deposit with the Authority a specified sum in cash on account of the insurer’s deposit under section 7 in respect of either class of insurance business, and the covenant complies with any requirements the Authority sees fit to impose as to the circumstances in which that sum is to be deposited, then for the purposes of this Act the insurer shall be treated as having made the deposit under section 7 and the sum so covenanted for shall be recoverable notwithstanding that no consideration is furnished on the agreement.”; and
(b)by deleting subsection (3).
Amendment of section 9
9.  Section 9 of the Insurance Act is amended —
(a)by deleting subsections (1) and (2) and substituting the following subsections:
“(1)  Every registered insurer shall establish and keep a register of Singapore policies where it carries on business relating to Singapore policies and a register of offshore policies where it carries on business relating to offshore policies.
(2)  Subject to this section, there shall be entered in the register of Singapore policies all Singapore policies of the insurer and in the register of offshore policies all offshore policies of the insurer, and no policy entered in any register shall be removed from it so long as the insurer is under any liability in respect of that policy.”;
(b)by inserting, immediately after the word “register” in subsection (3), the words “of Singapore policies”;
(c)by deleting the words “register of policies” in subsection (4)(a) and (b) and substituting in each case the words “register of Singapore policies”;
(d)by deleting the words “the insurer’s register of policies” in subsection (6) and substituting the words “any register of policies established by the insurer”;
(e)by deleting the words “a register” in subsections (7) and (8) and substituting in each case the words “any register”; and
(f)by deleting subsection (9) and substituting the following subsection:
“(9)  A register of policies established and kept by an insurer under this section before the commencement of the Insurance (Amendment) Act 1985 shall be deemed to be a register of Singapore policies under subsection (1).”.
Repeal and re-enactment of section 10
10.  Section 10 of the Insurance Act is repealed and the following sections substituted therefor:
“Establishment of insurance funds and allocation of surplus
10.—(1)  Every registered insurer shall establish and maintain a separate insurance fund —
(a)for each class of insurance business carried on by the insurer that relates to Singapore policies; and
(b)for each class of insurance business carried on by the insurer that relates to offshore policies.
(2)  The Authority may require any registered insurer to establish and maintain, in addition to the insurance funds under subsection (1), such other insurance fund as the Authority may determine for different types of policies in respect of each class of business.
(3)  There shall be paid into an insurance fund all receipts of the insurer properly attributable to the business to which the fund relates (including the income of the fund), and the assets comprised in the fund shall be applicable only to meet such part of the insurer’s liabilities and expenses as is properly so attributable but shall not be applied to meet any levies payable by the insurer under section 31B.
(4)  In the case of an insurance fund established in respect of life business, no part of the fund shall be allocated by way of bonus to participating policies except with the approval of a qualified actuary and out of a surplus of assets over liabilities as shown on the last statutory valuation of the fund; and on the making of any such allocation that surplus shall be treated for purposes of this section as reduced by the amount allocated.
(5)  If on the last statutory valuation in the case of an insurance fund established in respect of life business there was shown a surplus of assets over liabilities of the fund, there may, subject to the approval of a qualified actuary and to any provision to the contrary in any instrument or contract binding the insurer, be withdrawn from the fund an amount not exceeding the surplus, and on the making of any such withdrawal that surplus shall be treated for the purposes of this section as reduced by the amount withdrawn:
Provided that no part of the surplus attributable to participating policies other than reinsurance policies shall be withdrawn in excess of one quarter of the amount allocated thereout by way of bonus to participating policies.
(6)  If in the last statutory balance-sheet in the case of an insurance fund established in respect of general business there was shown a surplus of assets over liabilities of the fund, there may, subject to any provision to the contrary in any instrument or contract binding the insurer, be withdrawn from the fund an amount not exceeding the excess of the surplus over any fund margin of solvency prescribed for that fund under section 10A, and on the making of any such withdrawal that surplus shall for the purposes of this section be treated as reduced by the amount withdrawn.
(7)  In respect of any policy belonging to the insurer’s life business which is under section 9(4) removed from the insurer’s register of Singapore policies there may be withdrawn from an insurance fund to which the policy relates an amount not exceeding the prescribed amount.
(8)  Any amount withdrawn from an insurance fund under subsection (5), (6) or (7) and, in a winding up, any part of an insurance fund remaining after meeting the liabilities and expenses to which the fund is applicable may be dealt with as if it had not formed part of the fund except that in the case of a winding up where any other insurance fund of the insurer under this Act is in deficit the surplus remaining after the winding up shall first be applied to make good the deficit in that fund.
(9)  In a winding up, assets comprised in the deposit made by an insurer under section 7 in respect of either class of business may be allocated by the Authority to any insurance fund established by the insurer for that class of business in such manner and proportion as it sees fit, and assets so allocated shall be treated as assets of that insurance fund, and subsections (3) and (8) shall apply to those assets accordingly.
(10)  Any insurance fund established by an insurer for any class of business shall, notwithstanding that the insurer at any time ceases to carry on that class of business in Singapore, continue to be maintained by the insurer so long as the insurer is required by this Act to maintain a register of policies for policies belonging to that class.
(11)  Any insurer carrying on insurance business in Singapore on or before the commencement of the Insurance (Amendment) Act 1985 which is required under subsection (1) to establish an insurance fund for offshore policies shall do so at the time of establishment of the insurer’s register of offshore policies, and by reference to the policies registered or required to be registered in it as at its establishment, and by reference to the assets and liabilities of the insurer as at that time; and —
(a)there shall be allocated to the fund assets of a value of not less (after allowing for any charges to which the fund is not applicable) than the aggregate of the amounts specified in subsection (12); and
(b)all such matters as would subsequently have affected the fund if established at that time shall be brought into account accordingly.
(12)  The amounts referred to in subsection (11)(a) are as follows:
(a)the amount, determined in the prescribed manner, of the liability of the insurer in respect of the policies referred to in subsection (11);
(b)the amount of any other liabilities of the insurer in so far as the assets allocated to the fund will be applicable or be treated as having been applicable to meet those liabilities; and
(c)the amount of the fund margin of solvency, if any, required to be maintained for the fund under section 10A.
(13)  The assets of any insurance fund established by an insurer under this Act shall be kept separate from all other assets of the insurer.
Margins of solvency
10A.—(1)  Every registered insurer shall maintain —
(a)a fund margin of solvency in respect of each of the insurance funds established by the insurer under this Act; and
(b)a margin of solvency,
of such amounts as may be prescribed or determined in accordance with regulations made under this Act for the purposes of this section.
(2)  The Authority may prescribe —
(a)different margins of solvency under subsection (1) for different classes of insurance business and for different types of insurers; and
(b)in respect of any type of insurers, any exception from the requirements of subsection (1).
(3)  Without prejudice to the generality of section 45, regulations made under this Act may —
(a)provide for the determination of the value of assets and the amount of liabilities in any case in which the value or amount is required by this section to be determined in accordance with valuation regulations;
(b)provide that, for any specified purpose, assets or liabilities of any specified class or description shall be left out of account or shall be taken into account only to a specified extent; and
(c)make different provision in relation to different cases or circumstances.
(4)  For the purposes of this section —
(a)the fund margin of solvency in respect of any insurance fund is the excess of the value of the assets over the liabilities of that fund; and
(b)the margin of solvency of a registered insurer is the excess of the value of its assets over the amount of its liabilities,
that value and amount being determined in accordance with any applicable valuation regulations.”.
Repeal and re-enactment of section 11
11.  Section 11 of the Insurance Act is repealed and the following section substituted therefor:
“Form, investment and situation of assets
11.  Regulations made under this Act may make provision for securing that, in such circumstances and to such extent as may be prescribed, the assets of any insurance fund of a registered insurer are invested in such manner and maintained in such places as may be prescribed and the nature of the assets is appropriate in relation to the currency in which the liabilities of the insurer are or may be required to be met.”.
Amendment of section 12
12.  Section 12(1) of the Insurance Act is amended by deleting the words “or assets falling within subsection (6) of section 11 of this Act”.
Repeal and re-enactment of section 13
13.  Section 13 of the Insurance Act is repealed and the following sections substituted therefor:
“Maintenance of assets in Singapore
13.—(1)  Where the Authority is satisfied that there exists a ground on which the Authority would be empowered by section 6 to cancel the registration of an insurer, the Authority may require that assets of the insurer of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in Singapore.
(2)  The Authority may direct that for the purposes of any requirement under this section assets of a specified class or description shall or shall not be treated as assets maintained in Singapore.
(3)  The Authority may direct that for the purposes of any requirement under this section the domestic liabilities of a registered insurer, or such liabilities of any class or description, shall be taken to be the net liabilities after deducting any part of them which is reinsured.
(4)  A requirement imposed under this section may be framed so as to come into effect immediately after the day on which it is imposed or so as to come into effect after the expiration of a specified period or such longer period as the Authority may allow.
(5)  In this section any reference to a domestic liability is a reference to a liability of the insurance business carried on by the registered insurer in Singapore.
(6)  Subject to subsection (7), in computing the amount of any liabilities for the purposes of this section all contingent and prospective liabilities shall be taken into account but not liabilities in respect of share capital.
(7)  For the purposes of this section the value of any assets and the amount of any liabilities shall be determined in accordance with any valuation regulations made under this Act.
Custody of assets
13A.—(1)  The Authority may, in the case of a registered insurer on which a requirement has been imposed under section 13, 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.
(2)  Section 13(4) shall apply to a requirement under this section.
(3)  Assets of a registered insurer held by a person as trustee for the insurer shall be taken to be held by him in compliance with a requirement imposed under this section if, and only if, they are assets in whose case the insurer has given him written notice that they are to be held by him in compliance with such a requirement or they are assets into which assets in whose case the insurer has given him such written notice have, by any transaction or series of transactions, been transposed by him on the instructions of the insurer.
(4)  No assets held by a person as trustee for a registered insurer in compliance with a requirement imposed under this section shall, so long as the requirement is in force, be released except with the consent of the Authority.
(5)  If a mortgage or charge is created by a registered insurer at a time when there is in force a requirement imposed on the insurer by virtue of this section, being a mortgage or charge conferring a security on any assets which are held by a person as trustee for the insurer in compliance with the requirement, the mortgage or charge shall, to the extent that it confers such a security, be void against the liquidator and any creditor of the insurer.”.
Amendment of section 14
14.  Section 14(2) of the Insurance Act is deleted.
Amendment of section 15
15.  Section 15(1) of the Insurance Act is amended by inserting, immediately after the words “Singapore policy”, the words “or an offshore policy”.
Amendment of section 16
16.  Section 16 of the Insurance Act is amended —
(a)by deleting the words “Malay or” wherever they appear in subsection (1); and
(b)by inserting, immediately after the words “shall use” in subsection (4), the words “in the course of carrying on insurance business”.
New sections 17A to 17E
17.  The Insurance Act is amended by inserting, immediately after section 17, the following sections:
“Control of take-overs of insurers incorporated in Singapore
17A.—(1)  This section and sections 17B and 17C shall apply to and in relation to all natural persons whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated or carrying on business in Singapore or not.
(2)  No person shall, after the commencement of the Insurance (Amendment) Act 1985, enter into an agreement to acquire shares of a registered insurer that is incorporated in Singapore by virtue of which he would, if the agreement is carried out, obtain effective control of that insurer without first notifying the Authority of his intention to enter into the agreement and obtaining the approval of the Authority to his entering into the agreement.
(3)  For the purposes of this section —
(a)a person shall be regarded as entering into an agreement by virtue of which he would obtain effective control of a registered insurer if the person alone or acting together with any associate or associates would be in a position to control not less than 20% of the voting power of the insurer or would hold interests in not less than 20% of the issued shares of the insurer;
(b)a reference to an agreement by which a person would obtain effective control of a registered insurer that is incorporated in Singapore includes a reference to an agreement by which the person would acquire any interest in shares in the insurer where, upon the acquisition of those interests and of any other interests in other shares of the insurer that he has offered to acquire, he would have effective control of the insurer;
(c)a reference to a person offering to acquire interest in shares includes —
(i)a reference to a person making or publishing a statement, however expressed, that expressly or impliedly invites a holder of interests in shares to offer to dispose of interests in shares; and
(ii)a reference to a person taking part in or proposing to take part in negotiations with a view to the acquisition of shares;
(d)a person holds an interest in a share if he has any legal or equitable interest in that share and without limiting the generality of the foregoing an interest in shares shall have the meaning assigned to that expression in section 7(6) to (10) of the Companies Act (Cap. 185);
(e)a reference to the voting power in a registered insurer is a reference to the total number of votes that might be cast in the general meeting of the insurer; and
(f)the following persons are associates of a person:
(i)the person’s spouse or parent or remoter lineal ancestor, son, daughter or remoter issue, brother or sister of the person;
(ii)any partner of the person;
(iii)any corporation of which the person is an officer;
(iv)where the person is a corporation, any officer of the corporation;
(v)any employee or employer of the person;
(vi)any officer of any corporation of which the person is an officer;
(vii)any employee of a natural person of whom the person is an employee;
(viii)any corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person or, where the person is a corporation, of the directors of the person;
(ix)any corporation in accordance with the directions, instructions or wishes of which, or of the directors of which, the person is accustomed or under an obligation, whether formal or informal, to act;
(x)any corporation in which the person is in a position to control not less than 20% of the voting power in the corporation; and
(xi)where the person is a corporation, a person who is in a position to control not less than 20% of the voting power in the corporation.
(4)  Any person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.
Arrangements affecting control of an insurer incorporated in Singapore
17B.—(1)  No person shall, after the commencement of the Insurance (Amendment) Act 1985, enter into any arrangement in relation to any registered insurer that is incorporated in Singapore by virtue of which he would, if the arrangement is carried out, obtain control of the insurer without first notifying the Authority of his intention to enter into the arrangement and obtaining the approval of the Authority to his entering into the arrangement.
(2)  For the purposes of this section —
(a)a person shall be regarded as entering into an arrangement by virtue of which he would obtain control of a registered insurer if he alone or acting together with an associate or associates would be in a position to determine the policy of the insurer;
(b)the reference to entering into any arrangement is a reference to any formal or informal scheme, arrangement or understanding, whether expressly or by implication and without limiting the generality of the foregoing includes a reference —
(i)creating a trust whether express or implied; and
(ii)entering into a transaction or agreement,
and references to an arrangement shall be construed accordingly; and
(c)the reference to associates of a person has the same reference as under section 17A.
(3)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.
Control of substantial shareholdings of insurers incorporated in Singapore
17C.—(1)  No person shall, after the commencement of the Insurance (Amendment) Act 1985, enter into any agreement to acquire shares by virtue of which he would, if the agreement is carried out, acquire a substantial shareholding in a registered insurer that is incorporated in Singapore without first notifying the Authority of his intention to enter into the agreement and obtaining the approval of the Authority to his entering into the agreement.
(2)  For the purposes of this section —
(a)a reference to an agreement by which a person would acquire a substantial shareholding in a registered insurer includes a reference to an agreement by virtue of which the person would acquire any interests in shares in the insurer where, upon the acquisition by him of those interests or of those interests and of any interests in other shares in the insurer, being interests that he has offered to acquire, he would acquire a substantial shareholding in the insurer;
(b)a reference to a person offering to acquire interests in shares and to a person having an interest in shares shall be construed in the same way as under section 17A; and
(c)a substantial shareholding has the same meaning as in section 81 of the Companies Act (Cap. 185).
(3)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.
Power of the Authority to require an insurer incorporated in Singapore to obtain information as to beneficial interests in shares of the insurer
17D.—(1)  The Authority may by notice in writing direct a registered insurer that is incorporated in Singapore to obtain from any shareholder of the insurer and to transmit to the Authority information —
(a)as to whether that shareholder holds any voting shares in the insurer as beneficial owner or as trustee; and
(b)if he holds them as trustee, to indicate as far as it can the person for whom he holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interests,
and the insurer shall comply with that direction within such time as is specified in the notice.
(2)  For the purposes of this section, “voting shares” has the same meaning as in the Companies Act (Cap. 185).
Approval of directors and principal officers of insurers
17E.—(1)  No registered insurer —
(a)shall appoint a person as principal officer of the insurer in Singapore; or
(b)incorporated or established in Singapore shall appoint a person as director of the insurer,
unless the insurer satisfies the Authority that that person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
(2)  Any person aggrieved by any decision of the Authority under subsection (1) may appeal to the High Court.
(3)  In this section —
“director” has the same meaning as in the Companies Act (Cap. 185);
“principal officer”, in relation to a registered insurer, means any person by whatever name called employed by the insurer to be directly responsible for the conduct of any class of insurance business of the insurer in Singapore.”.
Amendment of section 19
18.  Section 19 of the Insurance Act is amended —
(a)by deleting the words “Subject to subsection (4) of this section, no person shall” in subsection (1) and substituting the words “No person shall without the approval of the Authority”; and
(b)by deleting subsections (3) and (4) and substituting the following subsections:
“(3)  The references in subsection (2) to a contract of insurance and to insurance business shall not apply to reinsurance or business relating to risks outside Singapore or such other risks as may be prescribed.
(4)  Where in any particular case the Authority is satisfied that, by reason of the exceptional nature of the risk or other exceptional circumstances, it is not reasonably practicable to effect an insurance for that case with a Singapore insurer acting in the course of his business as such, the Authority may permit any insurance broker to negotiate the insurance with such insurer as the broker sees fit and also, if in the opinion of the Authority the case requires it, to effect the insurance and receive the premium in Singapore on behalf of the insurer.
(4A)  The Authority may inspect books and records kept by any Singapore insurance agent and Singapore insurance broker and may for this purpose enter any premises at all reasonable times.”.
New section 19A
19.  The Insurance Act is amended by inserting, immediately after section 19, the following section:
“Authority may prohibit insurance agents and brokers from carrying on business
19A.—(1)  The Authority may by order prohibit any person from carrying on business as insurance agent or insurance broker in Singapore or from taking part directly or indirectly in the management of any insurance agent or broker in Singapore where the person has been convicted of an offence involving fraud, dishonesty, or moral turpitude or the Authority is satisfied that the person has been involved in any activity prejudicial to the public interest.
(2)  Any person aggrieved by any order of the Authority under subsection (1) may appeal to the High Court.
(3)  Any person who fails to comply with an order of the Authority made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both and in the case of a continuing offence to a further fine of $1,000 for every day during which the offence continues after conviction.”.
Amendment of section 20
20.  Section 20 of the Insurance Act is amended —
(a)by deleting subsection (4) and substituting the following subsection:
“(4)  Subsection (1) shall not authorise an individual to carry on insurance business in Singapore unless the association makes and maintains with the Authority the deposit required by this section; and any such deposit may be applied by the Authority in meeting claims against members of the association in respect of Singapore policies.”;
(b)by inserting, immediately after the word “Commissioner” in the seventh line of subsection (6), the words “or in respect of any risk for which the broker has been permitted under section 19 to negotiate with any insurer”; and
(c)by deleting subsections (10), (11) and (12) and substituting the following subsections:
“(10)  The Authority may cancel the licence of an insurance agent or broker issued under subsection (6) if it is satisfied that —
(a)the agent or broker has not commenced business within 12 months after being licensed;
(b)the agent or broker has ceased to carry on the business for which it is licensed;
(c)there exists a ground on which the Authority would not be required to consider an application for a licence by the agent or broker under subsection (8);
(d)the agent or broker proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
(e)the agent or broker is carrying on its business in a manner likely to be detrimental to the interests of policy owners or the public;
(f)the agent or broker is unable to meet its obligations;
(g)the agent or broker has contravened any provision of this Act or any regulation made thereunder or any condition of its licence;
(h)any of the officers of the agent or broker holding a managerial or executive position has been convicted of any offence under this Act; or
(i)the agent or broker has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts in its application for a licence.
(11)  Any person who carries on business as a Singapore insurance agent for any individual or as a Singapore insurance broker in negotiating insurances with any individual without a valid licence under subsection (6) or who fails to comply with any of the conditions of his licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both and in the case of a continuing offence to a further fine of $1,000 for every day during which the offence continues after conviction.
(12)  Every insurance agent or broker licensed under subsection (6) shall pay to the Authority such annual fees as may be prescribed.
(12A)  The Authority may prescribe different annual fees for insurance agents and brokers licensed under subsection (6).”.
Amendment of section 22
21.  Section 22 of the Insurance Act is amended —
(a)by deleting subsections (1), (2) and (3) and substituting the following subsections:
“(1)  A registered insurer shall prepare such statements of account and other statements and in such form and manner as may be prescribed and lodge them with the Authority.
(1A)  A registered insurer shall cause to be kept such books and records as will sufficiently explain the transactions and financial position of the insurer in Singapore and enable the insurer to comply with the requirements of this section and section 23, and shall cause those books and records to be kept in such manner as to enable them to be conveniently and properly audited.
(2)  A registered insurer shall have its accounts audited for each accounting period for which statements of account are prepared in accordance with regulations prescribed under subsection (1).
(3)  No person shall act as auditor for any registered insurer unless —
(a)he has a place of business in Singapore;
(b)he is approved under section 9 of the Companies Act (Cap. 185) as a company auditor for the purposes of that Act; and
(c)he has the approval of the Authority.
(3A)  An auditor shall not be approved by the Authority as an auditor for registered insurers unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
(3B)  The Authority may impose all or any of the following duties on an auditor:
(a)a duty to submit such additional information in relation to his audit as the Authority considers necessary;
(b)a duty to enlarge or extend the scope of his audit of the business and affairs of the insurer;
(c)a duty to carry out any other examination or establish any procedure in any particular case; and
(d)a duty to submit a report on any of the matters referred to in paragraphs (b) and (c),
and the insurer shall remunerate the auditor in respect of the discharge by him of all or any of these duties.
(3C)  An auditor’s report made under subsection (3B) shall be lodged with the Authority together with the statements of accounts lodged by the insurer under subsection (1).
(3D)  If an auditor, in the course of the performance of his duties as an auditor of an insurer, is satisfied that —
(a)there has been a serious breach or non-observance of the provisions of this Act or that a criminal offence involving fraud or dishonesty has been committed;
(b)any transaction or dispute has taken place which will have a material effect on the solvency of any insurance fund established by the insurer under this Act;
(c)serious irregularities have occurred, including irregularities that jeopardise the interests of policy owners; or
(d)where the insurer is incorporated or established in Singapore, the insurer is unable to meet its obligations,
he shall immediately report the matter to the Authority.”; and
(b)by deleting the words “Malay or” wherever they appear in subsection (6).
Amendment of section 23
22.  Section 23 of the Insurance Act is amended —
(a)by deleting subsections (1) and (2) and substituting the following subsections:
“(1)  Subject to this section, an insurer registered under this Act in respect of life business shall once in a period of 12 months have an investigation made by a qualified actuary into the financial condition of its life business and shall lodge with the Authority such abstract of the actuary’s report and certificate relating thereto and such statements as to that business as are prescribed under section 22(1).
(2)  An investigation under subsection (1) shall be made as at the end of each accounting period.”; and
(b)by deleting subsection (5).
Amendment of section 24
23.  Section 24(4) of the Insurance Act is amended by deleting the words “the Fourth Schedule to this Act” and substituting the words “regulations prescribed under section 22(1)”.
Amendment of section 25
24.  Section 25 of the Insurance Act is amended —
(a)by deleting the words “Part I of the Fourth Schedule to this Act” in the proviso to subsections (1) and (2) and substituting in each case the words “regulations prescribed under section 22(1)”; and
(b)by deleting the words “the Commissioner” in subsection (3) and substituting the words “any person appointed by the Authority under section 35”.
Repeal of section 26
25.  Section 26 of the Insurance Act is repealed.
Amendment of section 27
26.  Section 27 of the Insurance Act is amended —
(a)by deleting subsections (1), (2) and (3) and substituting the following subsections:
“(1)  The Authority may from time to time inspect the books, accounts and transactions of a registered insurer and institute an investigation into the whole or any part of the insurance business carried on in Singapore by the insurer.
(2)  The costs and expenses of any investigation under subsection (1) shall be paid by the insurer.”;
(b)by deleting the word “investigation” in subsection (4) and substituting the words “inspection or investigation”;
(c)by deleting the words “Commissioner or inspector” wherever they appear in subsections (4) and (5) and substituting in each case the word “Authority”; and
(d)by deleting subsection (6) and substituting the following subsection:
“(6)  Any person who refuses or fails when required to do so under subsection (4) or (5) to produce any document in his custody or to attend for or submit to examination by the Authority or any person appointed by it, or to answer any question put to him on such examination shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and in the case of a continuing offence to a further fine of $1,000 for every day during which the offence continues after conviction.”.
Amendment of section 28
27.  Section 28 of the Insurance Act is amended by deleting subsection (1) and substituting the following subsection:
“(1)  Where the Authority is satisfied that the affairs of any insurer are being conducted in a manner likely to be detrimental to the public interest or the interests of the policy owners or prejudicial to the interests of the insurer, the Authority may issue such directions to the insurer as it considers necessary and in particular may require the insurer —
(a)to take such action or recruit such management personnel as may be necessary to enable it to conduct its business in accordance with sound insurance principles;
(b)to remove any of its directors or any person whom the Authority considers unfit to be associated with it;
(c)to take action as to the disposition or recovery of its assets;
(d)to take any available steps for the recovery by the insurer of sums appearing to the Authority to have been illegally or improperly paid;
(e)to stop renewing or issuing further policies of the class of business to which the direction relates;
(f)to make such arrangements with respect to reinsurance as the Authority so specifies; or
(g)to take action to make good any default under section 9, 10, 10A, 11 or 12.”.
Amendment of section 29
28.  Section 29 of the Insurance Act is amended —
(a)by inserting, immediately after subsection (1), the following subsection:
“(1A)  The Authority may, in accordance with the provisions of the Companies Act (Cap. 185), present a petition for the winding up of an insurer registered under this Act if the insurer has contravened or failed to comply with any provision of this Act.”;
(b)by deleting the word “Minister” in subsection (4) and substituting the word “Authority”; and
(c)by deleting subsection (7) and substituting the following subsection:
“(7)  References in this section to an insurer registered under this Act shall extend also to a Singapore insurer which has ceased to be so registered but remains under any liability in respect of Singapore policies or offshore policies.”.
Amendment of section 30
29.  Section 30(4) of the Insurance Act is amended by deleting the words “(including the deposit under this Act)” and substituting the words “(including such part of the deposit as is allocated to the insurance fund by the Authority under section 10(9))”.
Amendment of section 31
30.  Section 31(3) of the Insurance Act is amended by inserting, immediately after the words “Singapore policies”, the words “or offshore policies”.
New sections 31A and 31B
31.  The Insurance Act is amended by inserting, immediately after section 31, the following sections:
“Priority of claim of policy owners
31A.  Where a registered insurer becomes insolvent or is unable to meet its obligations, the assets of the insurer shall be available to meet its liabilities to all policy owners of Singapore policies and offshore policies and these liabilities shall have priority over all unsecured liabilities of the insurer other than preferential debts specified under section 328(1) of the Companies Act (Cap. 185).
Policy Owners’ Protection Fund
31B.—(1)  The Authority shall establish and maintain in accordance with this section and regulations prescribed, a Policy Owners’ Protection Fund (referred to in this section as the Fund) for the purposes of indemnifying in whole or in part, or otherwise assisting or protecting, policy owners and others who have been or may be prejudiced in consequence of the inability of registered insurers to meet their liabilities under life policies and compulsory insurance policies issued by them.
(2)  Subject to such exceptions or restrictions as may be prescribed, the Authority shall —
(a)secure that a sum equal to —
(i)the full amount of any liability of a registered insurer in liquidation in respect of a sum payable to any person entitled to the benefit under the terms of any compulsory insurance policy, being a liability arising in respect of a liability of the policy owner which is a liability subject to compulsory insurance; and
(ii)90% of the amount of any liability of a registered insurer in liquidation towards a policy owner under the terms of any life policy which was a Singapore policy or an offshore policy and not being a contract of reinsurance,
is paid to the person or policy owner as soon as reasonably practicable after the beginning of the liquidation; and
(b)make arrangements so far as reasonably practicable for securing continuity of insurance for every policy owner of a registered insurer in liquidation or in financial difficulties who is a policy owner in respect of a life policy which was a Singapore policy or an offshore policy and not being a contract of reinsurance, and for this purpose the Authority may take measures to secure or facilitate the transfer of the life business of the insurer, or part of that business, to another registered insurer or to secure the issue by another registered insurer to the policy owners of life policies in substitution of their existing policies.
(3)  For the purposes of financing the expenditure of the Fund the Authority may from time to time by regulations impose a levy on registered insurers carrying on —
(a)general business in Singapore (referred to in this section as a general business levy); and
(b)life business in Singapore (referred to in this section as a life business levy).
(4)  The proceeds of general business levies and life business levies shall be paid into the Fund.
(5)  The amounts required to be paid by any registered insurer under general business levies or life business levies imposed under subsection (3) in any financial year shall not exceed one per cent of any income of the insurer for the year ending last before the beginning of that financial year which income is liable to the general business levy or the life business levy, as the case may be.
(6)  The amount each registered insurer may be required to pay under general business levies imposed in any financial year shall be calculated by reference to the gross premium income of Singapore policies of the insurer for the year ending last before the beginning of that financial year in respect of general business carried on in Singapore other than reinsurance business; and any such income is hereinafter in this section referred to, in relation to any registered insurer, as income of the insurer for the year in question which is income liable to the general business levy.
(7)  The amount each registered insurer may be required to pay under life business levies imposed in any financial year shall be calculated by reference to the gross premium income of the insurer for the year ending last before the beginning of that financial year in respect of life business carried on in Singapore other than reinsurance business; and any such income is hereinafter in this section referred to, in relation to any registered insurer, as income of the insurer for the year in question which is income liable to the life business levy.
(8)  In subsections (6) and (7), the gross premium income of a registered insurer for any year in respect of any class of insurance business carried on in Singapore other than reinsurance business means the gross amounts after deducting any return of premiums recorded in the accounts of the insurer during that year as paid or due to the insurer by way of premiums under that class.
(9)  Subject to subsection (10) the proceeds of general business levies may be applied only on expenditure incurred by the Authority under subsection (2)(a)(i), and the proceeds of life business levies may be applied only on expenditure incurred by the Authority under subsections (2)(a)(ii) and (2)(b).
(10)  The Authority may deduct any expenditure incurred by it in performing its functions under this section from the Fund.
(11)  Where it appears to the Authority that any circumstances have occurred in relation to a registered insurer incorporated outside Singapore which are the equivalent of a registered insurer in liquidation or in financial difficulties under the law relating to companies in force in the country in which it is incorporated, the Authority may treat that insurer as a registered insurer in liquidation or in financial difficulties for the purposes of this section, and this section shall apply to that insurer subject to such modifications as appear to the Authority to be necessary.
(12)  Without prejudice to the generality of section 45, regulations made under this Act may provide —
(a)for the imposition, distribution and enforcement of general business levies and life business levies and other matters in connection with or in relation to those levies; and
(b)for the investment of such part of the Fund as appears to the Authority to be surplus to its requirements for the time being.
(13)  For the purposes of this section —
(a)“compulsory insurance policy” means any policy or security which satisfies the requirements of the Motor Vehicles (Third-Party Risks and Compensation) Act (Cap. 88) or the Workmen’s Compensation Act 1975 (Act 25 of 1975);
(b)references to a registered insurer in liquidation are references to an insurer in whose case —
(i)a resolution has been passed after the commencement of the Insurance (Amendment) Act 1985 in accordance with the provisions of the Companies Act (Cap. 185) for the voluntary winding up of the insurer, otherwise than merely for the purpose of reconstruction of the insurer or of amalgamation with another insurer;
(ii)without any such resolution having being passed beforehand, an order has been made after the commencement of the Insurance (Amendment) Act 1985 for the winding up of the insurer by the High Court under the Companies Act on a petition presented after that date; or
(iii)an order has been made after the commencement of the Insurance (Amendment) Act 1985 for the winding up of the insurer by the Registrar of Co-operative Societies under section 83 of the Co-operative Societies Act 1979 (Act 17 of 1979);
(c)references, in relation to a registered insurer in liquidation, to the beginning of the liquidation, are references to the passing of any such resolution or the making of any such order referred to in paragraph (b), as the case may be; and
(d)a registered insurer, not being an insurer in liquidation, is an insurer in financial difficulties if —
(i)a provisional liquidator has been appointed in respect of the insurer under section 267 of the Companies Act (Cap. 185);
(ii)it has been proved, in any proceedings on a petition for the winding up of the insurer under the Companies Act, to be unable to pay its debts; or
(iii)an application has been made to the High Court under section 210 of the Companies Act for the sanction of a compromise or arrangement proposed between the insurer and its creditors or any class of them (whether or not any of its members are also parties thereto) and the terms of the compromise or arrangement provide for reducing the liabilities or the benefits provided for under the insurer’s life policies,
and the petition is presented or the application is made after the commencement of the Insurance (Amendment) Act 1985.”.
Amendment of section 32
32.  Section 32(1) of the Insurance Act is amended by inserting, immediately after the words “Singapore policies” in paragraph (a), the words “or offshore policies”.
Repeal and re-enactment of section 35
33.  Section 35 of the Insurance Act is repealed and the following sections substituted therefor:
“Appointment of assistants
35.  The Authority may authorise or appoint any person to assist it in the exercise of its functions and duties under this Act, either generally or in any particular case.
Exemption
35A.—(1)  The Authority may, subject to such condition as it thinks fit, exempt any person or class of persons from any or all of the provisions of this Act.
(2)  An exemption granted under this section may be withdrawn by the Authority at any time.”.
Amendment of section 37
34.  Section 37(2) of the Insurance Act is amended by inserting, immediately after the words “Singapore insurers”, the words “, insurance brokers”.
New section 39A
35.  The Insurance Act is amended by inserting, immediately after section 39, the following section:
“Jurisdiction of courts
39A.  A District Court or a Magistrate’s Court shall, notwithstanding the Criminal Procedure Code (Cap. 113), have jurisdiction to try any offence under this Act and impose the full penalty or punishment in respect of such offence.”.
Amendment of section 43
36.  Section 43 of the Insurance Act is amended —
(a)by inserting, immediately after the word “section” in subsection (2)(a), the words “or as an offshore policy after the commencement of the Insurance (Amendment) Act 1985”; and
(b)by inserting, immediately after the word “policy” in subsection (8), the words “and offshore policy”.
Amendment of section 44
37.  Section 44 of the Insurance Act is amended —
(a)by deleting subsections (1) and (2) and substituting the following subsections:
“(1)  In any case where the policy owner of any life policy or personal accident policy of an insurer dies, and the policy moneys are payable thereunder on his death, the insurer may make payment to any proper claimant a prescribed amount of the policy moneys of all such policies issued by the insurer on the deceased’s life without the production of any probate or letters of administration; and the insurer shall be discharged from all liability in respect of the amount paid.
(2)  If, in any case as is mentioned in subsection (1), estate duty is payable in Singapore on any such policy moneys as are there mentioned, the insurer may, notwithstanding section 40(2) of the Estate Duty Act (Cap. 137), pay to any proper claimant a prescribed amount of the policy moneys of all such policies issued by the insurer, without the policy moneys having been included in such a schedule or certificate as is mentioned in that subsection.
(2A)  Before making any payment under subsection (2), the insurer shall give notice by registered post to the Commissioner of Estate Duties with such particulars as the Commissioner may require.”; and
(b)by deleting subsection (4) and substituting the following subsection:
“(4)  Where an amount is paid under subsection (2) on account of any policy moneys, the insurer may, before payment of the balance of such policy moneys to any proper claimant, apply the whole or part of the policy moneys to pay any unpaid estate duty payable on the death of the insured.”.
Amendment of section 45
38.  Section 45 of the Insurance Act is amended by deleting the word “Minister” wherever it appears and substituting in each case the word “Authority”.
Amendment of section 47
39.  Section 47(1) of the Insurance Act is deleted and the following subsection substituted therefor:
“(1)  In this Act —
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 195);
“qualified actuary” means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland or a Fellow of the Society of Actuaries in America;
“registered insurer” means an insurer which has been registered by the Authority under this Act.”.
Amendment of First Schedule
40.  Paragraph 2 of the First Schedule to the Insurance Act is amended —
(a)by deleting sub-paragraphs (1) and (2) and substituting the following sub-paragraphs:
“(1)  Subject to this paragraph and section 9(3) and (4), “Singapore policy” means, in relation to any insurer, a policy issued in the course of the insurer’s business in Singapore and falling within one of the following descriptions:
“(a)a life policy or personal accident policy in the case of which, at the date of issue of the policy and (if the policy was issued before then) at the date of the establishment of the insurer’s register of Singapore policies, the policy owner’s address is or was an address in Singapore;
(b)in relation to direct general insurance (other than personal accident policies) and facultative general reinsurance, a policy in the case of which the risk arises in Singapore or where the insured is a person resident in Singapore or is a permanent establishment in Singapore; and
(c)in relation to treaty general reinsurance, a policy in the case of which more than 25% of the total risks in terms of gross premiums arises in Singapore.
(2)  “Offshore policy”, in relation to any insurer, means any policy, other than a Singapore policy, issued in the course of the insurer’s business in Singapore.”;
(b)by deleting the word “and” at the end of sub-paragraph (3)(a);
(c)by inserting, immediately after sub-paragraph (3)(b), the following sub-paragraphs:
“(c)“resident in Singapore” and “permanent establishment” have the same meaning as in the Income Tax Act (Cap. 141); and
(d)where any risk is in transit in Singapore it shall be deemed to be a risk outside Singapore,”; and
(d)by deleting sub-paragraph (4).
Repeal of Second Schedule
41.  The Second Schedule to the Insurance Act is repealed.
Amendment of Third Schedule
42.  The Third Schedule to the Insurance Act is amended —
(a)by deleting paragraph 1 and substituting the following paragraph:
“1.  An association of underwriters, in order to comply with section 20(4), shall make a deposit of a value of $500,000 with the Authority.”;
(b)by deleting paragraph 3 and substituting the following paragraph:
“3.  The Authority shall retain any deposit under this Schedule until it is satisfied that insurance business is not being carried on in Singapore by any members of the association, and it shall then transfer the deposit to the association except such part (if any) that it determines should be kept available for meeting claims against members of the association in respect of Singapore policies.”; and
(c)by deleting the words “Subsections (2), (3), (6) and (7) of section 7” in paragraph 4 and substituting the words “Section 7(2), (3) and (6)”.
Repeal of Fourth Schedule
43.  The Fourth Schedule to the Insurance Act is repealed.
Miscellaneous amendments
44.  The Insurance Act is amended —
(a)by deleting the words “five thousand dollars”, “twelve months” and “one thousand dollars” in section 3A and substituting “$30,000”, “3 years” and “$2,000”, respectively;
(b)by deleting the words “one thousand dollars”, “six months” and “one hundred dollars” in section 3B(2) and substituting “$5,000”, “one year” and “$1,000”, respectively;
(c)by deleting the words “five thousand dollars” and “one thousand dollars” in section 5(2) and substituting “$20,000” and “$1,000”, respectively;
(d)by deleting the words “one thousand dollars” and “fifty dollars” in section 12(4) and substituting “$5,000” and “$1,000”, respectively;
(e)by deleting the words “one thousand dollars” in section 15(6) and substituting “$5,000”;
(f)by deleting the words “one thousand dollars” in section 16(5) and substituting “$5,000”;
(g)by deleting the words “five thousand dollars” in section 17(1) and substituting “$10,000”;
(h)by deleting the words “one thousand dollars” in section 17(2) and substituting “$5,000”;
(i)by deleting the words “five thousand dollars” and “twelve months” in section 19(1) and substituting “$20,000” and “2 years”, respectively;
(j)by deleting the words “two thousand dollars” and “six months” in section 19(2) and substituting “$10,000” and “one year”, respectively;
(k)by deleting the words “five thousand dollars” and “fifty dollars” in section 20(7) and substituting “$10,000” and “$1,000”, respectively;
(l)by deleting the words “five thousand dollars” and “fifty dollars” in section 25(4) and substituting “$10,000” and “$1,000”, respectively;
(m)by deleting the words “five thousand dollars” in section 28(3) and substituting “$20,000”;
(n)by deleting the words “five thousand dollars” and “six months” in section 39(1) and substituting “$20,000” and “2 years”, respectively;
(o)by deleting the words “five hundred dollars” and “fifty dollars” in section 39(2) and substituting “$5,000” and “$1,000”, respectively;
(p)by deleting the words “six months” in section 39(4) and substituting the words “one year”;
(q)by deleting the word “Commissioner” wherever it appears in the following sections and substituting in each case the word “Authority”:
Sections 2(3), 3B(1), 3C(1), 5(1), 5(2), 12(1), 12(2), 12(3), 15(4), 15(5), 16(1), 16(2), 16(3), 17(1), 18, 20(1), 20(2), 20(3), 20(6), 20(8), 20(9), 20(13), 22(5), 23(3), 23(4), 24(1), 24(2), 25(2), 28(2), 29(1), 29(2), 29(3), 29(6), 30(1), 30(2), 31(1), 33(1), 33(2), 33(3), 33(4), 33(6), 34(1), 36(1), 36(2), 37(1), 37(2), 37(3), 38, 39(1), 43(2), 46(1), 47(2) and First Schedule paragraph 6(1);
(r)by deleting the words “he” and “him” wherever they appear in the following sections and substituting in each case the word “it”:
Sections 3C(1), 12(3), 15(5), 16(1), 16(3), 18, 20(8), 20(9), 24(1), 24(2), 27(4), 27(5), 28(2), 29(2), 31(1), 33(2), 33(6), 36(2) and 47(2); and
(s)by deleting the word “his” wherever it appears in the following sections and substituting in each case the word “its”:
Sections 18, 27(4), 28(2) and 36(2).
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Last updated 23 Nov 2024
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