Insurance (Amendment) Bill

Bill No. 33/1967

Read the first time on 14th November 1967.
An Act to amend the Insurance Act, 1966 (No. 46 of 1966).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —
Short title
1.  This Act may be cited as the Insurance (Amendment) Act, 1967.
Amendment of section 7
2.  Section 7 of the Insurance Act, 1966, is hereby amended by inserting immediately after subsection (8) thereof the following new subsection: —
(9)  (a)  Notwithstanding anything contained in this Act or any written law, the provisions of subsection (3) of section 6 of this Act shall apply to a Singapore insurer whose application for registration has been refused under the provisions of section 4 of this Act as they apply to a Singapore insurer that is registered under this Act and the Accountant-General may, accordingly, retain the deposit, or part of it, of such first mentioned Singapore insurer for the purpose of and in accordance with the provisions for liabilities in respect of policies referred to in the said subsection (3) of section 6 of this Act.

(b)This subsection shall be deemed to have come into operation on the 1st day of January 1967.”.