Insurance Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Classification of insurance business, and construction of references to matters connected with insurance
Part II CONDUCT OF INSURANCE BUSINESS
General restriction on insurers
3 Requirements for carrying on business as insurer
Registration of Singapore insurers
4 Registration by Commissioner
5 Appeal against refusal of registration
6 Cancellation of registration
Deposits, registers of policies and insurance funds
7 Deposits
8 Bank covenants in lieu of deposits
9 Register of policies
10 Establishment and maintenance of insurance funds, and allocation of surplus
11 Requirements as to assets of insurance funds
12 Requirements as to documents evidencing title to assets of insurance funds
13 Enforcement of requirements as to registers of policies and insurance funds
Miscellaneous requirements as to conduct of business
14 Payment in Singapore currency of policy moneys under life policies
15 Regulation of premiums under life policies
16 Control of form of proposals, policies and brochures
17 Requirements as to prospectuses and statements of capital
18 General obligation to furnish information
Subsidiary
19 Insurance agents and brokers
20 Provision for members of associations of underwriters to carry on general business
21 Saving for validity of policies
Part III RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Returns
22 Annual accounts and audit
23 Actuarial investigations and reports as to life business
24 Power to require returns under section 22 or 23 to be rectified
25 Additional provisions as to returns under section 22 or 23
26 Returns of changes in registration particulars
Investigations
27 Investigation of affairs of insurer
28 Proceedings after investigation
Winding up
29 General provisions as to winding up
30 Special provision for insurers directed to cease insurance business
31 Co-operative societies doing insurance business
Transfers of business
32 Schemes for transfer of business
33 Confirmation of schemes
34 Documents to be filed when scheme confirmed
Part IV MISCELLANEOUS AND GENERAL
Administration and enforcement
35 The Commissioner
36 Annual reports
37 Statistics
38 Service of notices
39 General provisions as to offences
Miscellaneous amendments of law
40 Insurable interest required for life insurances
41 Capacity of infant to insure
42 Life policy moneys to be paid without deduction
43 Life policies (surrenders: non-payment of premiums: paid-up policies)
44 Payment of life policy claims without probate, etc.
Supplementary
45 Regulations
46 Accounting periods of insurers
47 Miscellaneous definitions
48 Insurance Act, 1963, of Malaysia to cease to apply in Singapore
Explanatory Statement
Expenditure of Public Money