Insurance (Intermediaries) (Amendment) Regulations 2022

No. S 776

Insurance Act 1966

Insurance
(Intermediaries)
(Amendment) Regulations 2022

In exercise of the powers conferred by section 154 of the Insurance Act 1966, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1.—(1) These Regulations are the Insurance (Intermediaries) (Amendment) Regulations 2022 and, except for regulations 11(b) and (c) and 15, are deemed to have come into operation on 31 December 2021.

(2) Regulations 11(b) and (c) and 15 come into operation on 1 October 2022.

Amendment of regulation 2

2. In regulation 2 of the Insurance (Intermediaries) Regulations (Rg 16) (called in these Regulations the principal Regulations) —

(a)	in the definition of “applicant”, replace “section 35X” with “section 76”; and
(b)	in the definition of “exempt insurance broker”, replace “section 35ZN(1)(a), (b), (c), (d), (e) or (ea)” with “section 92(1)(a), (b), (c), (d), (e) or (f)”.

Amendment of regulation 3

3. In regulation 3(1) of the principal Regulations, replace “section 35Y(1)(b)” with “section 77(1)(b)”.

Amendment of regulation 4

4. In regulation 4(1) of the principal Regulations, replace “section 35Y(1)(c)” with “section 77(1)(c)”.

Amendment of regulation 5

5. In regulation 5 of the principal Regulations, replace “section 35ZC” with “section 81”.

Amendment of regulation 6

6. In regulation 6(2) of the principal Regulations, replace “section 35ZN(1)(c) or (d)” with “section 92(1)(c) or (d)”.

Amendment of regulation 7

7. In regulation 7(14) of the principal Regulations, in the definition of “bank account”, replace “section 35ZD(1)” with “section 82(1)”.

Amendment of regulation 8

8. In regulation 8 of the principal Regulations —

(a)	in paragraph (1), replace “section 35ZO(1)(a)” with “section 93(1)(a)”; and
(b)	in paragraph (2), replace “section 35ZO” with “section 93”.

Amendment of regulation 10

9. In regulation 10 of the principal Regulations, replace “section 36(1)” with “section 94(1)”.

Amendment of regulation 15

10. In regulation 15 of the principal Regulations —

(a)	in the section heading, replace “section 35ZE(1)” with “section 83(1)”; and
(b)	in paragraph (1), replace “section 35ZE(1)” with “section 83(1)”.

Amendment of regulation 16

11. In regulation 16 of the principal Regulations —

(a)	in paragraph (1), replace “section 35ZA(1)” with “section 79(1)”;
(b)	delete paragraph (2); and
(c)	in paragraph (3), replace “paragraphs (1) and (2)” with “paragraph (1)”.

Amendment of regulation 17

12. In regulation 17 of the principal Regulations, replace “Section 35ZE” with “Section 83”.

Amendment of regulation 18

13. In regulation 18 of the principal Regulations, replace “Section 35M” with “Section 64”.

Amendment of regulation 19

14. In regulation 19(1) of the principal Regulations, replace “Section 56A(2)” with “Section 145(2)”.

Amendment of Schedule

15. In the Schedule to the principal Regulations, in Form D and Form I, after “Insurance (Lloyd’s Scheme) Regulations”, insert “as in force immediately before 1 October 2022”.

[G.N. Nos. S 747/2007; S 832/2013; S 840/2018; S 1098/2020]

Made on 30 September 2022.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[CMI IB 01/2022; AG/LEGIS/SL/142/2020/6 Vol. 1]

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