Insurance (Investment-Linked Life Insurance) (Amendment) Regulations 1996

Status:

Published in Subsidiary Legislation Supplement
on 28 Dec 1996

No. S 553

Insurance Act

(Chapter 142)

INSURanCE (INVESTMENT-LINKED LIFE INSURANCE) (AMENDMENT) REGULATIONS 1996.

In execise of the powers conferred by section 66 of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

1. These Regulations may be cited as the Insurance (Investment-Linked Life Insurance) (Amendment) Regulations 1996 and shall come into operation on 1st January 1997.

2. The Insurance (Investment-Linked Life Insurance) Regulations (referred to in these Regulations as the principal Regulations) are amended by deleting the words “Section 62” immediately below the heading “INSURANCE ACT” and substituting the words “SECTION 66”.

[Rg 4.]

3. Regulation 5(1) of the principal Regulations is amended by deleting the words “section 16 (2)” and substituting the words “section 16 (3)”.

4. Regulation 14 of the principal Regulations is amended —

(a)

by inserting, immediately after the word“shall” in the fourth line of paragraph (3)(a), the words “, subject to paragraph (4),”; and

(b)

by inserting, immediately after paragraph (3), the following paragraph:

“(4) For the purpose of paragraph (3)(a), the insureer shall in determining the amount that is payable to the policy owner, be entitled to make an adjustment to reflect the change in market value of the underlying assets.”.

Made this 26th day of December 1996.

LEE EK TIENG

Managing Director, R
Monetary Authority of Singapore.

[IC 05.1 V10; AG/LEG/SL/142/96/1]

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