Insurance (Exemption and Provisions applicable for Direct Life Insurers) Regulations 2002

Status:

Published in Subsidiary Legislation Supplement
on 11 Sep 2002

No. S 469

Insurance Act

(Chapter 142)

Insurance (Exemption and Provisions Applicable for Direct Life Insurers) Regulations 2002

In exercise of the powers conferred by sections 35ZN and 64 of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Insurance (Exemption and Provisions applicable for Direct Life Insurers) Regulations 2002 and shall come into operation on 1st October 2002.

Exemption and provisions applicable for direct life insurers

2.—(1) An insurer registered under the Act to carry on direct life business shall be exempt from registration as an insurance broker under section 35ZN(1)(f) of the Act in respect of carrying on business as an insurance broker.

(2) Pursuant to section 35ZN of the Act, the following provisions shall apply to an insurer referred to in paragraph (1) in respect of carrying on business as an insurance broker as if it were a registered insurance broker:

(a)	sections 35ZD, 35ZE, 35ZF and 35ZH of the Act;
(b)	regulations 27B and 27D of the Insurance Regulations (Rg 1); and
(c)	regulation 3B of the Insurance (Accounts and Statements) Regulations (Rg 2).

Made this 11th day of September 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.29; AG/LEG/SL/142/2002/1 Vol. 1]

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