Insurance (Exemption) Regulations 2002 - Singapore Statutes Online

No. S 471

Insurance Act

(Chapter 142)

Insurance (Exemption) Regulations 2002

In exercise of the powers conferred by section 52(1) 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) Regulations 2002 and shall come into operation on 1st October 2002.

Exemption in respect of securities lending arrangement

2. Section 20 of the Act shall not apply in respect of the following:

(a)	any loan of securities by an insurer under a securities lending arrangement where the securities that are loaned are assets of an insurance fund established by it; and
(b)	any provision of collateral by an insurer under a securities lending arrangement where the insurer borrows securities and the collateral that is provided are assets of an insurance fund established by it.

Exemption in respect of registered insurance brokers

3. Section 35ZE of the Act shall not apply to any registered insurance broker who negotiates any contract of insurance with a foreign insurer carrying on insurance business under the Insurance (Lloyd’s Asia Scheme) Regulations 2002 (G.N. No. S 62/2002).

Exemption for introducing activities

4.—(1) Section 35M of the Act shall not apply to any person exempt under regulation 31 of the Financial Advisers Regulations 2002 (G.N. No. S 462/2002) in the course of carrying out introducing activities.

(2) In this regulation, “introducing activities” has the same meaning as in regulation 31 of the Financial Advisers Regulations 2002.

Cancellation

5. The Insurance (Exemption) Notification 2000 (G.N. No. S 577/2000) is cancelled.

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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