Insurance (Web Aggregator Fees) Regulations 2015

No. S 819

Insurance Act

(CHAPTER 142)

Insurance
(Web Aggregator Fees) Regulations 2015

In exercise of the powers conferred by section 64 of the Insurance Act, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Insurance (Web Aggregator Fees) Regulations 2015 and come into operation on 1 January 2016.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“ad hoc services” means any of the following services requested by a direct life insurer and provided by the Authority, or specified person, in relation to the web aggregator:

(a)	effecting changes to policy information published on the web aggregator;
(b)	publishing new policy information on the web aggregator;
(c)	removing any policy information published on the web aggregator;
(d)	performing any other services in relation to the direct life insurer’s policy information on, or usage of, the web aggregator;

“direct life insurer” means a direct insurer licensed under section 8 of the Act to carry on life business;

“policy information” means any information relating to a policy which may assist a person in the purchase of the policy;

“specified person” means a person specified for the purposes of section 33A(1) of the Act;

“web aggregator” means the Internet portal known as compareFIRST, which is created, developed and operated under section 33A(8) of the Act.

(2) For the purposes of these Regulations, a direct life insurer —

(a)	participates in the web aggregator if policy information provided by the direct life insurer to the Authority, or to a specified person, for the purposes of publication on the web aggregator is published on the web aggregator; and
(b)	leaves the web aggregator if all policy information provided by the direct life insurer for the purposes of publication on the web aggregator is removed from the web aggregator.

Application

3. These Regulations apply to direct life insurers that participate in the web aggregator.

Annual participation fee

4.—(1) A direct life insurer that participates in the web aggregator must pay an annual participation fee in respect of —

(a)	the operation of the web aggregator;
(b)	the development of the web aggregator;
(c)	the maintenance of the web aggregator; and
(d)	the usage by direct life insurers of the web aggregator.

(2) The annual participation fee is calculated in accordance with the First Schedule.

(3) The annual participation fee must be paid to the Authority —

(a)	after each calendar year that a direct life insurer participates in the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer; and
(b)	if a direct life insurer leaves the web aggregator, after it leaves the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer.

Ad hoc fee

5.—(1) A direct life insurer that requests for ad hoc services from the Authority, or a specified person, in relation to the web aggregator must pay to the Authority an ad hoc fee in connection with its usage of the web aggregator.

(2) The ad hoc fee is calculated in accordance with the Second Schedule.

(3) The Authority must not charge an ad hoc fee —

(a)	where the ad hoc services are requested to rectify an error that is not the fault of the direct life insurer; or
(b)	where no cost is incurred by the Authority in providing the ad hoc services.

(4) An ad hoc fee payable under paragraph (1) must be paid to the Authority on or before the date specified in a written demand sent by the Authority to the direct life insurer.

Late payment fee

6. Where a direct life insurer fails to pay an annual participation fee or an ad hoc fee within the time set out in regulation 4(3) or 5(4), as the case may be, the Authority may impose the late payment fee specified in the Third Schedule.

Mode of payment of fees

7. Payment of any fees under these Regulations must be made —

(a)	through an electronic funds transfer system designated by the Authority for the purpose of payment of fees under these Regulations; or
(b)	in any other form or manner that the Authority allows.

Made on 30 December 2015.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 Vol. 35; AG/LEGIS/SL/142/2015/9 Vol. 1]

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