Insurance (Exemption) (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 24 Feb 2003

No. S 84

Insurance Act

(Chapter 142)

Insurance (Exemption) (Amendment) Regulations 2003

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) (Amendment) Regulations 2003 and shall come into operation on 24th February 2003.

New regulation 4A

2. The Insurance (Exemption) Regulations 2002 (G.N. No. S 471/2002) are amended by inserting, immediately after regulation 4, the following regulation:

“Exemption in respect of insurance broking premium accounts

4A.—(1) Section 35ZD of the Act and regulation 3A(b) of the Insurance (Accounts and Statements) Regulations (Rg 2) shall not apply to any registered insurance broker in respect of the carrying on of the type of insurance broking business for which it is registered under section 35X of the Act if it does not, in the course of that business, receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.

(2) Section 35ZD of the Act and regulation 3B(d) of the Insurance (Accounts and Statements) Regulations shall not apply to any exempt insurance broker in respect of the carrying on of the type of insurance broking business for which it has lodged a notice of commencement of business under regulation 3B(a) of those Regulations if it does not, in the course of that business, receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.

(3) In this regulation, “exempt insurance broker” means any person exempt from registration as an insurance broker under section 35ZN of the Act.”.

Made this 17th day of February 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V 30; AG/LEG/SL/142/2002/1 Vol. 2]

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