Withdrawal from insurance fund in respect of life policy removed from register of Singapore policies
22.—(1)  Where a policy belonging to the insurer’s life business is under section 15(4) of the Act removed from the register of Singapore policies, the maximum amount that may be withdrawn from the insurance fund in respect of that policy shall be an amount equal to the insurer’s liabilities in respect of the policy as at the date of the removal.
[S 466/2002 wef 01/10/2002]
(2)  The said liabilities shall be valued on the basis adopted for the last statutory valuation relating to the insurer’s life business (or, if there has been no such valuation, on the minimum basis in the case of a life policy and on a basis approved by the Authority in other cases) and shall be valued as for a statutory valuation.