28. For the purposes of section 61 of the Act, $150,000 is prescribed as the amount of life and personal accident policy moneys which may be paid without probate or letters of administration or without having been included in a schedule or certificate under section 44(2) of the Estate Duty Act (Cap. 96).
[S 466/2002 wef 01/10/2002]
Payment of surrender value of policies
29.—(1) Where a life policy is purchased with any provident or pension fund moneys, section 60 (1) of the Act shall have effect.
[S 466/2002 wef 01/10/2002]
(2) Where the policy owner, at the time of giving notice under section 60 (1) of the Act, is below the age of 55 years or other normal age of retirement, the moneys that become payable in respect of the surrender value of the life policy shall, at the option of the policy owner, be paid into the Central Provident Fund or any pension or provident fund approved by the Comptroller of Income Tax for the credit of the person entitled to such moneys.
[S 466/2002 wef 01/10/2002]
Free look for life policies
29A.—(1) No registered insurer shall, in the course of carrying on insurance business in Singapore, issue a life policy (other than an investment-linked life insurance policy) without a clause providing that the policy owner —
(a)
shall have 14 days from the date of receipt of the policy to examine the terms and conditions of the policy; and
(b)
may terminate the policy within the 14 day period referred to sub-paragraph (a).
(2) Where a policy is terminated under paragraph (1)(b) any sum which the policy owner had paid in connection with the policy (whether by way of premium or otherwise) shall be returned by the insurer to the policy owner except any expenses incurred by the insurer in underwriting the policy.
(3) In this regulation, "investment-linked life insurance policy" has the same meaning as in regulation 2 of the Insurance (Investment-Linked Life Insurance) Regulations (Rg 4).
[S 466/2002 wef 01/10/2002]
30. [Deleted by S 583/99 wef 31/12/1999]
Particulars to be advertised in connection with transfer of business
31. Where an application is to be made to the High Court for confirmation of a scheme under section 47 of the Act, the notice to be published under section 48 (1)(b) of the Act shall give the following particulars in addition to stating the intention to apply to the High Court for confirmation of the scheme:
(a)
the names of the insurers and the general nature and effect of the scheme;
(b)
the addresses at which, and the period during which, the insurers concerned would keep copies of the scheme available for inspection in Singapore by members and policy owners of those insurers and, if they are not available for inspection by all members and policy owners, the members and policy owners for whose inspection they are available; and
(c)
the policy owners (if any) who would have copies of the scheme transmitted to them by the insurers and the policy owners (if any) who, under any direction of the High Court applied for or to be applied for, would not have copies so transmitted to them.
Annual fees for insurers
32.—(1) A registered insurer, other than a reinsurer or a captive insurer, shall pay to the Authority the following fees on or before 1st January of each year:
(a)
for carrying on life business, a fee of $60,000;
(b)
for carrying on general business, a fee of $50,000; or
(c)
for carrying on both life business and general business, a fee of $110,000.
(2) A reinsurer shall pay to the Authority the following fees on or before 1st January of each year:
(a)
for carrying on life business, a fee of $20,000;
(b)
for carrying on general business, a fee of $30,000; or
(c)
for carrying on both life business and general business, a fee of $50,000.
(3) A captive insurer shall pay to the Authority on or before 1st January of each year a fee of $5,000.
33. [Deleted by S 583/99 wef 31/12/1999]
Inspection fees
34. The fee for the inspection of documents under section 39 (3) of the Act shall be $5 for the documents of each insurer inspected.