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]