15.—(1) The reference in section 83(1) of the Act to a contract of insurance shall not apply to insurance risks relating to —
(a)
maritime liabilities of ship owners insured by a marine mutual insurer; or
[S 747/2007 wef 01/01/2008]
(b)
marine, aviation and transit business insured with an approved MAT insurer.
[S 776/2022 wef 31/12/2021]
(2) For the purpose of paragraph (1)(b), “approved MAT insurer” has the same meaning as in regulation 2 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations (Rg 15).
[S 776/2022 wef 31/12/2021]
Annual fees for registered insurance brokers
16.—(1) For the purposes of section 79(1) of the Act —
(a)
the prescribed annual fee for a direct insurance broker is $7,000;
(b)
the prescribed annual fee for a general reinsurance broker is $5,000; and
(c)
the prescribed annual fee for a life reinsurance broker is $2,500.
[S 1098/2020 wef 31/12/2020]
[S 776/2022 wef 31/12/2021]
(2) [Deleted by S 776/2022 wef 01/10/2022]
(3) The prescribed annual fees mentioned in paragraph (1) must be paid to the Authority on or before the date specified by written notification sent by the Authority.
[S 1098/2020 wef 31/12/2020]
[S 776/2022 wef 01/10/2022]
(4) Payment of the fees under this regulation shall be made —
(a)
through such electronic funds transfer system as the Authority may, from time to time, designate where payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority; or
(b)
in such other form or manner as the Authority may allow.
Exemption in respect of registered insurance brokers
17. Section 83 of the Act shall not apply to any registered insurance broker who negotiates any contract of insurance with a foreign insurer carrying on insurance business under the Insurance (Lloyd’s Asia Scheme) Regulations (Rg 9).
[S 776/2022 wef 31/12/2021]
Exemption for introducing activities
18. Section 64 of the Act shall not apply to any person exempt under regulation 31 of the Financial Advisers Regulations (Rg 2) in the course of carrying out introducing activities.
[S 776/2022 wef 31/12/2021]
Non-applicability of extra-territoriality of Act
19.—(1) Section 145(2) of the Act shall not apply in respect of any advertisement issued by or on behalf of a person carrying on insurance business as an insurance intermediary outside Singapore if —
(a)
the advertisement is not made to or directed at persons in Singapore, whether electronically or otherwise;
(b)
the advertisement does not contain any information especially relevant to persons in Singapore;
(c)
the advertisement contains a prominent disclaimer referred to in paragraph (2); and
(d)
the advertisement is not referred to in, or directly accessible from, any source which is calculated to draw the attention of persons in Singapore to the advertisement.
[S 776/2022 wef 31/12/2021]
(2) For the purposes of paragraph (1)(c), the disclaimer shall consist of a statement to the effect that the advertisement to which it relates —
(a)
is directed at persons outside Singapore; or
(b)
shall not be acted on by persons in Singapore.
(3) In this regulation, “advertisement” means the dissemination or conveyance of information, or invitation or solicitation by any means or in any form, including by means of —
(a)
publication in a newspaper, magazine, journal or other periodical;
(b)
display of posters or notices;
(c)
circulars, handbills, brochures, pamphlets, books or other documents;
(d)
letters addressed to individuals or bodies corporate or unincorporate;
(e)
photographs or cinematograph films; or
(f)
sound broadcasting, television, the internet or other media.
