| Insurance Act |
| Insurance (Investment-linked Life Insurance) Regulations |
| Rg 4 |
| G.N. No. S 496/1993 |
| REVISED EDITION 1994 |
| (10th December 1993) |
| [10th December 1993] |
| Citation |
| 1. These Regulations may be cited as the Insurance (Investment-Linked Life Insurance) Regulations. |
| Definitions |
2. In these Regulations —
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| Application |
| 3. These Regulations shall apply to any insurer which has been authorised by the Authority to issue investment-linked life insurance policies. |
| Approval of Authority |
| 4. No insurer shall issue any investment-linked life insurance policy unless the insurer has obtained the written approval of the Authority for the issuance of such policy. [S 679/2003 wef 01/01/2004] |
| Separate funds |
| Valuation of assets |
6.—(1) The assets of any fund shall be valued at market rate at least once a month except that immovable property may be valued quarterly.
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| Exemption from investment limits |
| 7.—(1) Any fund established under regulation 5 shall be exempted from Parts III and IV of the Insurance Regulations. [Rg 1.]
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| Fund margin of solvency |
| 8. For the purposes of section 17(1)(a) of the Act, regulation 3(2)(a)(i) of the Insurance Regulations shall not apply to any fund in the calculation of the fund margin of solvency. [Rg 1.] |
| Valuation of liabilities |
| 9.—(1) The mortality and interest assumptions used to determine the liabilities of an insurer in respect of its investment-linked life insurance policies shall be in accordance with Part V of the Insurance Regulations. [S 679/2003 wef 01/01/2004]
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| Business plan |
| 10. An insurer shall, before issuing any investment-linked life insurance policy, furnish the Authority with such information as may be specified in the notice issued by the Authority to insurers for the purposes of these Regulations. [S 679/2003 wef 01/01/2004] |
| Disclosure of information to applicants |
| 11.—(1) An insurer shall deliver to an applicant of any investment-linked life insurance policy, adequate and accurate information about the policy. [S 679/2003 wef 01/01/2004]
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| Periodic disclosure to policy owners |
| 12.—(1) Every investment-linked life insurance policy issued by an insurer shall provide that the policy owners will be sent, within 30 days after each anniversary of the policy or a specified date in each policy year, a statement for the purpose of keeping the policy owners advised on the performance and value of their policies. [S 679/2003 wef 01/01/2004]
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| Age limit |
| 13. No insurer shall issue any investment-linked life insurance policy to any person below the age of 18 years. [S 679/2003 wef 01/01/2004] |
| Free-look |
14.—(1) A policy owner shall have 14 days from the date of receipt of the policy by him to examine the terms and conditions of the policy.
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