Comparison View

Formal Consolidation |  Amended S 130/2010
Forms
3.—(1)  The forms to be used for the purposes of these Regulations are those set out in the Schedule.
(2)  Every form used for the purposes of these Regulations —
(a)shall be completed in the English language and in accordance with such directions as may be specified in the form;
(b)subject to regulations 5A(3) and 5B(5), if the form pertains to —
(i)the making of a nomination under section 49L(2) of the Act in respect of a relevant policy;
(ii)the appointment, or the revocation of the appointment, under section 49L(12) of the Act of any trustee of the policy moneys payable under a relevant policy;
(iii)the making of a nomination under section 49M(2) of the Act in respect of a relevant policy; or
(iv)the revocation under section 49M(4) of the Act of a nomination under section 49M(2) of the Act in respect of a relevant policy,
shall be signed by the policy owner in the presence of 2 witnesses (each being an individual who has attained the age of 21 years and is not a nominee or the spouse of a nominee, and each of whom shall also sign the form); and
(c)subject to regulation 5B(3), if the form pertains to the revocation under section 49L(7) of the Act of a nomination under section 49L(2) of the Act in respect of a relevant policy, shall be signed, in the presence of 2 witnesses (each being an individual who has attained the age of 21 years and is not a nominee or the spouse of a nominee, and each of whom shall also sign the form), by the policy owner and by —
(i)any trustee of the policy moneys payable under the relevant policy (not being the policy owner); or
(ii)each nominee who has attained the age of 18 years and a parent or legal guardian (not being the policy owner) of each nominee who is below the age of 18 years,
and all references in these Regulations to completing a form, or to a duly completed form, shall be construed accordingly.
(3)  A registered insurer may refuse to accept a form if it is not completed in accordance with these Regulations.
Informal Consolidation | Amended S 502/2023
Forms
3.—(1)  The forms to be used for the purposes of these Regulations are those set out in the Schedule.
(2)  Every form used for the purposes of these Regulations must be completed in the English language and in accordance with all instructions specified in the form.
[S 502/2023 wef 02/01/2024]
(3)  Subject to paragraph (4), a form may be completed in hard copy form or in electronic form.
[S 502/2023 wef 02/01/2024]
(4)  A form must be completed in hard copy form if the form pertains to —
(a)the making of a nomination under section 132(2) of the Act;
(b)the making of a nomination under section 133(2) of the Act on the policy owner’s behalf in accordance with regulation 5A;
(c)the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B; or
(d)the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B.
[S 502/2023 wef 02/01/2024]
(5)  Where an electronic form is used in respect of a relevant policy —
(a)every signatory to the electronic form must sign the form using his or her secure electronic signature; and
(b)the electronic form must be submitted to the licensed insurer that issued the relevant policy, by use of an electronic system designated by the licensed insurer for that purpose.
[S 502/2023 wef 02/01/2024]
(6)  Subject to regulation 5A(3), a form that pertains to the making of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 1) must be signed —
(a)by the policy owner in the manner set out in the form; and
(b)by 2 appropriate signatories who must witness the signing of the form by the policy owner in person, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.
[S 502/2023 wef 02/01/2024]
(7)  Subject to regulation 5B(3), a form that pertains to the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 2) must be signed —
(a)by the policy owner in the manner set out in the form;
(b)by either —
(i)any trustee of the policy moneys payable under the relevant policy (not being the policy owner) in the manner set out in the form; or
(ii)each nominee who has attained the age of 18 years, and a parent or legal guardian (not being the policy owner) of each nominee who is below the age of 18 years, in the manner set out in the form; and
(c)by 2 appropriate signatories, both of whom must either —
(i)witness the signing of the form by the policy owner and each of the persons mentioned in sub‑paragraph (b)(i) or (ii) (as the case may be) in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or
(ii)sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.
[S 502/2023 wef 02/01/2024]
(8)  Subject to regulation 5A(3) or 5B(5) (whichever is applicable), a form that pertains to —
(a)the appointment, or the revocation of the appointment, under section 132(12) of the Act of any trustee of the policy moneys payable under a relevant policy (Form 3);
(b)the making of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 4); or
(c)the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 5),
must be signed —
(d)by the policy owner in the manner set out in the form; and
(e)by 2 appropriate signatories, both of whom must either —
(i)witness the signing of the form by the policy owner in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or
(ii)sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.
[S 502/2023 wef 02/01/2024]
(9)  In this regulation, an appropriate signatory, in relation to a form in respect of a relevant policy, must be an individual who —
(a)is not the policy owner of the relevant policy;
(b)has attained the age of 21 years; and
(c)is not a nominee or the spouse of a nominee.
[S 502/2023 wef 02/01/2024]
(10)  For the purposes of paragraphs (6), (7) and (8), every appropriate signatory must make a declaration that to the best of his or her knowledge and belief —
(a)the policy owner completed and signed the form;
(b)the policy owner understands the purpose of the form and the effect of his or her completion and signing of that form; and
(c)no fraud or undue pressure has been used to induce the policy owner to make a nomination, appoint a trustee, revoke the appointment of a trustee or revoke a nomination (as the case may be) as set out in the form.
[S 502/2023 wef 02/01/2024]
(11)  A licensed insurer may refuse to accept a form if it is not completed in accordance with these Regulations.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 02/01/2024]