Insurance Act |
Insurance (Nomination of Beneficiaries) Regulations 2009 |
|
Citation and commencement |
1. These Regulations may be cited as the Insurance (Nomination of Beneficiaries) Regulations 2009 and shall come into operation on 1st September 2009. |
Definitions |
Forms |
3.—(1) The forms to be used for the purposes of these Regulations are those set out in the Schedule.
|
Trust nomination |
4.—(1) For the purposes of section 49L(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 49L(2) of the Act, and indicate each nominee’s portion of the policy moneys, by completing Form 1 and lodging it with the licensed insurer that issued the relevant policy. [S 296/2015 wef 01/06/2015]
|
Disapplication of section 49L of Act |
4A.—(1) For the purposes of section 49L(1)(c) of the Act, the following types of relevant policies are relevant policies to which section 49L (trust nomination) of the Act shall not apply:
|
Revocable nomination |
5.—(1) For the purposes of section 49M(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 49M(2) of the Act, and indicate each nominee’s portion of the death benefits under the relevant policy, by completing Form 4 and lodging it with the licensed insurer that issued the relevant policy. [S 296/2015 wef 01/06/2015]
|
Nomination on behalf of policy owner lacking capacity |
5A.—(1) This regulation applies where a policy owner of a relevant policy lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008 (Act 22 of 2008), and the court makes an order under section 20(2)(a) of the Mental Capacity Act 2008 in relation to the making, on the policy owner’s behalf, of a nomination under section 49L(2) or 49M(2) of the Act.
|
Revocation of nomination on behalf of policy owner lacking capacity |
5B.—(1) This regulation applies where a policy owner of a relevant policy lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008 (Act 22 of 2008), and the court makes an order under section 20(2)(a) of the Mental Capacity Act 2008 in relation to the revoking, on the policy owner’s behalf, under section 49L(7) or 49M(4) of the Act, of any nomination under section 49L(2) or 49M(2) of the Act, as the case may be, made by the policy owner (before he lacked capacity) or by the court on the policy owner’s behalf.
|
Register of nominees |
6.—(1) For the purposes of section 49N(1) of the Act —
|
Written notice of will |
7. For the purposes of section 61(9)(c) of the Act, a licensed insurer shall have received written notice of a will referred to in section 61(9) of the Act pertaining to a policy referred to in section 61(2) of the Act (including a will referred to in section 49M(7)(b) of the Act pertaining to a relevant policy) when a letter signed by the policy owner and enclosing a certified copy of the will is lodged with the licensed insurer. [S 296/2015 wef 01/06/2015] |
Managing Director, Monetary Authority of Singapore. |
[ID 010/2000/Pt13; AG/LEG/SL/142/2002/3 Vol. 1] |