No. S 390
Insurance Act
(Chapter 142)
Insurance (Nomination of Beneficiaries) Regulations 2009
In exercise of the powers conferred by sections 49P, 61(9)(c) and 64(1) of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:
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, etc.
2.—(1)  In these Regulations —
“appropriate signatory” has the meaning given by regulation 3(9);
“audiovisual link” means technology that enables continuous and contemporaneous audio and visual communication between persons at different places (including a live video link or a live television link);
“relevant policy” and “will” have the meanings given by section 131 of the Act;
“secure electronic signature”, “signed” and “signature”, in relation to an electronic form, have the meanings given by section 2(1) of the Electronic Transactions Act 2010.
(2)  In these Regulations, a document is taken to be lodged with a person —
(a)if the document is completed in hard copy form — at the time that the person receives an original copy of the document; or
(b)if the document is completed in electronic form — at the time that the person receives, in accordance with the Electronic Transactions Act 2010, an electronic communication containing the electronic form.
(3)  Every reference in these Regulations to completing a form, or to a duly completed form, is to be construed as the completion of a form (whether in hard copy form or electronic form) in accordance with these Regulations.
[S 502/2023 wef 02/01/2024]
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]
Trust nomination
4.—(1)  For the purposes of section 132(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 132(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]
[S 502/2023 wef 31/12/2021]
(2)  For the purposes of section 132(7) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 132(2) of the Act by completing Form 2 and lodging it with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(3)  For the purposes of section 132(12) of the Act, a policy owner of a relevant policy shall appoint one or more trustees of the policy moneys, or revoke the appointment of any trustee so appointed, by completing Form 3 and lodging it with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(4)  For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(12)(a) or (b) of the Act, or pursuant to a provision under section 132(12)(d)(i) of the Act, when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of the duly completed Form 3 pursuant to which the trustee or trustees were so appointed.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(5)  For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(13) of the Act when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of a certified copy of the order of the General Division of the High Court pursuant to which the trustee or trustees were so appointed.
[S 296/2015 wef 01/06/2015]
[S 1075/2020 wef 02/01/2021]
[S 502/2023 wef 31/12/2021]
Disapplication of section 132 of Act
4A.—(1)  For the purposes of section 132(1)(c) of the Act, the following types of relevant policies are relevant policies to which section 132 (trust nomination) of the Act shall not apply:
(a)any relevant policy that is a supplementary disability insurance policy;
[S 813/2021 wef 01/11/2021]
(aa)[Deleted by S 813/2021 wef 01/11/2021]
(b)any relevant policy that is a medisave‑approved plan;
[S 632/2015 wef 01/11/2015]
(c)any relevant policy purchased using funds from a person’s SRS account under the Supplementary Retirement Scheme.
[S 502/2023 wef 31/12/2021]
(2)  In paragraph (1) —
[Deleted by S 813/2021 wef 01/11/2021]
[Deleted by S 813/2021 wef 01/11/2021]
[Deleted by S 632/2015 wef 01/11/2015]
“medisave‑approved plan” has the same meaning as in regulation 2(1) of the MediShield Life Scheme (Private Medical Insurance Scheme) Regulations 2015 (G.N. No. S 623/2015);
[S 632/2015 wef 01/11/2015]
“SRS account” has the same meaning as in section 2(1) of the Income Tax Act 1947;
[S 502/2023 wef 31/12/2021]
“supplementary disability insurance policy” has the meaning given by regulation 2 of the CareShield Life and Long-Term Care (Supplement Scheme) Regulations 2020 (G.N. No. S 850/2020);
[S 813/2021 wef 01/11/2021]
“Supplementary Retirement Scheme” means the Supplementary Retirement Scheme established by regulation 3 of the Income Tax (Supplementary Retirement Scheme) Regulations 2003 (G.N. No. S 30/2003).
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
Revocable nomination
5.—(1)  For the purposes of section 133(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 133(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]
[S 502/2023 wef 31/12/2021]
(2)  For the purposes of section 133(4) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 133(2) of the Act by completing Form 5 and lodging it with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(3)  For the purposes of section 133(7)(b) of the Act, a will referred to therein shall specify the following particulars of the relevant policy:
(a)the name of the licensed insurer that issued the relevant policy;
[S 296/2015 wef 01/06/2015]
(b)the policy number;
(c)the name of each beneficiary to whom any portion (including the whole) of the death benefits under the relevant policy is bequeathed;
(d)where a beneficiary referred to in sub-paragraph (c) is an individual, the following particulars of the beneficiary:
(i)his or her Singapore National Registration Identity Card (NRIC) number or Singapore birth certificate number (if he or she is a citizen or permanent resident of Singapore), or his or her foreign passport number and the jurisdiction which issued his or her foreign passport (if he or she is not a citizen or permanent resident of Singapore);
[S 502/2023 wef 02/01/2024]
(ii)his or her address; and
[S 502/2023 wef 02/01/2024]
(iii)his or her date of birth;
[S 502/2023 wef 02/01/2024]
(e)where a beneficiary referred to in sub-paragraph (c) is not an individual, the following particulars of the beneficiary:
(i)the Singapore unique entity number of the beneficiary or, if the beneficiary does not have such a number, any other official registration number which identifies and is unique to the entity; and
(ii)the address of the beneficiary; and
(f)the portion of the death benefits under the relevant policy which is bequeathed to each beneficiary.
[S 502/2023 wef 31/12/2021]
(4)  Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(a) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —
(a)a duly completed Form 6 pertaining to the revocation; or
(b)a letter informing the licensed insurer of the assignment or encumbering of, or the dealing with, the relevant policy or any interest under the relevant policy, and enclosing a certified copy of any document evidencing the assignment, encumbering or dealing.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(5)  Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(b) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —
(a)a duly completed Form 6 pertaining to the revocation; or
(b)a certified copy of a will referred to in section 133(7)(b) of the Act pertaining to the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
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, 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 132(2) or 133(2) of the Act.
[S 859/2020 wef 01/10/2020]
[S 502/2023 wef 31/12/2021]
(2)  The order must authorise a person (referred to in this regulation as the authorised person) to sign the nomination on the policy owner’s behalf.
(3)  Every form pertaining to the making of a nomination under section 132(2) or 133(2) of the Act on the policy owner’s behalf in pursuance of the order shall —
(a)state that it is signed by the policy owner acting by the authorised person;
(b)be signed by the authorised person with the names of the policy owner and the authorised person;
(c)be signed by the authorised person 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
(d)be sealed with the official seal of the court.
[S 502/2023 wef 31/12/2021]
(4)  For the purposes of section 132(2) of the Act, a nomination under section 132(2) of the Act shall be made, and each nominee’s portion of the policy moneys shall be indicated, on the policy owner’s behalf in pursuance of the order by —
(a)the completion of Form 1 in accordance with paragraph (3); and
(b)the lodgment of that Form with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(5)  For the purposes of section 133(2) of the Act, a nomination under section 133(2) of the Act shall be made, and each nominee’s portion of the death benefits under the relevant policy shall be indicated, on the policy owner’s behalf in pursuance of the order by —
(a)the completion of Form 4 in accordance with paragraph (3); and
(b)the lodgment of that Form with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(6)  A nomination under section 132(2) or 133(2) of the Act which is made on the policy owner’s behalf in accordance with this regulation has the same effect for all purposes as if —
(a)the policy owner had the capacity to make the nomination; and
(b)the nomination had been made by the policy owner in accordance with Part 3C of the Act and these Regulations.
[S 130/2010 wef 01/03/2010]
[S 502/2023 wef 31/12/2021]
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, 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 132(7) or 133(4) of the Act, of any nomination under section 132(2) or 133(2) of the Act, as the case may be, made by the policy owner (before he or she lacked capacity) or by the court on the policy owner’s behalf.
[S 859/2020 wef 01/10/2020]
[S 502/2023 wef 31/12/2021]
[S 502/2023 wef 02/01/2024]
(2)  The order must authorise a person (referred to in this regulation as the authorised person) to sign the form pertaining to the revocation of the nomination on the policy owner’s behalf.
(3)  Every form pertaining to 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 pursuance of the order, shall —
(a)state that it is signed by the policy owner acting by the authorised person;
(b)be signed by the authorised person with the names of the policy owner and the authorised person;
(c)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 authorised person 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
(d)be sealed with the official seal of the court.
[S 502/2023 wef 31/12/2021]
(4)  For the purposes of section 132(7) of the Act, a nomination under section 132(2) of the Act shall be revoked on the policy owner’s behalf in pursuance of the order by —
(a)the completion of Form 2 in accordance with paragraph (3); and
(b)the lodgment of that Form with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(5)  Every form pertaining to 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 pursuance of the order, shall —
(a)state that it is signed by the policy owner acting by the authorised person;
(b)be signed by the authorised person with the names of the policy owner and the authorised person;
(c)be signed by the authorised person 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
(d)be sealed with the official seal of the court.
[S 502/2023 wef 31/12/2021]
(6)  For the purposes of section 133(4) of the Act, a nomination under section 133(2) of the Act shall be revoked on the policy owner’s behalf in pursuance of the order by —
(a)the completion of Form 5 in accordance with paragraph (5); and
(b)the lodgment of that Form with the licensed insurer that issued the relevant policy.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(7)  Where a nomination under section 132(2) or 133(2) of the Act is revoked on the policy owner’s behalf in accordance with this regulation, the revocation has the same effect for all purposes as if —
(a)the policy owner had the capacity to revoke the nomination; and
(b)the nomination had been revoked by the policy owner in accordance with Part 3C of the Act and these Regulations.
[S 130/2010 wef 01/03/2010]
[S 502/2023 wef 31/12/2021]
Register of nominees
6.—(1)  For the purposes of section 134(1) of the Act —
(a)a licensed insurer shall have received written notice of a nomination under section 132(2) of the Act when the duly completed Form 1 pursuant to which the nomination was made is lodged with the licensed insurer; and
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(b)a licensed insurer shall have received written notice of a nomination under section 133(2) of the Act when the duly completed Form 4 pursuant to which the nomination was made is lodged with the licensed insurer.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(2)  For the purposes of section 134(2) of the Act, a licensed insurer shall have received written notice of the revocation, under section 132(7) of the Act, of a nomination under section 132(2) of the Act when the duly completed Form 2 pertaining to the revocation is lodged with the licensed insurer.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(3)  For the purposes of section 134(3) of the Act —
(a)a licensed insurer shall have received written notice of the revocation, under section 133(4) of the Act, of a nomination under section 133(2) of the Act, when the duly completed Form 5 pertaining to the revocation is lodged with the licensed insurer;
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(b)a licensed insurer shall have received written notice of the revocation, under section 133(5)(a) of the Act, of a nomination under section 133(2) of the Act, when a letter informing the licensed insurer of the death of every nominee, and enclosing, in respect of each deceased nominee, a certified copy of the deceased nominee’s death certificate, is lodged with the licensed insurer;
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(c)a licensed insurer shall have received written notice of the revocation, under section 133(7)(a) of the Act, of a nomination under section 133(2) of the Act pertaining to a relevant policy, when —
(i)a duly completed Form 6 pertaining to the revocation is lodged with the licensed insurer; or
(ii)a letter informing the licensed insurer of the assignment or encumbering of, or the dealing with, the relevant policy or any interest under the relevant policy, and enclosing a certified copy of any document evidencing the assignment, encumbering or dealing, is lodged with the licensed insurer;
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(d)a licensed insurer shall have received written notice of the revocation, under section 133(7)(b) of the Act, of a nomination under section 133(2) of the Act pertaining to a relevant policy, when —
(i)a duly completed Form 6 pertaining to the revocation is lodged with the licensed insurer; or
(ii)a certified copy of a will referred to in section 133(7)(b) of the Act pertaining to the relevant policy is lodged with the licensed insurer; and
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
(e)a licensed insurer shall have received written notice of the revocation, under section 133(7)(c) of the Act, of a nomination under section 133(2) of the Act pertaining to a relevant policy, when a Form 1 or Form 4 pertaining to the relevant policy which was duly completed after the making of the nomination is lodged with the licensed insurer.
[S 296/2015 wef 01/06/2015]
[S 502/2023 wef 31/12/2021]
Written notice of will
7.  For the purposes of section 150(9)(c) of the Act, a licensed insurer shall have received written notice of a will referred to in section 150(9) of the Act pertaining to a policy referred to in section 150(2) of the Act (including a will referred to in section 133(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]
[S 502/2023 wef 31/12/2021]
Made this 27th day of August 2009.
HENG SWEE KEAT
Managing Director,
Monetary Authority of Singapore.
[ID 010/2000/Pt13; AG/LEG/SL/142/2002/3 Vol. 1]
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