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No. S 471

Insurance Act

(Chapter 142)

Insurance (Exemption) Regulations 2002

In exercise of the powers conferred by section 52(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 (Exemption) Regulations 2002 and shall come into operation on 1st October 2002.

Exemption in respect of securities lending arrangement

2. Section 20 of the Act shall not apply in respect of the following:

(a)	any loan of securities by an insurer under a securities lending arrangement where the securities that are loaned are assets of an insurance fund established by it; and
(b)	any provision of collateral by an insurer under a securities lending arrangement where the insurer borrows securities and the collateral that is provided are assets of an insurance fund established by it.

Exemption in respect of registered insurance brokers

3. Section 35ZE 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 2002 (G.N. No. S 62/2002).

Exemption for introducing activities

4.—(1) Section 35M of the Act shall not apply to any person exempt under regulation 31 of the Financial Advisers Regulations 2002 (G.N. No. S 462/2002) in the course of carrying out introducing activities.

(2) In this regulation, “introducing activities” has the same meaning as in regulation 31 of the Financial Advisers Regulations 2002.

Exemption in respect of insurance broking premium accounts

4A.—(1) Section 35ZD of the Act and regulation 3A(b) of the Insurance (Accounts and Statements) Regulations (Rg 2) shall not apply to any registered insurance broker in respect of the carrying on of the type of insurance broking business for which it is registered under section 35X of the Act if it does not, in the course of that business, receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.

(2) Section 35ZD of the Act and regulation 3B(d) of the Insurance (Accounts and Statements) Regulations shall not apply to any exempt insurance broker in respect of the carrying on of the type of insurance broking business for which it has lodged a notice of commencement of business under regulation 3B(a) of those Regulations if it does not, in the course of that business, receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.

(3) In this regulation, “exempt insurance broker” means any person exempt from registration as an insurance broker under section 35ZN of the Act.

[S 84/2003 wef 24/02/2003]

Cancellation

5. The Insurance (Exemption) Notification 2000 (G.N. No. S 577/2000) is cancelled.

Made this 11th day of September 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.29; AG/LEG/SL/142/2002/1 Vol. 1]