Travel insurance
21.—(1)  Subject to paragraph (2), a licensee must, before receiving any payment that is in full or the first part payment (including by way of a refundable deposit) for an eligible travel product bought in Singapore by an individual —
(a)ask the individual to consider buying travel insurance —
(i)against any failure or disruption in the provision of the eligible travel product arising out of any insolvency on the part of the licensee; and
(ii)in favour of each traveller under the eligible travel product; and
(b)inform the individual of one or more insurers from which the individual may buy travel insurance.
(2)  Paragraph (1) does not apply —
(a)where the individual buying the eligible travel product is doing so for or on behalf of another person who is registered under the Business Names Registration Act 2014 (Act 29 of 2014) or on behalf of a body corporate;
(b)where the travel product includes travel insurance against any failure or disruption in the provision of the eligible travel product arising out of any insolvency on the part of the licensee; or
(c)if no payment for the eligible travel product is made until after the date of departure from Singapore.
(3)  The licensee must keep a record (whether in electronic form or otherwise) of the following in respect of each individual to whom paragraph (1) applies:
(a)the name of the individual;
(b)the licensee’s reference number in respect of the travel product;
(c)the names of all the travellers under the travel product;
(d)whether the individual wishes to purchase such travel insurance;
(e)where the individual buys travel insurance through the licensee, the particulars of each certificate of insurance in respect of the travel product, including the name of the insurer, the name of the policy, the policy reference number and the names of the insured travellers;
(f)the individual’s acknowledgment that the licensee has complied with paragraph (1).
(4)  The licensee must preserve a record made under paragraph (3) for a period of not less than 12 months after the date the payment mentioned in paragraph (1) is received by the licensee from the individual to whom the record relates.
(5)  In this regulation —
“eligible travel product” means a travel product offered by a licensee that is delivered wholly or partly outside Singapore and where —
(a)the licensee requires part payment (including by way of a refundable deposit) of $500 or more per traveller; or
(b)the price (including the amount attributable to the applicable goods and services tax) of the eligible travel product per traveller is $1,000 or more;
“traveller” means an individual travelling under an eligible travel product.