3. Section 2 of the Insurance Act is amended —
(a)
by deleting paragraph (a\) of subsection (1) and substituting the following paragraph:
“(a)
life business, which means all insurance business concerned with life policies, long-term accident and health policies, or both; and”;
(b)
by inserting, immediately after the words “the reinsurer” in subsection (2), the words “or authorised reinsurer”;
(c)
by inserting, immediately after the words “this Act” in subsection (5), the words “and subject to subsection (5A)”;
(d)
by deleting the words “include, but include only,” in subsection (5) and substituting the word “mean”;
(e)
by inserting, immediately after subsection (5), the following subsection:
“(5A) A person shall not be treated as carrying on insurance business, or any class of insurance business, in Singapore as an insurer if, apart from the collection or receipt of premiums in Singapore, he —
(a)
carries out all activities in relation to his reinsurance business outside Singapore; and
(b)
does not have any commercial or physical presence in Singapore for the purpose of carrying on such reinsurance business.”; and
(f)
by deleting the words “the Schedule” in subsection (9) and substituting the words “the First Schedule”.