Singapore Statutes Online - 142 - Insurance Act

Insurance Act
(CHAPTER 142)

Part I PRELIMINARY

1 Short title

1A Interpretation

2 Classification of insurance business and construction of references to matters connected with insurance

Part II CONDUCT OF INSURANCE BUSINESS

General restriction on insurers

3 No person to carry on insurance business unless registered by Authority

4 Holding out as registered insurer

5 Use of word "insurance"

6 Prohibition relating to solicitation of insurance business and establishment of place of business or representative office

7 Examination of persons suspected of carrying on insurance business

Registration of Singapore insurers

8 Registration by Authority

9 Requirements before registration

10 Conditions of registration

11 Annual fees

12 Cancellation of registration

13 Effects of cancellation of registration

Deposits, registers of policies and insurance funds

14 Deposits

15 Bank covenants in lieu of deposits

16 Register of policies

17 Establishment of insurance funds and allocation of surplus

18 Margins of solvency

19 Form, investment and situation of assets

20 Requirements as to documents evidencing title to assets of insurance funds

21 Maintenance of assets in Singapore

22 Custody of assets

Miscellaneous requirements as to conduct of business

23 Payment in Singapore currency of policy moneys under life policies

24 Regulation of premiums under life policies

25 Control of form of proposals, policies and brochures

26 Requirements as to statements of capital

27 Control of take-overs of insurers incorporated in Singapore

28 Arrangements affecting control of insurers incorporated in Singapore

29 Control of substantial shareholdings of insurers incorporated in Singapore

30 Power of Authority to require an insurer incorporated in Singapore to obtain information as to beneficial interests in shares of insurer

31 Approval of directors and principal officers of insurers

32 Restriction on granting of unsecured loans or advances to directors and employees of insurers

33 General obligation to furnish information

34 (Repealed)

35 Saving for validity of policies

Part IIA FOREIGN INSURER SCHEMES

35A Interpretation of this Part

35B Establishment of foreign insurer schemes

35C Appointment of administrator of foreign insurer scheme

35D Carrying on of insurance business by foreign insurer under foreign insurer scheme

35E Non-application of Business Registration Act and Companies Act

35F Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme

35G Appointment of agent for foreign insurer scheme

35H Right of hearing and appeal

35I Effect of prohibition on carrying on insurance business

35J Effect of revocation of appointment of administrator

35K Holding out as foreign insurer or as agent of foreign insurer

35L Regulations

Part IIB INSURANCE INTERMEDIARIES

35M Insurance agent to operate under written agreement

35N Application of sections 35O to 35R and 35T,35U and 35V

35O Effect of payment to insurance intermediary

35P Disclosureby insurance intermediary

35Q Effect of payment to group policy owner and liability of insurer under group policy

35R Representation by insurance intermediary

35S Insurance agent to act only for insurers entitled to carry on business in Singapore

35T Control of written communication used by insurance intermediary

35U Obligation to furnish information to Authority

35V Authority may prohibit person from carrying on business as insurance intermediary

Conduct of Insurance Broking Business

35W Insurance broker not to carry on business unless registered

35X Registration of insurance brokers

35Y Registration requirements

35Z Conditions of registration

35ZA Annual fees

35ZB Cancellation of registration

35ZC Duty to maintain net asset value

35ZD Insurance broking premium accounts

35ZE Negotiation and placement of risk with unregistered insurer

35ZF Permission to negotiate and place risk with unregistered insurer

35ZG Negotiation and placement of risk with foreign insurer

35ZH Restriction as to receipt and payment of remuneration

35ZI Control of take-over of insurance broker

35ZJ Approval or removal of chief executive officer and director of insurance broker

35ZK Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker

35ZL Holding out as registered insurance broker

35ZM Use of words "insurance broking"

35ZN Exempt insurance brokers

35ZO Registers maintained by Authority

Part III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS

36 Annual account and audit

37 Actuarial investigations and reports as to insurance business

38 Power to require returns under section 36 or 37 to be rectified

39 Additional provisions as to returns under section 36 or 37

Inspections and Investigations

40 Inspection by Authority

40A Investigation by Authority

41 Powers of Authority to issue directions

42 General provisions as to winding up

43 Special provision for insurers directed to cease insurance business

44 Co-operative societies doing insurance business

45 Priority of claim of policy owners

46 Policy Owners’ Protection Fund

Transfers of business

47 Schemes for transfer of business

48 Confirmation of schemes

49 Documents to be filed when scheme confirmed

Part IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

49A Interpretation of this Part

49B Conditions for provision of assistance

49C Other factors to consider for provision of assistance

49D Assistance that may be rendered

49E Offences under this Part

49F Immunities

Part IIIB APPEALS

49G Appeals to Minister

49H Appeal Advisory Committees

49I Disclosure of information

49J Regulations for purposes of this Part

Part IV MISCELLANEOUS AND GENERAL

Administration and enforcement

50 Appointment of assistants

51 Immunity from suit of Authority and its employees, etc.

52 Exemption

53 Statistics

54 Service of notice, etc.

55 General provisions as to offences

55A Penalties for bodies corporate

56 Jurisdiction of court

56A Extra-territoriality of Act

Miscellaneous amendments of law

57 Insurable interest required for life insurances

58 Capacity of infant to insure

59 Life policy moneys to be paid without deduction

60 Life policies (surrenders, non-payment of premiums, paid-up policies)

61 Payment of life policy and personal accidentclaims without probate, etc.

62 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)

63 No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86)

Supplementary

64 Regulations

65 Saving provisions

THE SCHEDULE Definition of Insurance Terms

Legislative History

Comparative Table

Obligation to furnish information to Authority

35U. The Authority may, by notice in writing, require any insurance intermediary to furnish it with information about any matter related to his business carried on in Singapore or elsewhere if, in the opinion of the Authority, it requires that information for the discharge of its functions under this Act.

[41/2001]