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Contents  

Long Title

Part I PRELIMINARY

Part II CONDUCT OF INSURANCE BUSINESS

General restriction on insurers

Registration and authorisation of insurers

Deposits, registers of policies and insurance funds

Miscellaneous requirements as to conduct of business

Part IIA FOREIGN INSURER SCHEMES

Part IIB INSURANCE INTERMEDIARIES

General

Conduct of Insurance Broking Business

Part III RETURNS, INSPECTIONS AND INVESTIGATIONS

Returns

Inspections and Investigations

Part IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF REGISTERED INSURER AND WINDING UP

Division 1 — Voluntary scheme for transfer of business

Division 2 — Compulsory transfer of business

Division 3 — Compulsory transfer of shares

Division 4 — Power to restructure capital

Division 5 — Winding up

Division 6 — Miscellaneous

Part IIIB APPEALS

Part IIIC NOMINATION OF BENEFICIARIES

Part IV MISCELLANEOUS AND GENERAL

Administration and enforcement

Miscellaneous amendments of law

Supplementary

FIRST SCHEDULE Definition of Insurance Terms

SECOND SCHEDULE Specified Provisions

Legislative History

Comparative Table

 
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On 19/10/2017, you requested the version in force on 12/05/2012 incorporating all amendments published on or before 12/05/2012. The closest version currently available is that of 01/05/2011.
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General restriction on insurers
No person to carry on insurance business unless registered or authorised by Authority
3.
—(1)  Subject to the provisions of this Act, no person shall carry on any class of insurance business in Singapore as an insurer unless the person is registered by the Authority under this Act in respect of that class of business.
[11/86]
(1A)  Except for a registered insurer or a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B, no person carrying on reinsurance business outside Singapore shall carry on the business of providing the reinsurance of liabilities under insurance policies, as a principal and as an insurer, to persons in Singapore unless —
(a)
he is authorised by the Authority under section 8A to do so; or
(b)
he is providing the reinsurance of liabilities under insurance policies pursuant to an arrangement which was not solicited by him but was initiated by —
(i)
a registered insurer;
(ii)
a registered insurance broker; or
(iii)
a person exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) who has notified the Authority, in such manner as may be prescribed under section 64(1), of his commencement of insurance broking business.
[23/2003 wef 01/01/2004]
(1B)  Any person registered by the Authority under this Act to carry on insurance business as an insurer in respect of life business may carry on general business relating to short-term accident and health policies while being so registered, and —
(a)
the person need not be registered as an insurer in respect of general business in order to carry on general business relating to short-term accident and health policies; and
(b)
the general insurance business relating to short-term accident and health policies carried on by the person shall be treated as part of the person’s life business.
[23/2003 wef 01/01/2004]
(1C)  An insurer registered to carry on both life business and general business may treat its short-term accident and health policies as part of its life business or its general business.
[23/2003 wef 01/01/2004]
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine of $7,500 for every day during which the offence continues after conviction.
[11/86; 41/2001]
(3)  Any person who contravenes subsection (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine of $7,500 for every day or part thereof during which the offence continues after conviction.
[23/2003 wef 01/01/2004]
Holding out as registered insurer or authorised reinsurer
4.
—(1)  Where any person holds himself out, or purports to hold himself out, to be a registered insurer or an authorised reinsurer in respect of life business or general business, or both, when that person is not registered or authorised under this Act in respect of that business —
(a)
that person shall be guilty of an offence; and
(b)
where that person is a corporation, limited liability partnership or firm, every director, manager or officer of the corporation and every partner or officer of the firm and every partner or manager of the limited liability partnership (as the case may be) shall, unless he proves that the offence was committed without his knowledge or consent, be guilty of an offence.
[5/2005 wef 11/04/2005]
(2)  Any person who is guilty of an offence under subsection (1) shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction.
[23/2003 wef 01/01/2004]
Use of word “insurance”
5.
—(1)  No person, other than a registered insurer, an authorised reinsurer or a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B, shall —
(a)
use the word “insurance” or any of its derivatives in any language, or any other word indicating that that person carries on insurance business in the name, description or title under which it carries on business in Singapore; or
(b)
make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[22/73; 11/86]
(1A)  Subject to subsection (1B), no person shall —
(a)
use the word “insurance” or any of its derivatives in any language, or any other word, that indicates that the person carries on business as an insurance intermediary in the name, description or title under which it carries on business in Singapore; or
(b)
make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[23/2003 wef 01/01/2004]
(1B)  Subsection (1A) shall not apply to —
(a)
a registered insurance broker;
(b)
a person exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) who has notified the Authority, in such manner as may be prescribed under section 64(1), of his commencement of insurance broking business;
(c)
a licensed financial adviser or an exempt financial adviser, which provides any financial advisory service in respect of life policies;
(d)
an insurance agent operating under an agreement in writing pursuant to section 35M;
(e)
an insurance agent to whom section 35M does not apply;
(f)
an agent of a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B; or
(g)
such other person as may be prescribed.
[23/2003 wef 01/01/2004]
(2)  Nothing in this section shall prohibit an association of insurers from using the word “insurance” or any of its derivatives in any language as part of its name or description of its activities.
[22/73]
(3)  Any person who contravenes subsection (1) or (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day during which the offence continues after conviction.
[22/73; 11/86; 41/2001]
Prohibition relating to solicitation of insurance business and establishment of place of business or representative office
6.
—(1)  No person shall solicit any insurance business for any insurer, other than an insurer who is entitled to carry on that business in Singapore or an authorised reinsurer.
[23/2003 wef 01/01/2004]
(2)  No person shall, without the written approval of the Authority, establish a representative office for an insurer who is not entitled to carry on insurance business in Singapore or for an authorised reinsurer.
[23/2003 wef 01/01/2004]
(3)  Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.
[30/99; 41/2001]
Examination of persons suspected of carrying on insurance business
7.
—(1)  Whenever the Authority has reason to believe that a person has contravened any of the provisions of this Act, it may call for or inspect the books, accounts and records of that person in order to ascertain whether or not that person has contravened or is contravening any of the provisions of this Act.
[22/73; 11/86; 30/99]
(2)  Any person who wilfully refuses to submit such books, accounts and records or to allow the inspection thereof shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day during which the offence continues after conviction.
[22/73; 41/2001]