Singapore Government
Link to Homepage
Home | About Us | Browse | Advanced Search | Results | My Preferences | FAQ | Help | PLUS
 
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

 
Slider
Left Corner
Print   Link to Viewed VersionLink to In-Force Version
 
On 14/12/2017, 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.
Slider
PART IIIC
NOMINATION OF BENEFICIARIES
Interpretation of this Part
49K.  In this Part, unless the context otherwise requires —
“Central Provident Fund” means the Central Provident Fund established under section 6 of the Central Provident Fund Act (Cap. 36);
“Central Provident Fund Board” means the Central Provident Fund Board constituted under section 3 of the Central Provident Fund Act;
“minimum sum” has the same meaning as in section 2(1) of the Central Provident Fund Act;
“relevant policy” means any life policy or accident and health policy, whether issued before, on or after the date of commencement of section 2 of the Insurance (Amendment) Act 2009, which —
(a)
is issued by a registered insurer;
(b)
is governed by Singapore law;
(c)
provides death benefits;
(d)
is effected by the policy owner on his own life;
(e)
is not the subject of any trust created under section 73 of the Conveyancing and Law of Property Act (Cap. 61); and
(f)
is not an annuity purchased with the minimum sum under section 15(6C) of the Central Provident Fund Act;
“will” has the same meaning as in the Wills Act (Cap. 352).
[3/2009 wef 01/09/2009]
Trust nomination
49L.
—(1)  This section shall not apply to any relevant policy which is —
(a)
issued under the Dependants’ Protection Insurance Scheme established and maintained by the Central Provident Fund Board under section 41 of the Central Provident Fund Act (Cap. 36); or
(b)
an investment made by a member of the Central Provident Fund under any scheme in accordance with any regulations made under section 77(1)(n) of the Central Provident Fund Act the proceeds or benefits (or any part thereof) of which the member is obliged to repay into the Central Provident Fund.
[3/2009 wef 01/09/2009]
(2)  Where the policy owner of a relevant policy who has attained the age of 18 years —
(a)
nominates as the beneficiary or beneficiaries under the relevant policy his spouse, his children, his spouse and children or any of them;
(b)
expresses in the nomination his intention to create a trust of the policy moneys in favour of the nominee or nominees; and
(c)
makes the nomination, and indicates each nominee’s portion of the policy moneys, in such manner as may be prescribed by the Authority,
the nomination shall create a trust of the policy moneys in favour of the nominee or nominees.
[3/2009 wef 01/09/2009]
(3)  No nomination under subsection (2) shall be valid unless it provides for the disposition of all policy moneys under the relevant policy.
[3/2009 wef 01/09/2009]
(4)  Subject to subsection (5), all policy moneys subject to the trust created under subsection (2) shall not form part of the estate of the policy owner or be subject to his debts.
[3/2009 wef 01/09/2009]
(5)  If it is proved that the relevant policy was effected, and the premiums for the relevant policy were paid, with intent to defraud the creditors of the policy owner, the creditors shall be entitled to receive out of the policy moneys a sum equal to the premiums so paid.
[3/2009 wef 01/09/2009]
(6)  On the death of any nominee, the nominee’s interest in the policy moneys shall, subject to any encumbrance created over, or any disposition of, the nominee’s interest while the nominee was alive, form part of the nominee’s estate.
[3/2009 wef 01/09/2009]
(7)  A policy owner may revoke a nomination under subsection (2) if, and only if, the prior written consent to the revocation has been obtained from —
(a)
in a case where any trustee of the policy moneys is a person other than the policy owner —
(i)
that trustee or, if there is more than one such trustee, any such trustee; or
(ii)
so long as no nominee has died before the revocation —
(A)
each nominee who has attained the age of 18 years; and
(B)
a parent or legal guardian, not being the policy owner, of each nominee who is below the age of 18 years;
(b)
in any other case, so long as no nominee has died before the revocation —
(i)
each nominee who has attained the age of 18 years; and
(ii)
a parent or legal guardian, not being the policy owner, of each nominee who is below the age of 18 years; and
(c)
such requirements for the revocation as may be prescribed by the Authority are satisfied.
[3/2009 wef 01/09/2009]
(8)  Where a nomination under subsection (2) has been revoked in accordance with subsection (7) —
(a)
the trust created pursuant to the nomination shall be deemed to be revoked; and
(b)
the policy owner may make a new nomination under subsection (2) or section 49M(2).
[3/2009 wef 01/09/2009]
(9)  Where a nomination under subsection (2) has been made in respect of a relevant policy, a term or condition of the relevant policy may be varied, and an instruction of the policy owner in relation to the relevant policy (being an instruction which may directly or indirectly alter the benefits payable under the relevant policy) may be executed by the registered insurer that issued the relevant policy, if, and only if, the prior written consent to the variation of the term or condition or to the execution of the instruction, as the case may be, has been obtained from —
(a)
in a case where any trustee of the policy moneys is a person other than the policy owner —
(i)
that trustee or, if there is more than one such trustee, any such trustee; or
(ii)
so long as no nominee has died before the variation of the term or condition or the execution of the instruction, as the case may be —
(A)
each nominee who has attained the age of 18 years; and
(B)
a parent or legal guardian, not being the policy owner, of each nominee who is below the age of 18 years; or
(b)
in any other case, so long as no nominee has died before the variation of the term or condition or the execution of the instruction, as the case may be —
(i)
each nominee who has attained the age of 18 years; and
(ii)
a parent or legal guardian, not being the policy owner, of each nominee who is below the age of 18 years.
[3/2009 wef 01/09/2009]
(10)  Any purported revocation of a nomination under subsection (2) in contravention of subsection (7), and any purported variation of any term or condition of a relevant policy in contravention of subsection (9), shall be void.
[3/2009 wef 01/09/2009]
(11)  Where a nomination under subsection (2) has been made in respect of a relevant policy, and the registered insurer that issued the relevant policy executes an instruction of the policy owner in contravention of subsection (9), the registered insurer shall be liable to each nominee for the loss suffered by the nominee (if any) as a result of the execution of the instruction.
[3/2009 wef 01/09/2009]
(12)  Subject to subsection (14), the policy owner —
(a)
shall, in such manner as may be prescribed by the Authority, appoint one or more trustees of the policy moneys;
(b)
may, in such manner as may be prescribed by the Authority, from time to time, appoint one or more new trustees of the policy moneys;
(c)
may, in such manner as may be prescribed by the Authority, revoke the appointment of any trustee appointed under paragraph (a) or (b); and
(d)
may, in such manner as may be prescribed by the Authority, make provision for —
(i)
the appointment of one or more new trustees of the policy moneys; and
(ii)
the revocation of the appointment of any trustee appointed under paragraph (a) or (b) or pursuant to a provision under sub-paragraph (i).
[3/2009 wef 01/09/2009]
(13)  Subject to subsection (14), on or after the death of the policy owner, the High Court may appoint one or more new trustees of the policy moneys if —
(a)
there is no trustee of the policy moneys; or
(b)
it is expedient to do so.
[3/2009 wef 01/09/2009]
(14)  No individual shall be appointed a trustee of policy moneys under subsection (12)(a) or (b) or (13), or pursuant to a provision under subsection (12)(d)(i), unless he has attained the age of 18 years; and any appointment of a trustee of policy moneys in contravention of this subsection shall be void.
[3/2009 wef 01/09/2009]
(15)  Where, in respect of a relevant policy issued by a registered insurer, a trust of the policy moneys has been created pursuant to a nomination under subsection (2), the relevant policy shall vest, in trust for the nominees, in the trustee or trustees of the policy moneys appointed —
(a)
under subsection (12)(a) or (b) or (13); or
(b)
pursuant to a provision under subsection (12)(d)(i),
when the registered insurer has been given notice of the appointment in such manner as may be prescribed by the Authority.
[3/2009 wef 01/09/2009]
Revocable nomination
49M.
—(1)  This section shall not apply to any relevant policy in respect of which any nomination made by the policy owner under section 49L(2) is not revoked in accordance with section 49L(7).
[3/2009 wef 01/09/2009]
(2)  Subject to subsection (3), the policy owner of a relevant policy who has attained the age of 18 years —
(a)
may nominate any person as a beneficiary of the whole or any portion of the death benefits under the relevant policy; and
(b)
if he does so, shall make the nomination and indicate each nominee’s portion of the death benefits in such manner as may be prescribed by the Authority.
[3/2009 wef 01/09/2009]
(3)  No nomination under subsection (2) shall be valid unless it provides for the disposition of all death benefits under the relevant policy.
[3/2009 wef 01/09/2009]
(4)  A policy owner may revoke a nomination under subsection (2) at any time in such manner as may be prescribed by the Authority.
[3/2009 wef 01/09/2009]
(5)  Where the policy owner of a relevant policy has made a nomination under subsection (2), and any nominee dies before the policy owner —
(a)
if there is no surviving nominee, the nomination shall be deemed to be revoked;
(b)
if there is only one surviving nominee, the nomination shall be deemed to be varied by adding, to that surviving nominee’s portion of the death benefits under the policy, the deceased nominee’s portion of the death benefits under the policy; and
(c)
if there is more than one surviving nominee, the nomination shall be deemed to be varied by adding, to each surviving nominee’s portion of the death benefits under the policy, a share of the deceased nominee’s portion of the death benefits under the policy, such share to be calculated as follows:
where A is that surviving nominee’s original portion of the death benefits under the policy (as set out in the nomination);
B is the aggregate of all the surviving nominees’ original portions of the death benefits under the policy (as set out in the nomination); and
C is the deceased nominee’s portion of the death benefits under the policy.
[3/2009 wef 01/09/2009]
(6)  For the purposes of subsection (5), where the policy owner and one or more of the nominees die in circumstances rendering it uncertain which of them survived the other or others, then in the absence of any order of the court determining otherwise —
(a)
such deaths shall be presumed to have occurred in order of seniority; and
(b)
accordingly, the younger shall be deemed to have survived the elder.
[3/2009 wef 01/09/2009]
(7)  A nomination made by the policy owner of a relevant policy under subsection (2) shall be deemed to be revoked if —
(a)
the policy owner assigns, encumbers or otherwise deals with the relevant policy or any interest under the relevant policy;
(b)
after the making of the nomination, the policy owner makes a will in accordance with the Wills Act (Cap. 352) which —
(i)
provides for the disposition of all death benefits under the relevant policy; and
(ii)
specifies such particulars of the relevant policy as may be prescribed by the Authority; or
(c)
after the making of the nomination, the policy owner makes another nomination under subsection (2) or a nomination under section 49L(2).
[3/2009 wef 01/09/2009]
(8)  Notwithstanding anything in the Wills Act, the Intestate Succession Act (Cap. 146) and any rule of law relating to the distribution of estates, but subject to section 57 of the Probate and Administration Act (Cap. 251), where the policy owner of a relevant policy has made one or more nominations under subsection (2) and one or more wills in accordance with the Wills Act —
(a)
if the last nomination is not and is not deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the last nomination;
(b)
if the last nomination is or is deemed to be revoked, and the last will is not revoked, the death benefits under the relevant policy shall be distributed in accordance with the last will; or
(c)
if the last nomination is or is deemed to be revoked, and the last will is revoked, the death benefits under the relevant policy shall be distributed in accordance with the Intestate Succession Act.
[3/2009 wef 01/09/2009]
(9)  Notwithstanding anything in the Intestate Succession Act and any rule of law relating to the distribution of estates, but subject to section 57 of the Probate and Administration Act, where the policy owner of a relevant policy who has made one or more nominations under subsection (2) dies intestate —
(a)
if the last nomination is not and is not deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the last nomination; or
(b)
if the last nomination is or is deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the Intestate Succession Act.
[3/2009 wef 01/09/2009]
Register of nominees
49N.
—(1)  Every registered insurer shall maintain, in such manner as may be prescribed by the Authority and in accordance with such directions as may be issued by the Authority, a register of every person —
(a)
who has been nominated under section 49L(2) or 49M(2) by the policy owner of a relevant policy issued by the registered insurer; and
(b)
in respect of whom the registered insurer has received written notice of the nomination in such manner as may be prescribed by the Authority for the purposes of this subsection.
[3/2009 wef 01/09/2009]
(2)  Where —
(a)
any person nominated under section 49L(2) has been registered by a registered insurer under subsection (1);
(b)
the nomination of that person has been revoked under section 49L(7); and
(c)
the registered insurer has received written notice of the revocation of the nomination in such manner as may be prescribed by the Authority for the purposes of this subsection,
the registered insurer shall record the revocation of the nomination under section 49L(7) in its register maintained under subsection (1).
[3/2009 wef 01/09/2009]
(3)  Where —
(a)
any person nominated under section 49M(2) has been registered by a registered insurer under subsection (1);
(b)
the nomination of that person has been or is deemed to be revoked; and
(c)
the registered insurer has received written notice of the revocation of the nomination in such manner as may be prescribed by the Authority for the purposes of this subsection,
the registered insurer shall record the revocation of the nomination in its register maintained under subsection (1).
[3/2009 wef 01/09/2009]
Relevant policies issued by co-operative society
49O.
—(1)  Where the registered insurer of any relevant policy is a co-operative society registered under the Co-operative Societies Act (Cap. 62), and the policy owner of that relevant policy —
(a)
has not, before the date of commencement of section 2 of the Insurance (Amendment) Act 2009, made any nomination under section 45(1) of the Co-operative Societies Act in relation to that relevant policy; or
(b)
has, before that date, revoked every nomination made under section 45(1) of the Co-operative Societies Act in relation to that relevant policy,
nothing in the Co-operative Societies Act shall, on or after that date, apply to that relevant policy or to any share or interest in any policy moneys under that relevant policy.
[3/2009 wef 01/09/2009]
(2)  Where the registered insurer of any relevant policy is a co-operative society registered under the Co-operative Societies Act, and on or after the date of commencement of section 2 of the Insurance (Amendment) Act 2009 the policy owner of that relevant policy —
(a)
revokes the last subsisting nomination made by him under section 45(1) of the Co-operative Societies Act in relation to that relevant policy; or
(b)
makes any nomination under section 49L(2) or 49M(2) in relation to that relevant policy, whether or not there is any subsisting nomination made by him under section 45(1) of the Co-operative Societies Act in relation to that relevant policy,
nothing in the Co-operative Societies Act shall apply, on or after the date the policy owner revokes the last subsisting nomination under section 45(1) of the Co-operative Societies Act or makes the nomination under section 49L(2) or 49M(2), as the case may be, to the relevant policy or to any share or interest in any policy moneys under that relevant policy.
[3/2009 wef 01/09/2009]
Regulations for purposes of this Part
49P.
—(1)  The Authority may make regulations for the purposes of this Part.
[3/2009 wef 01/09/2009]
(2)  Without prejudice to the generality of subsection (1), such regulations may —
(a)
prescribe anything which may be prescribed by the Authority under this Part; and
(b)
make provision for the exercise of the court’s powers under section 20 of the Mental Capacity Act 2008 (Act 22 of 2008) in relation to —
(i)
the making, on a person’s behalf, of any nomination under section 49L(2) or 49M(2); and
(ii)
where any nomination under section 49L(2) or 49M(2) has been made by a person or by the court on behalf of a person, the revoking, on the person’s behalf, of that nomination under section 49L(7) or 49M(4), as the case may be.
[3/2009 wef 01/09/2009]