On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 09/12/2003.
2. Section 1A of the Insurance Act is amended —
(a)
by deleting the words “prescribed institute” in the definition of “actuary” and substituting the words “prescribed professional body or institute”;
(b)
by inserting, immediately after the definition of “advocate and solicitor”, the following definition:
“ “authorised reinsurer” means an insurer which is for the time being authorised under section 8A;”;
(c)
by deleting the words “related companies” in the definition of “captive insurer” and substituting the words “related corporations”;
(d)
by inserting, immediately after the definition of “captive insurer”, the following definitions:
(e)
by deleting the definition of “direct general insurance broker” and substituting the following definition:
“ “direct insurance broker” means a person who is for the time being registered under section 35X in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business;”;
(f)
by inserting, immediately after the words “a reinsurer” in the definition of “direct insurer”, the words “, an authorised reinsurer”;
(g)
by deleting the definition of “directions” and substituting the following definition:
“ “directions” includes directives and notices;”;
(h)
by inserting, immediately after the definition of “exempt financial adviser”, the following definition:
“ “financial advisory service” has the same meaning as in section 2(1) of the Financial Advisers Act;”;
(i)
by deleting the definition of “insurance broker” and substituting the following definition:
“ “insurance broker” means a person who is or has been carrying on insurance business in Singapore as an agent for insureds or intending insureds in respect of —
(a)
insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business; or
(b)
reinsurance of liabilities under insurance policies relating to —
(i)
life business; or
(ii)
general business;”; and
(j)
by inserting, immediately after the definition of “reinsurer”, the following definition: