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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 21/10/2017, 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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Division 6 — Miscellaneous
Modification of law of insolvency
49FS.  Notwithstanding anything to the contrary contained in this Act, the Bankruptcy Act (Cap. 20) and the Companies Act (Cap. 50), any sale, transfer, assignment or other disposition of any property or business of the registered insurer pursuant to section 49FF, shall not be reversed, repaid or set aside and no order shall be made by any court for the rectification or stay of such sale, transfer, assignment or other disposition.
[16/2011 wef 01/05/2011]
Power to obtain information under this Part
49FT.
—(1)  The Minister or the Authority may require a person to furnish, within the period and in the manner specified by the Minister or the Authority, any information that the Minister or the Authority may reasonably require for the discharge of his or its duties or functions, or the exercise of his or its powers, under this Part.
(2)  Any person who —
(a)
without reasonable excuse, fails to comply with any requirement under subsection (1); or
(b)
in purported compliance with any requirement under subsection (1), knowingly or recklessly furnishes any information or document that is false or misleading in a material particular,
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 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
[16/2011 wef 01/05/2011]
Cessation of moratorium, etc., under this Part
49FU.
—(1)  The Minister may, by order published in the Gazette, direct that section 49FH, 49FK(13) or 49FN(13), or any provision thereof, shall cease to apply to any registered insurer, any business (or any part thereof) of any registered insurer or any share in any registered insurer and on the date specified by the Minister in the order, the relevant section, or the provision thereof, shall cease to apply to the registered insurer, the business (or the part thereof) of the registered insurer or the share in the registered insurer, as the case may be.
[16/2011 wef 01/05/2011]
(2)  In this section, “business” includes affairs, property, right, obligation and liability.
[16/2011 wef 01/05/2011]
Recovery of fees, expenses, etc.
49FV.  There shall be recoverable as a civil debt due to the Authority from a registered insurer concerned, any remuneration and expenses payable by the registered insurer to —
(a)
a statutory manager appointed under section 41; and
(b)
any person appointed to perform any independent assessment under this Part.
[16/2011 wef 01/05/2011]
Regulations for this Part
49FW.  The Minister may make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Part and for prescribing anything that may be required to be prescribed under this Part.
[16/2011 wef 01/05/2011]