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 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.
Slider
PART IIA
FOREIGN INSURER SCHEMES
Interpretation of this Part
35A.  In this Part —
“administrator” means an administrator appointed by the Authority under section 35C in respect of a foreign insurer scheme;
“agent”, in relation to a foreign insurer, means an agent in respect of the carrying on of insurance business in Singapore by the foreign insurer, with authority to enter into contracts of insurance on behalf of the foreign insurer;
“foreign insurer” means an insurer —
(a)
that is authorised under the law of another country or territory to carry on insurance business in that country or territory; and
(b)
that is not registered as an insurer under section 8;
“foreign insurer scheme” means any foreign insurer scheme referred to in section 35B.
[41/2001]
Establishment of foreign insurer schemes
35B.  The Authority may by regulations establish any foreign insurer scheme for the purpose of permitting any member of any class, society or association of foreign insurers specified in the scheme to carry on insurance business in Singapore.
[41/2001]
Appointment of administrator of foreign insurer scheme
35C.
—(1)  The Authority shall, in respect of any foreign insurer scheme, appoint an administrator who shall be resident in Singapore.
[41/2001]
(2)  Any person who wishes to be appointed as an administrator in respect of any foreign insurer scheme may apply to the Authority in such form and manner as the Authority may require.
[41/2001]
(3)  Upon receiving an application under subsection (2), the Authority may grant the application either unconditionally or subject to such conditions as the Authority thinks fit or reject the application.
[41/2001]
(4)  An administrator appointed under subsection (1) shall, in respect of the foreign insurer scheme for which the administrator is appointed —
(a)
have such responsibility for the operation of the scheme as may be prescribed; and
(b)
carry out such tasks in relation to the carrying on of insurance business in Singapore by the foreign insurers under the scheme as may be directed by the Authority or as may be prescribed.
[41/2001]
(5)  Any appointment of an administrator under subsection (1) may be revoked if the administrator —
(a)
breaches any of the conditions on which the approval is granted; or
(b)
contravenes any of the provisions of this Act or any direction given by the Authority under this Act.
[41/2001]
Carrying on of insurance business by foreign insurer under foreign insurer scheme
35D.
—(1)  Where a foreign insurer scheme is established, each member of the class, society or association of foreign insurers specified in the scheme may, in accordance with the terms of the scheme, carry on such insurance business in Singapore as may be prescribed.
[41/2001]
(2)  A foreign insurer shall not carry on insurance business in Singapore under a foreign insurer scheme unless —
(a)
an administrator has been appointed for the scheme under section 35C; and
(b)
the foreign insurer has, in accordance with regulations made under section 35L, authorised the administrator or an agent or both, as the case may be, to accept service of notices and legal processes on his or its behalf.
[41/2001]
(3)  A foreign insurer shall not carry on insurance business in Singapore under a foreign insurer scheme if the foreign insurer is prohibited from so doing under section 35F.
[41/2001]
Non-application of Business Registration Act and Companies Act
35E.  The Business Registration Act (Cap. 32) and the Companies Act (Cap. 50) shall not apply to any foreign insurer in respect of the carrying on of insurance business in Singapore by the foreign insurer under any foreign insurer scheme if the foreign insurer is permitted to carry on insurance business in Singapore in accordance with the terms of the foreign insurer scheme.
[41/2001]
Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme
35F.  The Authority may by notice in writing prohibit any foreign insurer from carrying on all or any kind of insurance business in Singapore under any foreign insurer scheme —
(a)
if the foreign insurer breaches or contravenes any of the terms of the scheme under which the foreign insurer carries on insurance business in Singapore; or
(b)
if the Authority considers it necessary in the public interest.
[41/2001]
Appointment of agent for foreign insurer scheme
35G.
—(1)  Except as may be provided for in regulations made under section 35L, no person may act as an agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme unless that person meets such requirements as may be prescribed.
[41/2001]
(2)  Any agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme shall carry out such tasks in relation to the carrying on of that insurance business in Singapore for the foreign insurer as may be directed by the Authority or as may be prescribed.
[41/2001]
Right of hearing and appeal
35H.
—(1)  Before revoking any appointment of an administrator under section 35C(5) or prohibiting any foreign insurer from carrying on insurance business in Singapore under section 35F, the Authority shall —
(a)
give the administrator or the foreign insurer, as the case may be, notice in writing of its intention to do so; and
(b)
in the notice referred to in paragraph (a), call upon the administrator or the foreign insurer to show cause within such time as may be specified in the notice why his or its appointment should not be revoked, or (as the case may be) why he or it should not be prohibited from carrying on insurance business in Singapore.
[41/2001]
(2)  If the person to whom notice has been given under subsection (1) —
(a)
fails to show cause within the time given to him or it to do so or within such extended period of time as the Authority may allow; or
(b)
fails to show sufficient cause,
the Authority shall give notice in writing to that person of the date on which the revocation of appointment or the prohibition, as the case may be, is to take effect.
[41/2001]
(3)  Any person who is aggrieved by a decision of the Authority to revoke any appointment of an administrator under section 35C(5) or to prohibit any foreign insurer from carrying on insurance business in Singapore under section 35F may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
[41/2001]
Effect of prohibition on carrying on insurance business
35I.
—(1)  Where a foreign insurer is prohibited from carrying on insurance business in Singapore, the foreign insurer shall cease to carry on in Singapore insurance business of the kind of which he or it is prohibited from carrying on.
[41/2001]
(2)  Subsection (1) shall not prejudice the enforcement by any policy owner or person of any right or claim against the foreign insurer or by the foreign insurer of any right or claim against any policy owner or person.
[41/2001]
(3)  Nothing in subsection (1) shall prohibit a foreign insurer from collecting or receiving premiums on insurance policies effected before the date of prohibition.
[41/2001]
Effect of revocation of appointment of administrator
35J.
—(1)  Where the appointment of the administrator of any foreign insurer scheme is revoked, all foreign insurers carrying on insurance in Singapore under that scheme shall cease to carry on in Singapore insurance business under the scheme.
[41/2001]
(2)  Subsection (1) shall not prejudice the enforcement by any policy owner or person of any right or claim against the foreign insurer or by the foreign insurer of any right or claim against any policy owner or person.
[41/2001]
(3)  Nothing in subsection (1) shall prohibit a foreign insurer from collecting or receiving premiums on insurance policies effected before the date the appointment of its administrator is revoked.
[41/2001]
Holding out as foreign insurer or as agent of foreign insurer
35K.  Any person who —
(a)
holds himself or itself out as a foreign insurer permitted to carry on insurance business in Singapore under any foreign insurer scheme when he or it is not a foreign insurer, or is not permitted to carry on insurance business in Singapore under the foreign insurer scheme; or
(b)
holds himself or itself out as an agent permitted to act for a foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme when he or it has not been appointed as the foreign insurer’s agent or is not permitted to act as such an agent,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 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 $3,000 for every day or part thereof during which the offence continues after conviction.
[41/2001]
Regulations
35L.  The Authority may make such regulations as are necessary or expedient for the purpose of carrying out the provisions of this Part and, in particular, such regulations may —
(a)
require the foreign insurers who wish to carry on insurance business in Singapore under any foreign insurer scheme to obtain such undertakings and guarantees by any person acceptable to the Authority as the Authority considers necessary to secure for the benefit of potential claimants the payment of all potential claims that may arise from the carrying on of insurance business in Singapore by the foreign insurers under the scheme;
(b)
require the foreign insurers carrying on insurance business in Singapore under any foreign insurer scheme, or the administrator, on behalf of such foreign insurers, to make and maintain on behalf of all the foreign insurers carrying on business in Singapore under the scheme such insurance funds and deposits with the Authority as the Authority considers necessary to secure the payment of claims arising from contracts of insurance entered into by the foreign insurers under the scheme;
(c)
require the foreign insurers to authorise the administrator or an agent or both to accept service of notices and legal processes on his or its behalf;
(d)
provide for the imposition of a levy or fee in respect of the carrying on of insurance business in Singapore by the foreign insurers under any foreign insurer scheme;
(e)
require the administrator of a foreign insurer scheme to keep, in such form as may be prescribed —
(i)
a register of foreign insurers carrying on insurance business in Singapore under that scheme;
(ii)
a register of the agents of foreign insurers carrying on insurance business in Singapore under that scheme; and
(iii)
such other registers relating to or connected with the activities of foreign insurers carrying on insurance business in Singapore under that scheme and their agents as the Authority may determine;
(f)
require the administrator of a foreign insurer scheme to furnish such accounts, reports and statements in respect of the carrying on of insurance business in Singapore by the foreign insurers under the scheme as may be prescribed;
(g)
provide for any other duties not referred to in paragraph (b), (e) or (f) of the administrator of a foreign insurer scheme in respect of the scheme;
(h)
provide for the duties of the officers of the administrator of any foreign insurer scheme;
(i)
provide for the duties of the agents of foreign insurers carrying on insurance business in Singapore under any foreign insurer scheme, including requiring each agent to keep, in such form as may be prescribed —
(i)
a register of foreign insurers carrying on insurance business in Singapore for whom he or it is an agent; and
(ii)
such other registers relating to or connected with his or its activities as the Authority may determine;
(j)
prohibit any person from acting as agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme unless it is a company having a prescribed minimum share capital and meets such other requirements as to shareholdings as may be prescribed;
(k)
empower the Authority to, and specify the circumstances in which the Authority may, prohibit any person from acting, or continuing to act, as agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme and to specify the effects of a prohibition in respect of contracts of insurance entered into by the foreign insurer under any foreign insurer scheme before the date of prohibition;
(l)
provide for the exemption from, or modification of, the operation of the provisions of this Act in relation to any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme or any of its agents; and
(m)
provide for any transitional provisions necessary in the event of the revocation of any foreign insurer scheme.
[41/2001]
[23/2003 wef 01/01/2004]