Singapore Government
Link to AGC Website
Home | Search | Browse | Results | My Preferences
 
Contents

Long Title

Part I PRELIMINARY

Part II CONDUCT OF INSURANCE BUSINESS

Division 1 — General restriction on insurers

Division 2 — Licensed insurers

Deposits, registers of policies and insurance funds

Division 3 — Authorised reinsurers

Part IIA FOREIGN INSURER SCHEMES

Part IIB INSURANCE INTERMEDIARIES

Division 1 —  General provisions relating to insurance intermediaries

Division 2 —  Conduct of insurance broking business

Part III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS

Division 1 — Returns

Division 2 — Inspections and Investigations

Division 3 — Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.

Part IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

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

Division 1 — Voluntary 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

Division 1 — Administration and enforcement

Division 2 —  Miscellaneous amendments of law

Division 3 —  Supplementary

FIRST SCHEDULE Definition of Insurance Terms

SECOND SCHEDULE Specified Provisions

Legislative History

Comparative Table

 
Slider
Left Corner
Print   Link to In-Force Version
On 25/04/2014, you requested the version in force on 25/04/2014 incorporating all amendments published on or before 25/04/2014. The closest version currently available is that of 01/01/2014.
Slider
Regulations
64.
—(1)  The Authority may make regulations for carrying into effect the objects of this Act, and for prescribing anything which under this Act is to be prescribed.
[11/86; 32/93]
(1A)  Without prejudice to the generality of subsection (1), regulations may be made for or with respect to —
(a)
the forms for the purposes of this Act;
(b)
the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the waiver, refund or remission, whether in whole or in part, of such fees; and
[Act 11 of 2013 wef 18/04/2013]
(c)
the corporate governance of insurers.
[23/2003 wef 01/01/2004]
(1B)  Except as otherwise expressly provided in this Act, regulations made under this Act —
(a)
may be of general or specific application;
(b)
may provide that a contravention of any specified provision thereof shall be an offence; and
(c)
may provide —
(i)
in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction; or
(ii)
in any other case, for penalties not exceeding a fine of $100,000 for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]
[23/2003 wef 01/01/2004]
(2)  The Authority may issue such directions as it may consider necessary for carrying into effect the objects of this Act, and may at any time vary, rescind or revoke any such directions.
[11/86; 32/93]
[Act 11 of 2013 wef 18/04/2013]
(2A)  Without prejudice to the generality of subsection (2), the Authority may issue such directions as it may consider necessary to an authorised reinsurer with respect to the manner and form of the transfer of the whole or part of its business of providing the reinsurance of liabilities under insurance policies, to persons in Singapore.
[23/2003 wef 01/01/2004]
(3)  It shall not be necessary to publish any direction issued under this Act in the Gazette.
[Act 11 of 2013 wef 18/04/2013]