Singapore Government
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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

 
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On 23/11/2014, you requested the version in force on 23/11/2014 incorporating all amendments published on or before 23/11/2014. The closest version currently available is that of 01/01/2014.
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Voluntary transfer of business
49FB.
—(1)  The whole or part of the insurance business of a transferor may only be transferred to a transferee in respect of the class or classes of business to be transferred if —
(a)
the transfer is effected by a scheme under this section; and
(b)
the transferor has obtained the approval of the Authority for such a transfer.
[16/2011 wef 01/05/2011]
(2)  Any approval granted by the Authority under this section for the transfer of the whole or part of the insurance business of a licensed insurer may be subject to such conditions as the Authority may determine.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(3)  The Authority may at any time, add to, vary or revoke any conditions imposed under subsection (2).
[16/2011 wef 01/05/2011]
(4)  Subsection (1) shall not apply to the transfer of the whole or part of any insurance business of a company established or incorporated outside Singapore, except in so far as it relates to Singapore policies or offshore policies.
[Act 11 of 2013 wef 18/04/2013]
(4A)  Subject to subsection (6), subsection (1)(a) shall not apply to the transfer of the whole or part of any insurance business of —
(a)
a licensed insurer where it relates to the reinsurance business of that insurer; or
(b)
a captive insurer.
[Act 11 of 2013 wef 18/04/2013]
(5)  For the avoidance of doubt, subsection (4A)(a) shall not affect, in relation to the transfer of the whole or any part of any insurance business of a licensed direct insurer under subsection (1), the reinsurance of liabilities under such transferred insurance business.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(6)  A licensed insurer which falls within subsection (4A)(a) or (b) may apply to the Authority in writing for consent to transfer the whole or part of its insurance business to another licensed insurer, by a scheme under this section, in which event Division 1 of this Part shall apply to the licensed insurer.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(7)  Any licensed insurer, not being a company established or incorporated outside Singapore, shall by virtue of this section have power to make such a transfer by a scheme under this section, and the directors shall have authority on behalf of the insurer to arrange for and do all things necessary to give effect to such a transfer.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(8)  Subsection (7) shall apply notwithstanding the absence of the power or authority mentioned in that subsection under the constitution of the licensed insurer or any limitation imposed by its constitution on its powers or on the authority of its directors.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(9)  A scheme under this section may provide for the business in question to be transferred to a body not licensed as an insurer under this Act in respect of the relevant class of business (including a body not yet in existence), if the scheme is so framed as to operate only in the event of the body becoming so licensed.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(10)  A scheme under this section for the transfer of any insurance business by a transferor may extend to the transfer with it of any other business, not being insurance business, where the other business is carried on by the transferor as ancillary only to the insurance business transferred.
[16/2011 wef 01/05/2011]
(11)  A scheme under this section may include provision for matters incidental to the transfer thereby effected, and provision for giving effect to that transfer and, in particular —
(a)
for any property, rights or liabilities of the transferor (including assets comprised in a deposit under this Act or in an insurance fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee; and
(b)
for the registration by the transferee of policies transferred, for the amounts to be included in respect of those policies in the transferee’s insurance fund and for other matters arising under this Act out of the transfer.
[16/2011 wef 01/05/2011]
(12)  A scheme under this section shall be of no effect unless confirmed by the High Court, but may be prepared and submitted for confirmation to the High Court by any of the insurers concerned.
[16/2011 wef 01/05/2011]
(13)  If so confirmed, the scheme shall have effect according to its tenor notwithstanding anything in the preceding sections of this Act and be binding on any person thereby affected.
[16/2011 wef 01/05/2011]