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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 23/07/2014, you requested the version in force on 23/07/2014 incorporating all amendments published on or before 23/07/2014. The closest version currently available is that of 01/01/2014.
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Insurable interest required for life insurances
57.
—(1)  A life policy insuring the life of a person which is issued by a licensed insurer shall be void unless —
(a)
the person effecting the insurance has an insurable interest in the life which is insured at the time the insurance is effected;
(b)
the life which is insured is that of —
(i)
the person effecting the insurance;
(ii)
his spouse at the time the insurance is effected;
(iii)
his child or ward under the age of 18 years at the time the insurance is effected; or
(iv)
any other person on whom the person effecting the insurance is, at the time the insurance is effected, wholly or partly dependant; or
(c)
the life policy is one in respect of which all of the conditions referred to in subsection (2A) or (2B) are satisfied.
[3/2009 wef 01/03/2009]
[Act 11 of 2013 wef 18/04/2013]
(2)  Where subsection (1)(a) applies, the policy moneys payable under the life policy shall not exceed the amount of the insurable interest at the time the insurance is effected.
[3/2009 wef 01/03/2009]
(2A)  Section 5 of the Civil Law Act (Cap. 43) and section 62 shall not apply to a life policy, and a life policy shall not be void, if all of the following conditions are satisfied:
(a)
the life which is insured is that of the settlor of a trust;
(b)
the person effecting the insurance is the trustee of the trust;
(c)
any beneficiary of the trust —
(i)
has an insurable interest in the life of the settlor at the time the insurance is effected; or
(ii)
is —
(A)
the settlor’s spouse at the time the insurance is effected;
(B)
the settlor’s child or ward under the age of 18 years at the time the insurance is effected; or
(C)
any other person on whom the settlor is, at the time the insurance is effected, wholly or partly dependant; and
(d)
the settlor consents in writing to the effecting of the insurance before it is effected.
[3/2009 wef 01/03/2009]
(2B)  Section 5 of the Civil Law Act and section 62 shall not apply to a life policy, and a life policy shall not be void, if all of the following conditions are satisfied:
(a)
the life which is insured is that of a beneficiary of a trust (referred to in this subsection as the relevant beneficiary);
(b)
the person effecting the insurance is the trustee of the trust;
(c)
any beneficiary of the trust —
(i)
has an insurable interest in the life of the relevant beneficiary at the time the insurance is effected; or
(ii)
is —
(A)
the relevant beneficiary’s spouse at the time the insurance is effected;
(B)
the relevant beneficiary’s child or ward under the age of 18 years at the time the insurance is effected; or
(C)
any other person on whom the relevant beneficiary is, at the time the insurance is effected, wholly or partly dependant; and
(d)
the relevant beneficiary consents in writing to the effecting of the insurance before it is effected.
[3/2009 wef 01/03/2009]
(2C)  Subsections (1), (2), (2A) and (2B) shall apply to a life policy regardless of whether the proper law of the life policy is the law of Singapore.
[3/2009 wef 01/03/2009]
(3)  In this section, “insuring the life of a person” means insuring the payment of money (or the equivalent) on that person’s death or on the happening of any contingency dependent on the termination or continuance of that person’s life, and includes granting an annuity to commence on that death or at a time to be determined by reference thereto or to any such contingency.
(4)  In so far as in the case of any life policy the policy moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid shall be applied by reference to the value of the right to the policy moneys immediately after the death or the happening before the death of any event on which they become payable.
(5)  Subsections (1)(a) and (b), (2), (3) and (4) shall not affect policies issued before 1st January 1967.
[3/2009 wef 01/03/2009]
(6)  Subsections (1)(c), (2A), (2B) and (2C) shall not affect policies issued before the date of commencement of section 3 of the Insurance (Amendment) Act 2009.
[3/2009 wef 01/03/2009]