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

Miscellaneous requirements as to conduct of business

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 21/04/2014, you requested the version in force on 21/04/2014 incorporating all amendments published on or before 21/04/2014. The closest version currently available is that of 01/01/2014.
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Fund solvency requirements and capital adequacy requirements
18.
—(1)  Every licensed insurer shall satisfy —
(a)
such fund solvency requirements in respect of each insurance fund established by the insurer under this Act; and
(b)
such capital adequacy requirements,
as may be prescribed or specified in directions for the purposes of this section.
[23/2003 wef 23/08/2004]
(2)  The Authority may prescribe or specify in directions —
(a)
different fund solvency requirements or capital adequacy requirements under subsection (1) for different classes of insurance business and for different types of insurers; and
(b)
in respect of any type of insurers, any exception from the requirements of subsection (1).
[11/86]
(3)  Without prejudice to the generality of section 64, regulations made under this Act, or directions made under subsection (1) or (2), may —
(a)
provide for the determination of the value of assets and the amount of liabilities;
(b)
provide that, for any specified purpose, assets or liabilities of any specified class or description shall be left out of account or shall be taken into account only to a specified extent; and
(c)
make different provision in relation to different cases or circumstances.
[11/86]
(4)  The Authority may by notice in writing, if it considers it appropriate in the particular circumstances of a licensed insurer having regard to the risks arising from the activities of the insurer and such other factors as the Authority considers relevant, direct that the insurer satisfy fund solvency requirements or capital adequacy requirements other than those that the insurer is required to maintain under this section.
[23/2003 wef 23/08/2004]
(5)  Without prejudice to the generality of section 41, the failure of a licensed insurer to comply with subsection (1) or any direction of the Authority under subsection (4) shall be sufficient cause for the Authority to be satisfied that the affairs of the insurer are being conducted in a manner likely to be detrimental to the public interest or the interests of the policy owners and to issue such directions under section 41(1) as the Authority may consider necessary.
[23/2003 wef 23/08/2004]
(6)  Any licensed insurer which contravenes subsection (1) or fails to comply with a direction of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.