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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

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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Licensing of insurers
8.
—(1)  A person who desires to carry on insurance business in Singapore as an insurer shall —
(a)
apply in writing to the Authority for a licence under this section; and
(b)
furnish such information as the Authority may require.
(2)  Upon receiving an application under subsection (1), the Authority shall consider the application and may grant a licence to the applicant with or without conditions or refuse to grant a licence.
(3)  The Authority shall not grant a licence to any person unless —
(a)
the applicant is a company, a company incorporated outside Singapore which has an established place of business in Singapore, or a co-operative society; and
(b)
the applicant satisfies such financial requirements as may be prescribed.
(4)  For the purposes of this section, the Authority may prescribe financial requirements of different forms or amounts for different classes of insurance business and for different types of insurers.
(5)  The Authority may license an insurer as a direct insurer, reinsurer or captive insurer.
(6)  The Authority shall cause notice of the grant of any licence or change of name of a licensed insurer to be published in the Gazette.
(7)  Any applicant which is aggrieved by the refusal of the Authority to grant it a licence under this section may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
(8)  The Authority may at any time add to, vary or revoke any of the existing conditions of the licence of an insurer or impose any condition thereto.
(9)  A licensed insurer shall, at all times during the currency of its licence, satisfy such financial requirements as may be prescribed under subsection (3)(b).
(10)  Any licensed insurer which fails to comply with any condition imposed by the Authority under subsection (2) or (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
(11)  Any licensed insurer which contravenes subsection (9) 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.
[Act 11 of 2013 wef 18/04/2013]
History for Provision '8 Licensing of insurers'.
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pr7-.
15/03/1994
Formal Consolidation
15 March 1994
1994 RevEd
 
pr8-.
01/07/2000
Formal Consolidation
01 July 2000
2000 RevEd
 

31/12/2002
Formal Consolidation
31 December 2002
2002 RevEd
 
Compare versionsDiff

01/01/2011
Informal Consolidation
30 March 2010
Amended
S 184/2010

01/05/2011
Informal Consolidation
29 April 2011
Amended
Act 16 of 2011

18/04/2013
Informal Consolidation
17 April 2013
Amended
Act 11 of 2013