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 29/08/2014, you requested the version in force on 29/08/2014 incorporating all amendments published on or before 29/08/2014. The closest version currently available is that of 01/01/2014.
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Priority of claims of policy owners and specified liabilities
49FR.
—(1)  Where a licensed insurer becomes unable to meet its obligations or becomes insolvent, the assets of the licensed insurer subject to section 17(11), shall be available to meet all liabilities in Singapore of the licensed insurer specified in subsection (3), including liabilities which are properly attributable to the business to which an insurance fund relates.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(2)  The liabilities in Singapore of the licensed insurer specified in subsection (3) shall have priority over all unsecured liabilities of the insurer other than the preferential debts specified in section 328(1) of the Companies Act (Cap. 50).
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(3)  Notwithstanding the provisions of any written law or any rule of law relating to the winding up of companies, in the event of a winding up of a licensed insurer, the following liabilities in Singapore of the licensed insurer (which include liabilities which are properly attributable to the business to which an insurance fund relates) shall rank in the following order of priority:
(a)
firstly, any levy due and payable by the licensed insurer under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(b)
secondly, protected liabilities incurred by the licensed insurer, up to the amount paid or payable out of any of the PPF Funds by the PPF Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such protected liabilities and, if applicable, the amount paid or payable out of any of the PPF Funds by the PPF Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 to fund any transfer or run-off of the business of the licensed insurer;
(c)
thirdly, any liabilities incurred by the licensed insurer in respect of direct policies which are not protected under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(d)
fourthly, any liabilities incurred by the licensed insurer in respect of reinsurance policies.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(4)  The liabilities in each class specified in subsection (3) shall —
(a)
rank in the order specified therein but as between liabilities of the same class shall rank equally between themselves; and
(b)
be paid in full unless the assets of the licensed insurer are insufficient to meet them in which case they shall abate in equal proportions between themselves.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(5)  In this section, “protected liabilities” has the same meaning as in the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.
[16/2011 wef 01/05/2011]