On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 18/04/2013.
49M.
—(1) This section shall not apply to any relevant policy in respect of which any nomination made by the policy owner under section 49L(2) is not revoked in accordance with section 49L(7).
[3/2009 wef 01/09/2009]
(2) Subject to subsection (3), the policy owner of a relevant policy who has attained the age of 18 years —
(a)
may nominate any person as a beneficiary of the whole or any portion of the death benefits under the relevant policy; and
(b)
if he does so, shall make the nomination and indicate each nominee’s portion of the death benefits in such manner as may be prescribed by the Authority.
[3/2009 wef 01/09/2009]
(3) No nomination under subsection (2) shall be valid unless it provides for the disposition of all death benefits under the relevant policy.
[3/2009 wef 01/09/2009]
(4) A policy owner may revoke a nomination under subsection (2) at any time in such manner as may be prescribed by the Authority.
[3/2009 wef 01/09/2009]
(5) Where the policy owner of a relevant policy has made a nomination under subsection (2), and any nominee dies before the policy owner —
(a)
if there is no surviving nominee, the nomination shall be deemed to be revoked;
(b)
if there is only one surviving nominee, the nomination shall be deemed to be varied by adding, to that surviving nominee’s portion of the death benefits under the policy, the deceased nominee’s portion of the death benefits under the policy; and
(c)
if there is more than one surviving nominee, the nomination shall be deemed to be varied by adding, to each surviving nominee’s portion of the death benefits under the policy, a share of the deceased nominee’s portion of the death benefits under the policy, such share to be calculated as follows:
where A is that surviving nominee’s original portion of the death benefits under the policy (as set out in the nomination); |
B is the aggregate of all the surviving nominees’ original portions of the death benefits under the policy (as set out in the nomination); and |
C is the deceased nominee’s portion of the death benefits under the policy. |
[3/2009 wef 01/09/2009]
(6) For the purposes of subsection (5), where the policy owner and one or more of the nominees die in circumstances rendering it uncertain which of them survived the other or others, then in the absence of any order of the court determining otherwise —
(a)
such deaths shall be presumed to have occurred in order of seniority; and
(b)
accordingly, the younger shall be deemed to have survived the elder.
[3/2009 wef 01/09/2009]
(7) A nomination made by the policy owner of a relevant policy under subsection (2) shall be deemed to be revoked if —
(a)
the policy owner assigns, encumbers or otherwise deals with the relevant policy or any interest under the relevant policy;
(b)
after the making of the nomination, the policy owner makes a will in accordance with the Wills Act (Cap. 352) which —
(i)
provides for the disposition of all death benefits under the relevant policy; and
(ii)
specifies such particulars of the relevant policy as may be prescribed by the Authority; or
(c)
after the making of the nomination, the policy owner makes another nomination under subsection (2) or a nomination under section 49L(2).
[3/2009 wef 01/09/2009]
(8) Notwithstanding anything in the Wills Act, the Intestate Succession Act (Cap. 146) and any rule of law relating to the distribution of estates, but subject to section 57 of the Probate and Administration Act (Cap. 251), where the policy owner of a relevant policy has made one or more nominations under subsection (2) and one or more wills in accordance with the Wills Act —
(a)
if the last nomination is not and is not deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the last nomination;
(b)
if the last nomination is or is deemed to be revoked, and the last will is not revoked, the death benefits under the relevant policy shall be distributed in accordance with the last will; or
(c)
if the last nomination is or is deemed to be revoked, and the last will is revoked, the death benefits under the relevant policy shall be distributed in accordance with the Intestate Succession Act.
[3/2009 wef 01/09/2009]
(9) Notwithstanding anything in the Intestate Succession Act and any rule of law relating to the distribution of estates, but subject to section 57 of the Probate and Administration Act, where the policy owner of a relevant policy who has made one or more nominations under subsection (2) dies intestate —
(a)
if the last nomination is not and is not deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the last nomination; or
(b)
if the last nomination is or is deemed to be revoked, the death benefits under the relevant policy shall be distributed in accordance with the Intestate Succession Act.
[3/2009 wef 01/09/2009]