Insurance Act - Chapter 142


Insurance Act Chapter 142 Last Update: 05 Oct 2000

Part 1	Preliminary
Section 1	Short title.
Section 2	Classification of insurance business and construction of references to matters connected with insurance.

Part II	Conduct of Insurance Business
	General Restriction On Insurers
Section 3	No person to carry on insurance business unless registered by Authority
Section 4	Holding out as registered insurer
Section 5	Use of word "insurance"
Section 6	Prohibition relating to solicitation of insurance business and establishment of place of business or representative office
Section 7	Examination of persons suspected of carrying on insurance business
	Registration Of Singapore Insurers
Section 8	Registration by Authority
Section 9	Requirements before registration
Section 10	Conditions of registration
Section 11	Annual fees
Section 12	Cancellation of registration
Section 13	Effects of cancellation of registration
	Deposits, Registers Of Policies And Insurance Funds
Section 14	Deposits
Section 15	Bank covenants in lieu of deposits
Section 16	Register of policies
Section 17	Establishment of insurance funds and allocation of surplus
Section 18	Margins of solvency
Section 19	Form, investment and situation of assets
Section 20	Requirements as to documents evidencing title to assets of insurance funds
Section 21	Maintenance of assets in Singapore
Section 22	Custody of assets
	Miscellaneous Requirements As To Conduct Of Business
Section 23	Payment in Singapore currency of policy moneys under life policies
Section 24	Regulation of premiums under life policies
Section 25	Control of form of proposals, policies and brochures
Section 26	Requirements as to prospectuses and statements of capital
Section 27	Control of take-overs of insurers incorporated in Singapore
Section 28	Arrangements affecting control of insurers incorporated in Singapore
Section 29	Control of substantial shareholdings of insurers incorporated in Singapore
Section 30	Power of Authority to require an insurer incorporated in Singapore to obtain information as to beneficial interests in shares of the insurer
Section 31	Approval of directors and principal officers of insurers
Section 32	Restriction on granting of unsecured loans to directors and employees of insurers
Section 33	General obligation to furnish information
	Subsidiary
Section 34	Carrying on of general business by Lloyd’s underwriters
Section 35	Saving for validity of policies

Part III	Returns, Inspections and Investigations, Winding Up and Transfers of Business
	Returns
Section 36	Annual account and audit
Section 37	Actuarial investigations and reports as to life business
Section 38	Power to require returns under section 36 or 37 to be rectified
Section 39	Additional provisions as to returns under section 36 or 37
	Inspections And Investigations
Section 40	Inspection and investigation of affairs of insurer
Section 41	Powers of Authority to issue directions
	Winding Up
Section 42	General provisions as to winding up
Section 43	Special provision for insurers directed to cease insurance business
Section 44	Co-operative societies doing insurance business
Section 45	Priority of claim of policy owners
Section 46	Policy Owners’ Protection Fund
	Transfers Of Business
Section 47	Schemes for transfer of business
Section 48	Confirmation of schemes
Section 49	Documents to be filed when scheme confirmed

Part IV	Miscellaneous and General
	Administration And Enforcement
Section 50	Appointment of assistants
Section 51	Immunity from suit of Authority and its employees, etc.
Section 52	Exemption
Section 53	Statistics
Section 54	Service of notices
Section 55	General provisions as to offences
Section 56	Jurisdiction of Courts
	Miscellaneous amendments of Law
Section 57	Insurable interest required for life insurances
Section 58	Capacity of infant to insure
Section 59	Life policy moneys to be paid without deduction
Section 60	Life policies (surrenders; non-payment of premiums; paid-up policies)
Section 61	Payment of life policy and personal accident claims without probate, etc.
Section 62	No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)
Section 63	No action for accidental fire. (Fire Prevention (Metropolis) Act 1774, s.86)
	Supplementary
Section 64	Regulations
Section 65	Miscellaneous definitions

First Schedule
Second Schedule