Insurance Act 1966

• Jurisdiction: Singapore
• Coming into Force: 31 December 2002
• Act Number: (Original Enactment: Act 46 of 1966)
• Enactment Date: 01 January 1967
• Record Number: Cap. 142
• Published date: 31 December 2002

Insurance Act

(CHAPTER 142)

(Original Enactment: Act 46 of 1966)

REVISED EDITION 2002

(31st December 2002)

An Act for the regulation of insurance business in Singapore, insurers, insurance intermediaries and related institutions, and for other purposes relating thereto or connected therewith. [Act 11 of 2013 wef 18/04/2013]

[1st January 1967]

PART I PRELIMINARY Short title 1. This Act may be cited as the Insurance Act. Interpretation 1A. In this Act, unless the context otherwise requires — “accounting period”, relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority; “actuary” means a Fellow of any prescribed professional body or institute; [Act 23/2003 wef 01/01/2004] “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act (Cap. 161); [Act 11 of 2013 wef 18/04/2013] “authorised reinsurer” means a reinsurer which is for the time being authorised under section 34; [Act 11 of 2013 wef 18/04/2013] “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186); “captive insurer” means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations; [Act 11 of 2013 wef 18/04/2013] “chief executive” — (a) in relation to a licensed insurer which is established or incorporated in Singapore, means any person, by whatever name described, who is in the direct employment of, or acting for or by arrangement with, the insurer, and is principally responsible for the management and conduct of the business of the insurer, including the business that its subsidiaries and overseas branches (if any) engage in; or (b) in relation to a licensed insurer which is incorporated outside Singapore, means any person, by whatever name described, who is in the direct employment of, or acting for or by arrangement with, the insurer, and is principally responsible for the management and conduct of the business of the insurer in Singapore; [Act 11 of 2013 wef 18/04/2013] “company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); [23/2003 wef 01/01/2004] “co-operative society” means a co-operative society registered under the Co-operative Societies Act (Cap. 62); [Act 11 of 2013 wef 18/04/2013] “corporation” has the same meaning as in section 4(1) of the Companies Act; [23/2003 wef 01/01/2004] “direct insurance broker” means a person who is for the time being registered under section 35X in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business; [23/2003 wef 01/01/2004] “direct insurer” means any insurer other than a reinsurer, an authorised reinsurer or a captive insurer; [23/2003 wef 01/01/2004] “director” — (a) in relation to a corporation, has the same meaning as in section 4(1) of the Companies Act (Cap. 50); or (b) in relation to any other entity, means a person holding a position in that entity analogous to that of director of a corporation, and includes a person who acts in such capacity in relation to that entity; [Act 11 of 2013 wef 18/04/2013] “directions” includes directives and notices; [23/2003 wef 01/01/2004] “executive officer”, in relation to a licensed insurer, means any person, by whatever name described, who — (a) is in the direct employment of, or acting for or by arrangement with, the insurer; and (b) is concerned with or takes part in the management of the insurer on a day-to-day basis; [Act 11 of 2013 wef 18/04/2013] “exempt financial adviser” has the same meaning as in the Financial Advisers Act (Cap. 110); “financial advisory service” has the same meaning as in section 2(1) of the Financial Advisers Act; [23/2003 wef 01/01/2004] “financial year” has the same meaning as in section 4(1) of the Companies Act; “foreign country” means a country or territory other than Singapore; [Act 11 of 2013 wef 18/04/2013] “foreign insurer” means an insurer which — (a) is authorised under the laws of a foreign country to carry on insurance business in that foreign country; but (b) is not licensed as an insurer under section 8 or authorised as a reinsurer under section 34; [Act 11 of 2013 wef 18/04/2013] “foreign insurer scheme” means any foreign insurer scheme established under section 35B; [Act 11 of 2013 wef 18/04/2013] “general reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to general business; “guaranteed policy moneys” means the benefits that an insured policy owner is entitled to receive under his insured policy under section 54(2) or (3), as the case may be, of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; [16/2011 wef 01/05/2011] “insurance agent” means — (a) a person who, as an agent for one or more insurers (which may include a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme), is or has been carrying on the business of — (i) receiving proposals for, or issuing, policies in Singapore; (ii) collecting or receiving premiums on policies in Singapore; or (iii) arranging contracts of insurance in Singapore; or (b) a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a), but does not include such persons or class of persons as the Authority may prescribe; [Act 11 of 2013 wef 18/04/2013] “insurance broker” means — (a) a person who is or has been carrying on the business of — (i) receiving proposals for, or issuing, policies in Singapore; (ii) collecting or receiving premiums on policies in Singapore; or (iii) arranging contracts of insurance in Singapore, as an agent for insureds or intending insureds in respect of — (A) policies relating to general business and long-term accident and health policies, other than policies relating to reinsurance business; or (B) reinsurance of liabilities under policies relating to life business or general business; or (b) a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a), but does not include such persons or class of persons as the Authority may prescribe; [Act 11 of 2013 wef 18/04/2013] “insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of — (a) receiving proposals for policies in Singapore; (b) issuing policies in Singapore; or (c) collecting or receiving premiums on policies in Singapore, but does not include such businesses or activities, such class of businesses or activities, or such businesses or activities carried on by such persons or class of persons, as the Authority may prescribe; [Act 11 of 2013 wef 18/04/2013] “insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker; [Act 11 of 2013 wef 18/04/2013] “insured” includes reinsured and “insurer” includes reinsurer; “licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act; “licensed insurer” means an insurer which is for the time being licensed under section 8; [Act 11 of 2013 wef 18/04/2013] “life reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to life business; “limited liability partnership” has the same meaning as in section 2(1) of the Limited Liability Partnerships Act 2005; [5/2005 wef 11/04/2005] “marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance (within the meaning of section 85 of the Marine Insurance Act (Cap. 387)) on such risk or risks as may be prescribed; [Act 11 of 2013 wef 18/04/2013] “marine mutual insurer” means an insurer that is a direct insurer licensed to carry on general business and that is permitted under the licence to carry on marine mutual insurance business only; [Act 11 of 2013 wef 18/04/2013] “partner” and “manager”, in relation to a limited liability partnership, have the respective meanings assigned to them in section 2(1) of the Limited Liability Partnerships Act 2005; [5/2005 wef 11/04/2005] “PPF Agency” means the deposit insurance and policy owners’ protection fund agency constituted under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; [16/2011 wef 01/05/2011] “PPF Funds” means the Policy Owners’ Protection Life Fund and the Policy Owners’ Protection General Fund established under section 34 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; [16/2011 wef 01/05/2011] [Deleted by Act 11 of 2013 wef 18/04/2013] “registered insurance broker” means an insurance broker who is for the time being registered under section 35X; “reinsurer” means an insurer whose licence is restricted to the carrying on of reinsurance business; [Act 11 of 2013 wef 18/04/2013] “related corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); [23/2003 wef 01/01/2004] “representative”, in relation to a licensed financial adviser or exempt financial adviser, has the same meaning as in the Financial Advisers Act (Cap. 110); [Deleted by Act 11 of 2013 wef 18/04/2013] “statutory balance-sheet” and “statutory ...