Source: http://statutes.agc.gov.sg/aol/search/display/view.w3p;orderBy=date-rev,loadTime;page=0;query=Id%3A%2241e0a2d4-0995-425c-8e07-581e32d1790d%22%20Status%3Ainforce;rec=0
Timestamp: 2017-05-29 18:57:54
Document Index: 187961086

Matched Legal Cases: ['art35', 'art49', 'art49', 'art49', 'art49', 'art49']

Contents Insurance Act(CHAPTER 142)
Long TitlePart I PRELIMINARY1 Short title1A Interpretation2 Classification of insurance business and construction of references to matters connected with insurancePart II CONDUCT OF INSURANCE BUSINESSDivision 1 — General restriction on insurers3 No person to carry on insurance business unless licensed or authorised by Authority4 Holding out as licensed insurer or authorised reinsurer5 Use of word "insurance"5A Restrictions on co-branding6 Prohibition relating to solicitation of insurance business6A Registration of representative office7 Examination of persons suspected of carrying on insurance businessDivision 2 — Licensed insurers8 Licensing of insurers8A (Repealed)9 (Repealed)10 (Repealed)11 Annual fees of licensed insurers12 Cancellation of licence12A (Repealed)13 Effects of cancellation of licence14 (Repealed)14A (Repealed)15 (Repealed)16 Register of policies17 Establishment of insurance funds and allocation of surplus18 Fund solvency requirements and capital adequacy requirements19 Form, investment and situation of assets20 Requirements as to documents evidencing title to assets of insurance funds21 Maintenance of assets by licensed insurers22 Custody of assets of licensed insurers23 (Repealed)24 Regulation of premiums under life policies and long-term accident and health policies25 Control of form of proposals, policies and brochures26 Regulation of payment of remuneration27 Application and interpretation of sections 28 to 3028 Control of take-overs of licensed insurers incorporated in Singapore29 Control of substantial shareholdings of licensed insurers incorporated in Singapore29A Objection to existing control of licensed insurers incorporated in Singapore29B Power to make directions29C Defences29D Appeals30 Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons30A Application of sections 27 to 30 to licensed insurer that is co-operative society30B Investment in corporations31 Approval or removal of key executive person, chairman or director of licensed insurer31A Disqualification of director or executive officer of licensed insurer32 Restriction on granting of unsecured loans or advances to directors and employees of insurers33 General obligation to furnish information33A Licensed insurers to provide information for web aggregator33B Fees payable by licensed insurers for web aggregator33C Manufacture and offer of certain life policiesDivision 3 — Authorised reinsurers34 Authorisation of reinsurers34A Annual fees of authorised reinsurers34B Withdrawal of authorisation34C Effects of withdrawal of authorisation34D Deposits by authorised reinsurers34E Bank covenants in lieu of deposits34F Maintenance of assets by authorised reinsurers34G Custody of assets of authorised reinsurers34H General obligation of authorised reinsurers to furnish information35 Saving for validity of policiesPart IIA FOREIGN INSURER SCHEMES35A Interpretation of this Part35B Establishment of foreign insurer schemes35C Appointment of administrator of foreign insurer scheme, and removal of chief executive officer or director of administrator in certain circumstances35D Carrying on of insurance business by foreign insurer under foreign insurer scheme35E Non-application of Business Names Registration Act 2014 and Companies Act35F Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme35G Appointment of agent for foreign insurer scheme, and removal of chief executive officer or director of agent in certain circumstances35H Right of hearing and appeal35I Effect of prohibition on carrying on insurance business35J Effect of revocation of appointment of administrator35K Holding out as foreign insurer or as agent of foreign insurer35L RegulationsPart IIB INSURANCE INTERMEDIARIESDivision 1 — General provisions relating to insurance intermediaries35M Insurance agent to operate under written agreement35N Application of sections 35O to 35R and 35T, 35TA, 35U and 35V35O Effect of payment to insurance intermediary35P Pre-contract disclosure by insurance intermediary35Q Effect of payment to group policy owner and liability of insurer under group policy35R Representation by insurance intermediary35S Insurance agent to act only for insurers entitled to carry on business in Singapore35T Control of written communication used by insurance intermediary35TA Business conduct of insurance intermediaries35U Obligation to furnish information to Authority35V Authority may prohibit person from carrying on business as insurance intermediaryDivision 2 — Conduct of insurance broking business35W Insurance broker not to carry on business unless registered35X Registration of insurance brokers35Y Registration requirements35Z Conditions of registration35ZA Annual fees35ZB Cancellation of registration35ZC Duty to maintain net asset value35ZD Insurance broking premium accounts35ZE Negotiation and placement of risk with unlicensed insurer35ZF Permission to negotiate and place risk with unlicensed insurer35ZG Negotiation and placement of risk with foreign insurer35ZH Restriction as to receipt and payment of remuneration35ZI Control of take-over of insurance broker35ZJ Approval or removal of chief executive officer and director of insurance broker35ZK Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker35ZL Holding out as registered insurance broker35ZM Use of words "insurance broking"35ZN Exempt insurance brokers35ZO Registers maintained by AuthorityPart III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESSDivision 1  Returns36 Annual account and audit, etc.37 Actuarial investigations and reports as to insurance business38 Power to require returns under section 36 or 37 to be rectified39 Additional provisions as to returns under section 36 or 37Division 2  Inspections and Investigations40 Inspection by Authority40A Investigation by Authority40B Inspection in Singapore by parent supervisory authority40C Confidentiality of inspection and investigation reports produced in respect of licensed insurerDivision 3  Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.41 Action by Authority if relevant person unable to meet obligations, etc.41A Effect of assumption of control under section 4141B Duration of control41C Responsibilities of officers, member, etc., of licensed insurer41D Remuneration and expenses of Authority and others in certain cases41E Moratorium41F Interpretation of sections 41 to 41EPart IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES49A Interpretation of this Part49B Conditions for provision of assistance49C Other factors to consider for provision of assistance49D Assistance that may be rendered49E Offences under this Part49F ImmunitiesPart IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UPDivision 1  Voluntary transfer of business49FA Interpretation of this Division49FB Voluntary transfer of business49FC Confirmation of schemes49FD Documents to be filed when scheme confirmedDivision 2  Compulsory transfer of business49FE Interpretation of this Division49FF Compulsory transfer of business49FG Certificate of transfer49FH Moratorium, avoidance of disposition of property, etc.Division 3  Compulsory transfer of shares49FI Interpretation of this Division49FJ Compulsory transfer of shares49FK Certificate of transferDivision 4  Power to restructure capital49FL Interpretation of this Division49FM Compulsory restructure of capital49FN Certificate of restructuringDivision 5  Winding up49FO General provisions as to winding up49FP Special provision for insurers directed to cease insurance business49FQ Co-operative societies doing insurance business49FR Priority of claims of policy owners and specified liabilitiesDivision 6  Miscellaneous49FS Modification of law of insolvency49FT Power to obtain information under this Part49FU Cessation of moratorium, etc., under this Part49FV Recovery of fees, expenses, etc.49FW Regulations for this PartPart IIIB APPEALS49G Appeals to Minister49H Appeal Advisory Committees49I Disclosure of information49J Regulations for purposes of this PartPart IIIC NOMINATION OF BENEFICIARIES49K Interpretation of this Part49L Trust nomination49M Revocable nomination49N Register of nominees49O Relevant policies issued by co-operative society49P Regulations for purposes of this PartPart IV MISCELLANEOUS AND GENERALDivision 1 — Administration and enforcement50 Appointment of assistants51 (Repealed)52 Exemption53 Statistics54 Service of notice, etc.54A Electronic service55 General provisions as to offences55A Penalties for corporations56 Jurisdiction of court56A Extra-territoriality of ActDivision 2 — Miscellaneous amendments of law57 Insurable interest required for life insurances58 Capacity of infant to insure59 Life policy moneys to be paid without deduction60 Life policies (surrenders, non-payment of premiums, paid-up policies)61 Payment of living benefits or death benefits under life policy or accident and health policy, etc.62 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)63 No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86)Division 3 — Supplementary63A Amendment of Schedules64 Regulations65 Saving provisionsFIRST SCHEDULE
Specified ProvisionsLegislative HistoryComparative Table Subsidiary Legislation |
On 30/05/2017,
you requested the version in force on 30/05/2017
incorporating all amendments published on or before 30/05/2017.
The closest version currently available is that of 01/01/2017.
Informal Consolidation11 February 2005
Informal Consolidation01 January 2016
AmendedAct 19 of 2015
Informal Consolidation07 November 2016
AmendedAct 26 of 2016 Enter exact version date, if required:
Representation by insurance intermediary35R.—(1) No insurance intermediary shall, with intent to deceive, make a false or misleading statement as to —
(a)any amount that would be payable in respect of a proposed contract of insurance; or
(b)the effect of any provision of a contract of insurance or a proposed contract of insurance.[41/2001](2) A reference in subsection (1) to making a misleading statement includes a reference to omitting to disclose any matter that is material to a statement.[41/2001](3) No insurance intermediary shall, with intent to deceive, in relation to a proposed contract of insurance —
(a)write on a form, being a form that is given or sent to an insurer, any matter that is material to the contract and is false or misleading in a material particular;
(b)omit to disclose to the insurer any matter that is material to the proposed contract;
(c)advise or induce the intending insured to write on a form, being a form that is given or sent to an insurer, any matter that is false or misleading in a material particular; or
(d)advise or induce the intending insured to omit to disclose to the insurer any matter that is material to the proposed contract.[41/2001](4) No insurance intermediary shall, with intent to deceive, in relation to a claim under a contract of insurance —
(a)fill up, in whole or in part, a form, being a form that is given or sent to an insurer, in such a way that the form is false or misleading in a material particular;
(b)omit to disclose to the insurer any matter that is material to the claim;
(c)induce the insured to fill up, in whole or in part, a form, being a form that is given or sent to the insurer, in such a way that the form is false or misleading in a material particular; or
(d)advise or induce the insured to omit to disclose to the insurer any matter that is material to the claim.[41/2001](5) Any person who contravenes subsection (1), (3) or (4) shall, notwithstanding that a contract of insurance does not come into being, be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.[41/2001][23/2003 wef 01/01/2004]
'35R Representation by insurance intermediary'.
pr35R-.
Formal Consolidation03 December 2001
Act41 of 2001
2002 RevEd Diff