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Insurance Act 1966. 2020 REVISED EDITION. This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021.
Dec 31, 2021 · An Act for the regulation of insurance business and insurance intermediaries in Singapore, and for other purposes relating thereto or connected therewith. [1st January 1967] Singapore Statutes Online is provided by the Legislation Division of the Singapore Attorney-General's Chambers.
Dec 31, 2002 · An Act for the regulation of insurance business in Singapore, and for other purposes relating thereto or connected therewith. [1st January 1967] Singapore Statutes Online is provided by the Legislation Division of the Singapore Attorney-General's Chambers.
5 days ago · Definition of insurance terms. General. 1.—. (1) “Policy” includes any contract of insurance whether or not embodied in or evidenced by an instrument in the form of a policy, and references to issuing a policy are to be construed accordingly.
No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774) 151. —(1) An insurance must not be made by any person on any event wherein the person for whose use or benefit or on whose account the policy is made has no interest, or by way of gaming or wagering; and every assurance made ...
insurance and reinsurance business is the Insurance Act 1966 (the “Insurance Act”). Generally, any person who writes insurance and/or reinsurance business must be licensed or authorised under the Insurance Act. Apart from the Insurance Act, there are other legislation regulating specific types of insurance such as marine
under the Insurance Act and, in respect of life business, the Financial Advisers Act 2001 (the “Financial Advisers Act“). Under the Insurance Act, an insurance agent is an agent for one or more insurers while an insurance broker is an agent for insureds or intending insureds. Insurance agents engaged in the sale of general life policies need
Nov 10, 2022 · On 4 November 2022, the Monetary Authority of Singapore (“MAS”) issued a consultation paper seeking feedback on amendments to the Insurance Act 1966 (“IA”) and the Insurance (Intermediaries) Regulations (“IIR”). The consultation closes on 13 January 2023.
repealing section 62 of Singapore’s Insurance Act (IA) (which requires insurable interest in life-related polices), and amending section 57 of the IA to provide that an insured has an insurable interest in the life of another person if there is a reasonable prospect he or she will suffer economic loss if the insured event occurs;
UK’s Insurance Act 2015 (c 4; ‘UK Act’) and the Consumer Insurance (Disclosure and Representations) Act 2012 (c 6) should be adopted, albeit in a single Insurance Contract Act in Singapore.
