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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.
Regulatory and Supervisory Approach. MAS is the integrated regulator and supervisor of financial institutions in Singapore. MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices. Guidelines have also been formulated to encourage best practices among financial institutions.
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.
Jan 25, 2019 · Types of policies. 24.1.3 Insurance policies can cover a wide range of risks and can accordingly be classified in several ways – e.g. first party and third party insurance, life and non-life policies, as well as marine and non-marine insurance.
The Insurance Act (“IA”) primarily governs the licensing and regulation of insurance business, insurers, insurance intermediaries and related institutions in Singapore. Insurers can carry on insurance business in Singapore either as licensed insurers or foreign insurers.
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]
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;
“enforcement” means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to the insurance industry in the foreign country of the regulatory authority concerned;
