Amendment of the Insurance Act (Chapter 142) and Consequential Amendments to Subsidiary Legislation

Circular No. ID 17/13
18 April 2013
To Chief Executives
All Insurers
Dear Sir/Madam
AMENDMENT OF THE INSURANCE ACT (CHAPTER 142) AND CONSEQUENTIAL AMENDMENTS TO SUBSIDIARY LEGISLATION In September 2012, the Monetary Authority of Singapore (“MAS”) issued a consultation paper on the proposed amendments to the Insurance Act (Cap. 142) and the draft Insurance (Amendment) Bill. The objectives of the amendments are to enhance MAS’ supervisory powers in achieving our objectives, clarify existing policy positions, align the Insurance Act with other MAS-administered Acts in common areas, and remove obsolete provisions. 2 MAS would like to thank all respondents for their feedback. We have taken into account the feedback received. The Insurance (Amendment) Act 2013 has been gazetted and comes into operation today, except for section 65(a) and (b) of the Insurance (Amendment) Act 2013 in respect of the amendment to the definition of “Singapore policy”. 3 With the implementation of the Insurance (Amendment) Act 2013, regulations making consequential amendments (“Amendment Regulations”) to the following subsidiary legislation have been enacted mainly for the references, definitions and terminologies to be consistent with the amended Insurance Act:
a) Insurance (Accounts and Statements) Regulations 2004; b) Insurance (Approved Marine, Aviation and Transit Insurers) Regulations; c) Insurance (Authorised Reinsurers) Regulations; d) Insurance (General Provisions) Regulations; e) Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004; f) Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007; g) Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008; h) Insurance (Financial Guarantee Insurance) Regulations; i) Insurance (Lloyd’s Asia Scheme) Regulations; j) Insurance (Lloyd’s Scheme) Regulations; and k) Insurance (Valuation and Capital) Regulations 2004.

4 The Amendment Regulations come into operation today.
5 The Insurance (Amendment) Act 2013 is enclosed. The Amendment Regulations are available on the MAS website (www.mas.gov.sg). Please contact your company’s liaison officer in MAS should you require further clarification. Yours faithfully [sent via MASNET] MS LUZ FOO EXECUTIVE DIRECTOR INSURANCE DEPARTMENT Enc cc Life Insurance Association General Insurance Association Singapore Actuarial Society Singapore Reinsurers’ Association Singapore Insurance Brokers’ Association Institute of Certified Public Accountants of Singapore