Regulatory Alerts2013-04-18
Added
Amendment of the Insurance Act (Chapter 142) and Consequential Amendments to Subsidiary Legislation
The Monetary Authority of Singapore enacted the Insurance (Amendment) Act 2013 to enhance supervisory powers, clarify policy positions, and align the Insurance Act with other MAS-administered legislation. Consequential amendments to eleven subsidiary regulations were simultaneously implemented to ensure consistency in references, definitions, and terminologies with the amended Act. The legislation came into operation on 18 April 2013, with specific exceptions regarding the definition of 'Singapore policy'.
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