Regulatory Alerts2023-02-17
Added
Issuance of Insurance (Prescribed Interests under Section 34(6)) Regulations 2023
The Monetary Authority of Singapore issued the Insurance (Prescribed Interests under Section 34(6)) Regulations 2023, which commenced on 17 February 2023. These regulations exclude investments from Participating Funds and unitised Investment-linked Funds from the major stake acquisition requirements of Section 34 of the Insurance Act 1966. This exemption recognizes that such investments are primarily for the benefit of policyholders rather than the insurer.
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