Singapore legislation
Section 42
Section 42
Insurance policy
(1)
Where by virtue of this Act or the regulations any person is required to take out and maintain a policy of insurance against liability for any risks or costs, the policy of insurance must be —
issued by an insurer who at the time the policy is issued and during the period of insurance is lawfully carrying on insurance business in Singapore; and
in accordance with any terms and conditions, including any minimum limit of indemnity, that may be prescribed.
(2)
A policy is of no effect for the purposes of this Act or the regulations unless there is issued by the insurer to the person by whom the policy is effected, a certificate of insurance in the prescribed form and containing such particulars of any conditions subject to which the policy is issued and of any other matters as may be prescribed.
(3)
Any condition in a policy of insurance issued or given for the purposes of this Act or the regulations which —
provides that no liability shall arise under the policy or that any liability so arising shall cease; and
purports to negate or restrict the liability of the insurer under the policy or to impose any condition with respect to the enforcement of any such liability of the insurer,in the event of some specified thing being done or omitted to be done after the happening of the event giving rise to a claim under the policy is of no effect in connection with any claim in respect of any risk against which the policy of insurance was required to be taken out or maintained.
(4)
Nothing in this section renders void any provision in a policy of insurance requiring the person insured to repay to the insurer any sum which the insurer may have become liable to pay under the policy and which has been applied to the satisfaction of any claim in respect of any risk against which the policy of insurance was required to be taken out or maintained.
(5)
The Authority may, by order in the Gazette, prescribe the conditions, including a minimum limit of indemnity, of any policy of insurance which is required to be taken out or maintained under this Act or the regulations and the form and particulars to be stated in any certificate of insurance, and different conditions, forms and particulars may be prescribed in relation to different cases or circumstances.