Clause 9

Every Singapore insurer registered under this Act shall establish under this Act a register of policies, and (subject to any prescribed exceptions) shall keep the register at an office in Singapore.

Subject to the provisions of this section, there shall be entered in the register of policies all Singapore policies of the insurer, and no policy entered in the register shall be removed from it so long as the insurer is under any liability in respect of the policy.

Subject to the provisions of this section, there may be entered in the register such other policies as the insurer with the consent (express or implied) of the policy owners may determine, and this Act shall apply in relation to any policy so entered as if it were a Singapore policy.

Subject to subsection (5) of this section an insurer carrying on life business outside Singapore (and not doing so only by the collection or receipt of premiums) may, at the request of the policy owner of a policy belonging to the insurer’s life business —

Regulations may provide that subsection (3) or (4) of this section shall apply only in such cases as may be prescribed or shall have effect subject to any prescribed exceptions or restrictions.

A Singapore insurer shall, at the request of any person having an interest in any policy of the insurer, inform him whether or not the policy is entered in the insurer’s register of policies under this Act.

Where a Singapore insurer has established under this Act a register of policies, the register shall cease to exist as a statutory register under this Act of policies belonging to either class of insurance business, if the insurer ceases to be registered under this Act in respect of that class of business; and any reference in this Act to policies registered under this Act shall be construed accordingly.

Subject to subsection (7) of this section, a register of policies established by a Singapore insurer shall, notwithstanding that the insurer at any time ceases to carry on in Singapore either class of insurance business, continue to be maintained by the insurer for policies belonging to that class so long as the insurer is under any liability in respect of such policies registered or required to be registered at that time; but no policies belonging to either class of business shall be entered in the register under subsection (3) of this section when the insurer is not carrying on that class of business in Singapore, or is doing so only by the collection or receipt of premiums.

The register of policies of an existing insurer shall be established as at the beginning of the initial accounting period, and that shall be taken for the purposes of this Act to be the date of the establishment of the register; but the register need not be established before the end of three months from that date or such longer period as the Commissioner may allow.