Schedule 1

“Policy” includes any contract of insurance whether or not embodied in or evidenced by an instrument in the form of a policy, and references to issuing a policy shall be construed accordingly.(2) References to a policy of an insurer include any policy in respect of which the insurer is under any liability, whether the policies were issued by the insurer or the liability was transferred to the insurer from another.2.—

Subject to the following sub-paragraphs and to the operation of subsections (3) and (4) of section 9 of the Act, “Singapore policy” means, in relation to any insurer, a policy issued in the course of the insurer’s business in Singapore and falling within one of the following descriptions: —

a life policy or personal accident policy in the case of which, at the date of issue of the policy and (if the policy was issued before then) at the date of the establishment of the insurer’s register of policies, the policy owner’s address is or was an address in Singapore;

a marine, aviation or transit insurance policy which provides expressly for payment of the policy moneys in Singapore or in the case of which the risk can only arise in Singapore;

any other policy in the case of which the risk can only arise in Singapore or the insurance is substantially against risks so arising.(2) Any life policy issued in the course of an insurer’s business in Singapore at a time when the insurer is not carrying on life business outside Singapore, or is doing so only by the collection or receipt of premiums, shall (subject to the operation at any later time of subsection (4) of section 9 of the Act) be deemed to be a Singapore policy.(3) For the purposes of this paragraph —

any policy belonging to the insurer’s life business shall be deemed to be a life policy, and not to be a policy of any other description; and

“policy owner’s address” means the address for the time being known to the insurer as the address (or normal address) for communicating with the policy owner about the policy;but sub-paragraph (1)(a) of this paragraph shall apply to a policy of re-insurance as if the references to the date of issue of the policy and to the policy owner’s address referred to those of the policy under which the liability re-insured ultimately arises.(4) Where the liability in respect of a policy of one insurer is or has been transferred to another, then (subject to the provisions of any scheme under the Act whereby the transfer is effected) the policy shall, for the purpose of being entered in a register of policies under the Act, be treated as a Singapore policy of the transferee if immediately before the transfer it is or was a Singapore policy of the transferor:Provided that where at the date of the transfer the transferor had not established a register of policies under the Act, sub-paragraph (1)(a) of this paragraph shall apply for the purpose of determining whether the policy is or was a Singapore policy immediately before the transfer as if the reference to the date of the establishment of the transferor’s register of policies were omitted; but under this proviso a policy —

shall not be treated as a Singapore policy of a transferee unless at the date of transfer the transferee is or was a Singapore insurer; and

need not be entered in a transferee’s register of policies if the policy owner’s address is not an address in Singapore at that date or at the date of the establishment of the register, whichever is the later.3. “Policy owner” means, where a policy has been assigned, the assignee for the time being and, where they are entitled as against the insurer to the benefit of the policy, the personal representatives of a deceased policy owner.4. “Policy moneys” includes any benefit, pecuniary or not, which is secured by a policy, and “pay” and other expressions, where used in relation to policy moneys, shall be construed accordingly.Definitions related to life business5. “Life policy” means any policy by which payment of policy moneys is insured on death (otherwise than by way of insurance against personal accident, disease or sickness only) or on the happening of any contingency dependent on the termination or continuance of human life, and includes a policy which is subject to payment of premiums for a term dependent on the termination or continuance of human life and a policy securing the grant of an annuity for such a term.6.—

“Home-service policy” means a life policy in respect of which premiums are contracted to be paid at intervals of less than two months and are or have been ordinarily collected in the course of door-to-door collections made by persons employed for the purpose, but shall not include in relation to any insurer any description of policy which the Commissioner directs is not to be treated as a home-service policy.(2) “Ordinary policy” means a life policy which is not a home-service policy.(3) A paid-up policy granted in place of a home-service policy is to be treated as a home-service policy, unless the grant is made in pursuance of an agreement of option providing for it to be treated as an ordinary policy.7. “Participating policy” means a life policy conferring any right to share in the profits or surplus arising from the business of the insurer or any part of it, and “non-participating policy” means a life policy not conferring any such right.Definitions related to general business8. “Marine, aviation or transit insurance policy” means a policy of insurance —

upon vessels or aircraft, or upon the machinery, tackle, furniture or equipment of vessels or aircraft; or

upon goods, merchandise or property of any description whatever on board vessels or aircraft; or

upon the freight of, or any other interest in or relating to, vessels or aircraft; or

against damage arising out of or in connection with the use of vessels or aircraft, including third-party risks; or

against risks incidental to the construction, repair or docking of vessels, including third-party risks; or

against transit risks (whether the transit is by sea, inland water, land or air, or partly one and partly another) including risks incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance.9. “Personal accident policy” means a policy of insurance upon the happening of personal accidents, whether fatal or not, disease or sickness, or any class of personal accidents, disease or sickness.