Clause 39

Section 47(1) of the Insurance Act is deleted and the following subsection substituted therefor:“(1) In this Act —“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 195);“qualified actuary” means a Fellow of the Institute of Actuaries in England, a Fellow of the Faculty of Actuaries in Scotland or a Fellow of the Society of Actuaries in America;“registered insurer” means an insurer which has been registered by the Authority under this Act.”.