Clause 2

Section 2(1) of the Insurance Act is amended by deleting paragraph (b) and substituting the following paragraph:“(b)general business, that is to say, all insurance business which is not life business, and shall include the effecting and carrying out by any person, not being a person licensed under the Monetary Authority of Singapore Act [Cap. 186], Banking Act [Cap. 19], Finance Companies Act [Cap. 108], Securities Industry Act [Cap. 289] or Futures Trading Act [Cap. 116], of contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee, being contracts effected by way of business (and not merely incidental to some other business carried on by the person effecting them) in return for the payment of one or more premiums.”.