Singapore legislation
Clause 8
Clause 8
Amendment of section 30
Section 30 of the Insurance Act is amended —
(a)
by inserting, immediately after subsection (1), the following subsections:“(1A) A direct insurer registered to carry on life business shall appoint a person as actuary of the insurer to perform such duties as may be prescribed.(1B) The appointment of the actuary by a direct insurer under subsection (1A) shall be made by the board of directors of the insurer in writing and shall be subject to the approval of the Authority.”; and
(b)
by inserting, immediately after the words “subsection (1)” in subsection (2), the words “or (1B)”.