Singapore legislation
Clause 42
Clause 42
Insurance policy
(1)
Where by virtue of this Act or the regulations any person is required to take out and maintain a policy of insurance against liability for any risks or costs, such policy of insurance shall be —
a policy of insurance that is issued by an insurer who at the time the policy is issued and during the period of insurance is lawfully carrying on insurance business in Singapore; and
in accordance with such terms and conditions, including any minimum limit of indemnity, as may be prescribed.
(2)
A policy shall be of no effect for the purposes of this Act or the regulations unless there is issued by the insurer to the person by whom the policy is effected, a certificate of insurance in the prescribed form and containing such particulars of any conditions subject to which the policy is issued and of any other matters as may be prescribed.
(3)
Any condition in a policy of insurance issued or given for the purposes of this Act or the regulations which —
provides that no liability shall arise under the policy or that any liability so arising shall cease; and
purports to negate or restrict the liability of the insurer under the policy or to impose any condition with respect to the enforcement of any such liability of the insurer,in the event of some specified thing being done or omitted to be done after the happening of the event giving rise to a claim under the policy shall be of no effect in connection with any claim in respect of any risk against which the policy of insurance was required to be taken out or maintained.
(4)
Nothing in this section shall be taken to render void any provision in a policy of insurance requiring the person insured to repay to the insurer any sum which the insurer may have become liable to pay under the policy and which have been applied to the satisfaction of any claim in respect of any risk against which the policy of insurance was required to be taken out or maintained.
(5)
The Authority may, by order published in the Gazette, prescribe the conditions, including a minimum limit of indemnity, of any policy of insurance which is required to be taken out or maintained under this Act or the regulations and the form and particulars to be stated in any certificate of insurance and different conditions, forms and particulars may be prescribed in relation to different cases or circumstances.