Clause 2

Section 2 of the Insurance Act is amended by deleting subsection (5) and substituting the following subsection:“(5) For the purposes of this Act, “Singapore insurer” means a person who is or has been carrying on insurance business in Singapore as an insurer; and references to carrying on insurance business, or any class of insurance business, in Singapore include, but include only, the receipt of proposals for, or issuing of, policies in Singapore or the collection or receipt in Singapore of premiums on insurance policies.”.