Singapore legislation
Clause 8
Clause 8
Amendment of section 26
Section 26(3) of the Insurance Act is amended by deleting paragraphs (a) to (d) and substituting the following paragraphs:“(a)a person shall be regarded as obtaining effective control of a registered insurer by virtue of an agreement if the person alone or acting together with any associate or associates would, if the agreement is carried out —
acquire or hold, directly or indirectly, 20% or more of the issued share capital of the insurer; or
control, directly or indirectly, 20% or more of the voting power of the insurer;
a reference to entering into an agreement to acquire shares includes —
a reference to a person making or publishing a statement, however expressed, that expressly or impliedly invites a holder of shares to offer to dispose of his shares to that person;
a reference to a person obtaining a right to acquire shares under an option, or to have shares transferred to himself or to his order, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not;”.