Singapore legislation
Clause 9
Clause 9
Amendment of section 28
Section 28 of the Insurance Act is amended by deleting subsections (1) and (2) and substituting the following subsections:“(1) No person shall enter into any agreement to acquire shares of a registered insurer that is incorporated in Singapore by virtue of which he would, if the agreement is carried out, become a substantial shareholder of that insurer without first notifying the Authority of his intention to enter into the agreement and obtaining the approval of the Authority to his entering into the agreement.(2) For the purposes of this section —
“substantial shareholder”, in relation to an insurer, means a person who holds 5% or more of the voting power of the insurer;
a reference to entering into an agreement to acquire shares shall be construed in the same way as under section 26; and
“voting power” shall have the same meaning as in section 26.”.