Singapore legislation

Clause 10

of Insurance (Amendment) Bill

Clause 10

Amendment of section 20

Section 20 of the Insurance Act is amended by —

(a)

by deleting the words “approved by the Authority, and at a place and on terms so approved” in the penultimate and last lines of subsection (1) and substituting the words “in accordance with such directions as may be issued by the Authority”; and (b)by deleting “$5,000” in the 3rd line and “$1,000” in the penultimate line of subsection (4) and substituting “$12,500” and “$1,250”, respectively.