Singapore legislation

Clause 25

of Insurance (Amendment) Bill

Clause 25

Amendment of section 41

Section 41 of the Insurance Act is amended —

(a)

by inserting, immediately after the word “insurer” in the 2nd, 4th and 5th lines of subsection (1) and in the 1st line of subsection (3), the words “or insurance intermediary”;

(b)

by inserting, immediately after the word “insurer” in the 6th line of subsection (1), the words “or insurance intermediary, as the case may be”;

(c)

by inserting, immediately after the word “insurer” in subsection (1)(d), the words “or insurance intermediary, as the case may be,”;

(d)

by deleting the words “or 20” in subsection (1)(g) and substituting the words “, 20, 35ZC or 35ZD”; and

(e)

by deleting “$20,000” in the 3rd line, “6 months” in the 4th line and “$1,000” in the penultimate line of subsection (3) and substituting “$50,000”, “2 years” and “$5,000”, respectively.