Clause 37

by inserting, immediately after the word “Act” in the 1st line, the words “, unless the context otherwise requires”;

by inserting, immediately after the definition of “actuary”, the following definition:“ “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);” and

by inserting, immediately after the definition of “Authority”, the following definitions:“ “direct general insurance broker” means a person who is for the time being registered under section 35X in respect of general business but not any reinsurance business;“director” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);“exempt financial adviser” has the same meaning as in the Financial Advisers Act 2001;“financial year” has the same meaning as in section 4(1) of the Companies Act;“general reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to general business;“insurance agent” means a person who is or has been carrying on insurance business in Singapore as an agent for one or more insurers and includes an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme under Part IIA;“insurance broker” means a person who is or has been carrying on insurance business in Singapore as an agent for insureds or intending insureds in respect of insurance policies relating to general business or in respect of reinsurance of liabilities under insurance policies relating to life business;“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore;“insured” includes reinsured and “insurer” includes reinsurer;“licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act 2001;“life reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to life business;“registered insurance broker” means a person who is for the time being registered under section 35X;“representative”, in relation to a licensed financial adviser or exempt financial adviser, has the same meaning as in the Financial Advisers Act 2001;”.