Clause 2

by deleting the words “prescribed institute” in the definition of “actuary” and substituting the words “prescribed professional body or institute”;

by inserting, immediately after the definition of “advocate and solicitor”, the following definition:“ “authorised reinsurer” means an insurer which is for the time being authorised under section 8A;”;

by deleting the words “related companies” in the definition of “captive insurer” and substituting the words “related corporations”;

by inserting, immediately after the definition of “captive insurer”, the following definitions:“ “company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);“corporation” has the same meaning as in section 4(1) of the Companies Act;”;

by deleting the definition of “direct general insurance broker” and substituting the following definition:“ “direct insurance broker” means a person who is for the time being registered under section 35X in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business;”;

by inserting, immediately after the words “a reinsurer” in the definition of “direct insurer”, the words “, an authorised reinsurer”;

by deleting the definition of “directions” and substituting the following definition:“ “directions” includes directives and notices;”;

by inserting, immediately after the definition of “exempt financial adviser”, the following definition:“ “financial advisory service” has the same meaning as in section 2(1) of the Financial Advisers Act;”;

by deleting the definition of “insurance broker” and substituting the following definition:“ “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 and long-term accident and health policies, other than insurance policies relating to reinsurance business; or

reinsurance of liabilities under insurance policies relating to —

life business; or (ii)general business;”; and

by inserting, immediately after the definition of “reinsurer”, the following definition:“ “related corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);”.