Clause 2

by inserting, immediately after the definition of “directions”, the following definition:“ “executive officer”, in relation to a company, means any person, by whatever name described, who ––

is in the direct employment of, or acting for or by arrangement with, the company; and

is concerned with or takes part in the management of the company on a day-to-day basis;”;

by inserting, immediately after the definition of “general reinsurance broker”, the following definition:“ “guaranteed policy moneys” means the benefits that an insured policy owner is entitled to receive under his insured policy under section 54(2) or (3), as the case may be, of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;”;

by inserting, immediately after the definition of “ “partner” and “manager” ”, the following definitions:“ “PPF Agency” means the deposit insurance and policy owners’ protection fund agency constituted under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;“PPF Funds” means the Policy Owners’ Protection Life Fund and the Policy Owners’ Protection General Fund established under section 34 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;“principal officer”, in relation to a registered insurer, means any person, by whatever name called, employed by the insurer to be directly responsible for the conduct of any class of insurance business of insurer in Singapore;”; and

by deleting the full-stop at the end of the definition of “ “statutory balance-sheet” and “statutory valuation” ” and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “substantial shareholder”, in relation to an insurer, means a person who holds 5% or more of the voting power of the insurer.”.