Singapore legislation
Clause 12
Clause 12
Amendment of section 11
Section 11 of the Insurance Act is amended —
(a)
by deleting the words “registered insurer and authorised reinsurer” in subsection (1) and substituting the words “licensed insurer”;
(b)
by deleting the words “registered insurers or authorised reinsurers” in subsection (2) and substituting the words “licensed insurers”;
(c)
by deleting subsection (3) and substituting the following subsection:“(3) The Authority may, where it considers appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or payable under subsection (1).”; and
(d)
by inserting, immediately after the word “fees” in the section heading, the words “of licensed insurers”.