Clause 3

by deleting the words “section 130A” in the definition of “advocate and solicitor” and substituting the words “section 2(1)”;

by deleting the definition of “authorised reinsurer” and substituting the following definition:“ “authorised reinsurer” means a reinsurer which is for the time being authorised under section 34;”;

by deleting the definition of “captive insurer” and substituting the following definitions:“ “captive insurer” means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations;“chief executive” —

in relation to a licensed insurer which is established or incorporated in Singapore, means any person, by whatever name described, who is in the direct employment of, or acting for or by arrangement with, the insurer, and is principally responsible for the management and conduct of the business of the insurer, including the business that its subsidiaries and overseas branches (if any) engage in; or

in relation to a licensed insurer which is incorporated outside Singapore, means any person, by whatever name described, who is in the direct employment of, or acting for or by arrangement with, the insurer, and is principally responsible for the management and conduct of the business of the insurer in Singapore;”;

by inserting, immediately after the definition of “company”, the following definition:“ “co-operative society” means a co-operative society registered under the Co-operative Societies Act (Cap. 62);”;

by deleting the definition of “director” and substituting the following definition:“ “director” —

in relation to a corporation, has the same meaning as in section 4(1) of the Companies Act (Cap. 50); or

in relation to any other entity, means a person holding a position in that entity analogous to that of director of a corporation, and includes a person who acts in such capacity in relation to that entity;”;

by deleting the definition of “executive officer” and substituting the following definition:“ “executive officer”, in relation to a licensed insurer, means any person, by whatever name described, who —

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

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

by inserting, immediately after the definition of “financial year”, the following definitions:“ “foreign country” means a country or territory other than Singapore;“foreign insurer” means an insurer which —

is authorised under the laws of a foreign country to carry on insurance business in that foreign country; but(b)is not licensed as an insurer under section 8 or authorised as a reinsurer under section 34;“foreign insurer scheme” means any foreign insurer scheme established under section 35B;”;

by deleting the definitions of “insurance agent”, “insurance broker” and “insurance intermediary” and substituting the following definitions:“ “insurance agent” means —

a person who, as an agent for one or more insurers (which may include a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme), is or has been carrying on the business of —

receiving proposals for, or issuing, policies in Singapore;

collecting or receiving premiums on policies in Singapore; or

arranging contracts of insurance in Singapore; or

a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a),but does not include such persons or class of persons as the Authority may prescribe;“insurance broker” means —

a person who is or has been carrying on the business of —

receiving proposals for, or issuing, policies in Singapore;

collecting or receiving premiums on policies in Singapore; or

arranging contracts of insurance in Singapore, as an agent for insureds or intending insureds in respect of —

policies relating to general business and long-term accident and health policies, other than policies relating to reinsurance business; or

reinsurance of liabilities under policies relating to life business or general business; or

a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a),but does not include such persons or class of persons as the Authority may prescribe;“insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of —

receiving proposals for policies in Singapore;

issuing policies in Singapore; or

collecting or receiving premiums on policies in Singapore,but does not include such businesses or activities, such class of businesses or activities, or such businesses or activities carried on by such persons or class of persons, as the Authority may prescribe;“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, and includes an insurance agent or an insurance broker;”;

by inserting, immediately after the definition of “licensed financial adviser”, the following definition:“ “licensed insurer” means an insurer which is for the time being licensed under section 8;”;

by inserting, immediately after the definition of “limited liability partnership”, the following definitions:“ “marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance (within the meaning of section 85 of the Marine Insurance Act (Cap. 387)) on such risk or risks as may be prescribed;“marine mutual insurer” means an insurer that is a direct insurer licensed to carry on general business and that is permitted under the licence to carry on marine mutual insurance business only;”;

by deleting the definition of “principal officer”;

by deleting the word “registration” in the definition of “reinsurer” and substituting the word “licence”;

by deleting the definition of “registered insurer”;

by deleting the words “section 36(1)” in the definitions of “ “statutory balance-sheet” and “statutory valuation” ” and substituting the words “section 36”; and

by deleting the definition of “substantial shareholder” and substituting the following definitions:“ “subsidiary” has the same meaning as in section 5 of the Companies Act;“substantial shareholder” has the same meaning as in section 81 of the Companies Act;“voting share” has the same meaning as in section 4(1) of the Companies Act.”.