Singapore legislation
Clause 37
Clause 37
Amendment of section 37
Section 37 of the Insurance Act is amended —
(a)
by deleting subsections (1) to (6) and substituting the following subsection:“(1) A licensed insurer shall, for each accounting period —
(a)
have an investigation made, by an actuary appointed with the approval of the Authority under section 31, into the financial condition of each class of business that it carries on; and
(b)
lodge with the Authority such reports of the investigation referred to in paragraph (a), in such form and manner as may be prescribed or specified in directions by the Authority.”; and
(b)
by deleting the word “registered” in subsections (9) and (11) and substituting in each case the word “licensed”.