Clause 65

by deleting sub-paragraph (1) of paragraph 2 and substituting the following sub-paragraph:“(1) Subject to this paragraph and section 16(3) and (4) of the Act, “Singapore policy”, in relation to any insurer, means a policy issued in the course of the insurer’s business in Singapore and falling within one of the following descriptions:

in relation to a life policy or accident and health policy (not being a reinsurance policy) —

where the policy owner is an individual, the policy owner or insured is ordinarily resident in Singapore at the date of the proposal in respect of the policy (referred to in this paragraph as the proposal date);

where the policy owner is not an individual —

the policy owner’s address is or was an address in Singapore at the date of the issue of the policy and at the date of the establishment of the insurer’s register of Singapore policies (if the policy was issued before then); or

the policy covers an insured who is ordinarily resident in Singapore at the proposal date;

in relation to direct general insurance (other than short‑term accident and health policies), a policy where the risk arises in Singapore or —

where the insured is an individual, the insured is ordinarily resident in Singapore; or

where the insured is not an individual, the insured is a person resident in Singapore or has a permanent establishment in Singapore;

in relation to treaty general reinsurance (other than short‑term accident and health policies), a policy where more than 25% of the total risks in terms of gross premiums arise in Singapore; and

in relation to treaty life reinsurance or treaty accident and health reinsurance, a policy where more than 25% of the policies under which the risk or risks reinsured ultimately arises or arise in terms of gross premiums are policies referred to in sub-paragraph (a).”; (b)by deleting sub-paragraph (5) of paragraph 2 and substituting the following sub-paragraphs:“(5) Sub-paragraph (1)(a) shall apply to a life or accident and health policy of facultative reinsurance —

where the owner of the policy under which the liability reinsured ultimately arises is an individual, as if the references to the proposal date and to whether the policy owner or insured is ordinarily resident in Singapore are references to those of the policy under which the liability reinsured ultimately arises; and

where the owner of the policy under which the liability reinsured ultimately arises is not an individual, as if the references to the date of issue and proposal date of the policy, to the policy owner’s address and to whether the insured is ordinarily resident in Singapore are references to those of the policy under which the liability reinsured ultimately arises.(6) Sub-paragraph (1)(b) shall apply to a policy of facultative general reinsurance as if the references to the insured are references to the person or persons insured by the policy under which the liability reinsured ultimately arises.”;

by deleting the words “section 36(1)” in paragraph 6A(2)(b) and substituting the words “section 36(3)”; (d)by deleting the sub-heading immediately before paragraph 7; and

by deleting paragraph 7.