Clause 68

Any insurer which was registered under section 8 of the Insurance Act in force immediately before the appointed day shall be deemed to be a licensed insurer under the Insurance Act as amended by this Act (referred to in this section as the Amended Act), and any condition of registration to which the insurer is subject immediately before the appointed day shall continue and be deemed to be a condition of the licence of the insurer imposed under section 8 of the Amended Act.

Any insurer which is an authorised reinsurer immediately before the appointed day shall be deemed to be an authorised reinsurer under the Amended Act, and any condition of authorisation to which the reinsurer is subject immediately before the appointed day shall continue and be deemed to be a condition of the authorisation of the reinsurer imposed under section 34 of the Amended Act.

Any person who has the approval of the Authority to establish a representative office under section 6(2) of the Insurance Act in force immediately before the appointed day shall be deemed to be a registered person under section 6A of the Amended Act, and any condition of approval to which the person is subject immediately before the appointed day shall continue and be deemed to be a condition of registration of the representative office imposed under section 6A of the Amended Act.

Notwithstanding section 5(1C) of the Amended Act, any person who, immediately before the appointed day, uses any word referred to in section 5(1A) of the Amended Act in the name, description or title under which the person carries on business in Singapore and has been given consent under that provision to continue to so use that word, may continue to do so without having to indicate, in the name, description or title, whether he carries on business as an insurance intermediary for a period of 3 months after the appointed day.

Notwithstanding section 5A of the Amended Act, any insurer which is a licensed insurer by virtue of subsection (1), an authorised reinsurer by virtue of subsection (2), or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme immediately before the appointed day may use, together with its name, logo or trade mark in the course of the business carried on in Singapore, the name, logo or trade mark of any person described in subsection (1) of that section for a period of 3 months after the appointed day.

Any application that is pending on the appointed day for the written approval of the Authority to establish a representative office under section 6(2) of the Insurance Act in force immediately before the appointed day shall be deemed to be an application for registration of a representative office under section 6A of the Amended Act.

Any application that is pending on the appointed day for registration under section 8 of the Insurance Act in force immediately before the appointed day shall be deemed to be an application for a licence under section 8 of the Amended Act.

Any application that is pending on the appointed day for authorisation under section 8A of the Insurance Act in force immediately before the appointed day shall be deemed to be an application for authorisation under section 34 of the Amended Act.

Any reinsurance deposit maintained by an authorised reinsurer in accordance with the requirements of section 14A of the Insurance Act in force immediately before the appointed day shall be deemed to be a reinsurance deposit maintained by the authorised reinsurer in accordance with the requirements of section 34D of the Amended Act in force from the appointed day.

Notwithstanding the repeal of sections 27 and 28 of the Insurance Act by section 24 of this Act, any approval granted by the Authority under the repealed section 27 or 28 that remains in force immediately before the appointed day shall be deemed to be an approval granted under section 28 of the Amended Act, and any condition of such approval imposed by the Authority shall continue and be deemed to be a condition imposed under section 28 of the Amended Act.

Notwithstanding the repeal of section 29 of the Insurance Act by section 24 of this Act, any approval granted by the Authority under the repealed section 29 that remains in force immediately before the appointed day shall be deemed to be an approval granted under section 29 of the Amended Act, and any condition of such approval imposed by the Authority shall continue and be deemed to be a condition imposed under section 29 of the Amended Act.

Any person who, immediately before the appointed day, is the chairman of the board of directors of a registered insurer shall be deemed to be appointed as such chairman with the approval of the Authority under section 31 of the Amended Act.

Any person whose appointment as a principal officer of a registered insurer has been approved by the Authority under section 31 of the Insurance Act in force immediately before the appointed day shall be deemed to be so appointed with the approval of the Authority under section 31 of the Amended Act, and any condition to which the approval of the Authority is subject immediately before the appointed day shall continue and be deemed to be a condition of approval imposed under section 31 of the Amended Act.

Notwithstanding section 31(1)(a) of the Amended Act, a licensed insurer which, on or immediately after the appointed day, does not have a chief executive shall appoint a person as its chief executive within 6 months after the appointed day.

Any person whose appointment as a director of a registered insurer has been approved by the Authority under section 31 of the Insurance Act in force immediately before the appointed day shall be deemed to be so appointed with the approval of the Authority under section 31 of the Amended Act, and any condition to which the approval of the Authority is subject immediately before the appointed day shall continue and be deemed to be a condition of approval imposed under section 31 of the Amended Act.

Any person whose appointment as an actuary of a direct insurer registered to carry on life business has been approved by the Authority under section 31 of the Insurance Act in force immediately before the appointed day shall be deemed to be so appointed with the approval of the Authority under section 31 of the Amended Act, and any condition to which the approval of the Authority is subject immediately before the appointed day shall continue and be deemed to be a condition of approval imposed under section 31 of the Amended Act.

Any person whose appointment as an actuary of an insurer registered to carry on general business has been approved by the Authority under section 37(1)(b) of the Insurance Act in force immediately before the appointed day shall be deemed to be so appointed with the approval of the Authority under section 31 of the Amended Act, and any condition to which the approval of the Authority is subject immediately before the appointed day shall continue and be deemed to be a condition of approval imposed under section 31 of the Amended Act.

In any written law and in any document —

In any subsidiary legislation made under the Insurance Act and in any document, any reference to the principal officer of an insurer shall be construed as a reference to the chief executive of the insurer (within the meaning of section 1A of the Amended Act).

All directions and notices issued under the Insurance Act in force immediately before the appointed day shall be deemed to have been issued under the Amended Act and shall have effect accordingly.

For a period of 2 years after the date of commencement of this section, the Minister may, by regulations, prescribe such provisions of a savings or transitional nature consequent on the enactment of this Act, as he may consider necessary or expedient.

In this section —

“appointed day” means the date of commencement of all the provisions of the Insurance (Amendment) Act 2013 other than section 65 and this section;

“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186).