Clause 18

by inserting, immediately after the words “subsections (2)” in subsection (1), “, (2A)”;

by deleting the word “or” at the end of sub‑paragraph (ii) of subsection (1)(c), and by inserting immediately thereafter the following sub‑paragraph:“(iia)in any case where the transferor is an insurer licensed under the Insurance Act (Cap. 142) —

the interests of the policy owners of the transferor given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

if the transferee is an insurer licensed under the Insurance Act, the interests of the policy owners of the transferee given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

the stability of the financial system in Singapore;

whether the PPF Agency has to make a payout from any of the PPF Funds to the transferee and the amount of such payout, if any; and

any other matter that the Authority considers relevant; or”;

by deleting the word “and” at the end of subsection (1)(c);

by deleting the full-stop at the end of paragraph (d) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(e)where the transferee is to carry on the whole or part of the significant business of the transferor, the transferee is, or will be applying to be, approved, authorised, designated, recognised, registered, licensed or otherwise regulated, under this Act or any of the written laws set out in the Schedule, to carry on the significant business of the transferor.”;

by inserting, immediately after the word “depositors” in subsection (2), the words “, policy owners”;

by inserting, immediately after subsection (2), the following subsection:“(2A) Where the transferor is an insurer licensed under the Insurance Act, any determination made by the Authority for the purpose of subsection (1) may include a determination as to whether guaranteed policy moneys in relation to any policy should be adjusted upon the proposed transfer so as to achieve an orderly resolution of the transferor.”;

by deleting the word “and” at the end of subsection (3)(a)(i);

by inserting, immediately after sub-paragraph (ii) of subsection (3)(a), the following sub‑paragraph:“(iii)where the transferor is an insurer licensed under the Insurance Act, whether guaranteed policy moneys in relation to any policy should be adjusted upon the proposed transfer so as to achieve an orderly resolution of the transferor; and”;

by deleting the words “who is not” in subsection (6) and substituting the words “for the purpose mentioned in subsection (1)(e), where the transferee is not”;

by deleting paragraph (b) of subsection (12) and substituting the following paragraph:“(b)approve the determination subject to any modification the Minister considers appropriate, if either the board of directors of the transferee (if it is a corporation) or the committee of management of the transferee (if it is a co‑operative society) has agreed to the modification; or”;

by inserting, immediately after the word “determine” in subsection (13), the words “to give effect to the determination”; and

by inserting, immediately after subsection (13), the following subsections:“(13A) The transferor or transferee, as the case may be, must comply with every condition mentioned in subsection (13) that applies to it and of which it has been given written notice by the Authority.(13B) A person that contravenes subsection (13A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.”.