Clause 43

by inserting, immediately after subsection (5) of section 40B, the following subsection:“(5A) To avoid doubt, this section, and section 40C in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books of a licensed insurer, if —

the parent supervisory authority is an AML/CFT authority as defined in section 152 of the Monetary Authority of Singapore Act (Cap. 186), and exercises consolidated supervision authority as defined in that section over the licensed insurer; and

the inspection is solely for the purpose of such consolidated supervision.”;

by inserting, immediately after section 49A, the following section:“Application of this Part49AA. This Part does not apply to any request for assistance mentioned in section 154(1) of the Monetary Authority of Singapore Act.”;

by repealing Divisions 2, 3 and 4 of Part IIIAA;

by deleting subsections (1) to (7) of section 49FO and substituting the following subsection:“(1) This section is to be read together with section 54 of the Monetary Authority of Singapore Act.”;

by deleting subsections (12), (13) and (14) of section 49FO;

by deleting the full-stop at the end of paragraph (d) of section 49FR(3) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraph:“(e)fifthly, any sum claimed by the trustee of a resolution fund (within the meaning of section 98 of the Monetary Authority of Singapore Act) from the licensed insurer under section 103, 104, 105 or 106 of that Act.”;

by repealing sections 49FS and 49FU;

by deleting paragraphs (a) to (d) of section 49FW(2); and

by deleting subsection (4) of section 49FW.