Insurance Act 1966 · 2020 Revised Edition · Part 3C · Nomination of Beneficiaries
135. Relevant policies issued by co-operative society
Feedback & supportLast amended by an amending law of 2013. 2 amendments in all.
Where the licensed insurer of any relevant policy is a co‑operative society, and the policy owner of that relevant policy —
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
has not, before 1 September 2009, made any nomination under section 45(1) of the Co‑operative Societies Act 1979 in relation to that relevant policy; or
has, before that date, revoked every nomination made under section 45(1) of the Co‑operative Societies Act 1979 in relation to that relevant policy,nothing in the Co‑operative Societies Act 1979, on or after that date, applies to that relevant policy or to any share or interest in any policy moneys under that relevant policy.
Where the licensed insurer of any relevant policy is a co‑operative society, and on or after 1 September 2009 the policy owner of that relevant policy —
relevant policy
“relevant policy” means any life policy or accident and health policy, whether issued before, on or after 1 September 2009, which —(a)is issued by a licensed insurer;(b)is governed by Singapore law;(c)provides death benefits;(d)insures the life of the policy owner;(e)is not the subject of any trust created under section 73 of the Conveyancing and Law of Property Act 1886; and(f)is not an annuity purchased with the retirement sum under section 15(6C) of the Central Provident Fund Act 1953;
revokes the last subsisting nomination made by the policy owner under section 45(1) of the Co‑operative Societies Act 1979 in relation to that relevant policy; or
makes any nomination under section 132(2) or 133(2) in relation to that relevant policy, whether or not there is any subsisting nomination made by the policy owner under section 45(1) of the Co-operative Societies Act 1979 in relation to that relevant policy,nothing in the Co-operative Societies Act 1979 applies, on or after the date the policy owner revokes the last subsisting nomination under section 45(1) of the Co-operative Societies Act 1979 or makes the nomination under section 132(2) or 133(2) (as the case may be) to the relevant policy or to any share or interest in any policy moneys under that relevant policy.[49O