Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
41. Manufacture and offer of certain life policies
Feedback & supportLast amended by an amending law of 2015.
If the Authority is of the opinion that it is in the public interest to do so, the Authority may direct a licensed insurer to manufacture and offer such type of life policy in Singapore as the Authority may prescribe or specify by written notice.
Without limiting subsection (1), the Authority may, in prescribing or specifying a type of life policy under subsection (1), prescribe or specify all or any of the following with respect to the life policy:
the time by which the life policy is to be manufactured and offered;
the form and manner in which the life policy is to be manufactured or offered;
the characteristics of the life policy;
the terms of the life policy;
the benefits to be or likely to be derived from the life policy;
the manner of distribution or sale of the life policy.
Any licensed insurer which fails to comply with the direction under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
In this section, “manufacture”, in relation to a life policy, means —
the process of determining the appropriate premium rate or pricing for the life policy based on its product features and benefits; and
such other processes in relation to the life policy as the Authority may prescribe.[33C