Insurance Act 1966 · 2020 Revised Edition · Part 2A · Foreign Insurer Schemes
55. Carrying on of insurance business by foreign insurer under foreign insurer scheme
Feedback & supportWhere a foreign insurer scheme is established, each member of the class, society or association of foreign insurers specified in the scheme may, in accordance with the terms of the scheme, carry on such insurance business in Singapore as may be prescribed.
foreign insurer scheme
“foreign insurer scheme” means any foreign insurer scheme established under section 53;
A foreign insurer must not carry on insurance business in Singapore under a foreign insurer scheme unless —
foreign insurer
“foreign insurer” means an insurer which —(a)is authorised under the laws of a foreign country to carry on insurance business in that foreign country; but(b)is not licensed as an insurer under section 11 or authorised as a reinsurer under section 42;
an administrator has been appointed for the scheme under section 54; and
the foreign insurer has, in accordance with regulations made under section 63, authorised the administrator or an agent or both (as the case may be) to accept service of notices and legal processes on the foreign insurer’s behalf.
A foreign insurer must not carry on insurance business in Singapore under a foreign insurer scheme if the foreign insurer is prohibited from so doing under section 57.[35D
insurance business in Singapore
“insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of —(a)receiving proposals for policies in Singapore;(b)issuing policies in Singapore; or(c)collecting or receiving premiums on policies in Singapore,but does not include such businesses or activities, such class of businesses or activities, or such businesses or activities carried on by such persons or class of persons, as the Authority may prescribe;