57. Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

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• foreign insurer

  foreign insurer

  Defined · s 2

  “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;

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• foreign insurer scheme

  foreign insurer scheme

  Defined · s 2

  “foreign insurer scheme” means any foreign insurer scheme established under section 53;

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• insurance business in Singapore

  insurance business in Singapore

  Defined · s 2

  “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;

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