Insurance Act 1966 · 2020 Revised Edition · Part 2A · Foreign Insurer Schemes
61. Effect of revocation of appointment of administrator
Feedback & supportWhere the appointment of the administrator of any foreign insurer scheme is revoked, all foreign insurers carrying on insurance in Singapore under that scheme must cease to carry on in Singapore insurance business under the scheme.
administrator
“administrator” means an administrator appointed by the Authority under section 54 in respect of a foreign insurer scheme;
Subsection (1) does not prejudice the enforcement by any policy owner or person of any right or claim against the foreign insurer or by the foreign insurer of any right or claim against any policy owner or person.
enforcement
“enforcement” means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to the insurance industry in the foreign country of the regulatory authority concerned;
Nothing in subsection (1) prohibits a foreign insurer from collecting or receiving premiums on insurance policies effected before the date the appointment of its administrator is revoked.[35J
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;