Singapore legislation
Clause 5
Clause 5
New section 5A
The Insurance Act is hereby amended by inserting immediately after section 5 thereof the following section: —“Renewal of registration and renewal fees5A.—
(1)
Every insurer in Singapore shall renew its registration annually before such date as may be prescribed and shall pay, in respect of the class of business for which it is registered, the prescribed fees.(2) The Minister may prescribe different fees in respect of different classes of insurance business.(3) The Minister may exempt an insurer from payment of the prescribed fees or part thereof.”.