Clause 37

by deleting subsections (1) and (2) and substituting the following subsections:“(1) In any case where the policy owner of any life policy or personal accident policy of an insurer dies, and the policy moneys are payable thereunder on his death, the insurer may make payment to any proper claimant a prescribed amount of the policy moneys of all such policies issued by the insurer on the deceased’s life without the production of any probate or letters of administration; and the insurer shall be discharged from all liability in respect of the amount paid.(2) If, in any case as is mentioned in subsection (1), estate duty is payable in Singapore on any such policy moneys as are there mentioned, the insurer may, notwithstanding section 40(2) of the Estate Duty Act (Cap. 137), pay to any proper claimant a prescribed amount of the policy moneys of all such policies issued by the insurer, without the policy moneys having been included in such a schedule or certificate as is mentioned in that subsection.(2A) Before making any payment under subsection (2), the insurer shall give notice by registered post to the Commissioner of Estate Duties with such particulars as the Commissioner may require.”; and

by deleting subsection (4) and substituting the following subsection:“(4) Where an amount is paid under subsection (2) on account of any policy moneys, the insurer may, before payment of the balance of such policy moneys to any proper claimant, apply the whole or part of the policy moneys to pay any unpaid estate duty payable on the death of the insured.”.