Singapore legislation

Clause 7

of Insurance (Amendment) Bill

Clause 7

Amendment of First Schedule

The First Schedule to the Insurance Act is amended —

(a)

by inserting, immediately after paragraph 2, the following paragraph:“2A. “Child” means a legitimate child, an illegitimate child, a stepchild or a child adopted in accordance with any written law relating to the adopting of children.”;

(b)

by inserting, immediately after paragraph 4E, the following paragraphs:“4F. “Death benefits” means policy moneys which are paid out on the death of the insured.4G. “Living benefits” means policy moneys which are paid out before the death of the insured.”; and

(c)

by deleting sub-paragraph (2) of paragraph 5 and substituting the following sub-paragraph:“(2) An accident and health policy that provides for the payment of policy moneys on the death of a person is not a life policy.”.

Clause 7 — Insurance (Amendment) Bill | laws.sg