Singapore legislation

Clause 36

of Insurance (Amendment) Bill

Clause 36

Amendment of section 36

Section 36 of the Insurance Act is amended —

(a)

by deleting the words “registered insurer, an authorised reinsurer or a” in subsection (1);

(b)

by deleting the words “registered insurer” in subsection (2) and substituting the words “licensed insurer”;

(c)

by deleting subsection (3) and substituting the following subsections:“(3) A licensed insurer or an authorised reinsurer shall prepare and lodge with the Authority such statements of accounts and other statements relating to its business and in such form and manner as may be prescribed or specified in directions by the Authority.(3A) For the purposes of subsection (3) —

(a)

a licensed insurer shall have such statements of accounts or part thereof audited by an auditor who satisfies subsection (6), in such form and manner as the Authority may prescribe or specify in directions; and

(b)

notwithstanding the provisions of the Companies Act (Cap. 50) or the Co-operative Societies Act (Cap. 62), as the case may be, every licensed insurer, other than a captive insurer and a marine mutual insurer, shall appoint an auditor annually.”;

(d)

by deleting the words “registered insurer” where it first appears in subsection (6) and substituting the words “licensed insurer”;

(e)

by deleting the words “section 9” in subsection (6)(b) and substituting the words “section 10”;

(f)

by deleting paragraph (c) of subsection (6) and substituting the following paragraph:“(c)in the case of a licensed insurer, the licensed insurer has obtained the approval of the Authority to appoint that person as an auditor.”;

(g)

by deleting the words “registered insurers” in subsection (7) and substituting the words “a licensed insurer”;

(h)

by deleting the words “registered insurer” wherever they appear in subsections (8), (9) and (11) and substituting in each case the words “licensed insurer”;

(i)

by deleting the words “subsection (1)” in subsection (10) and substituting the words “subsection (3)”;

(j)

by deleting the words “subsection (3)” in subsection (12) and substituting the words “subsection (3A)”;

(k)

by deleting subsections (13), (14) and (15) and substituting the following subsection:“(13) The Authority may, from time to time and in such form or manner as it considers appropriate, publish any information obtained or received by the Authority under this section or section 37.”; and

(l)

by inserting, immediately after the words “and audit” in the section heading, the word “, etc.”.

Read in full context — Insurance (Amendment) Bill →