Singapore legislation

Clause 48

Amendment of section 49FB

Section 49FB of the Insurance Act is amended —

(a)

by deleting the word “registered” wherever it appears in subsections (2) and (5) to (9) and substituting in each case the word “licensed”;

(b)

by deleting subsection (4) and substituting the following subsections:“(4) Subsection (1) shall not apply to the transfer of the whole or part of any insurance business of a company established or incorporated outside Singapore, except in so far as it relates to Singapore policies or offshore policies.(4A) Subject to subsection (6), subsection (1)(a) shall not apply to the transfer of the whole or part of any insurance business of —

(a)

a licensed insurer where it relates to the reinsurance business of that insurer; or

(b)

a captive insurer.”;

(c)

by deleting the words “subsection (4)(b)” in subsection (5) and substituting the words “subsection (4A)(a)”;

(d)

by deleting the words “subsection (4)(b) or (c)” in subsection (6) and substituting the words “subsection (4A)(a) or (b)”; and

(e)

by deleting the words “scheme for” in the section heading.

Read in full context — Insurance (Amendment) Bill →