Clause 14

In the case of a life policy issued as a Singapore policy after the date of the coming into operation of this Act, to a policy owner who is a citizen of Singapore, any policy moneys or moneys payable on the surrender of the policy shall, notwithstanding anything in the policy or in any agreement relating thereto, be paid in the currency of Singapore unless at the time of payment it is otherwise agreed between the insurer and the person entitled to payment.

Where a Singapore insurer satisfies the Commissioner as regards any life policy registered under this Act by the insurer that the policy moneys (including any moneys payable under the policy on a surrender) may not under the policy or any agreement relating thereto be paid in the currency of Singapore, then for the purposes of subsection (3) of section 11 of this Act there shall be disregarded such part of the value of the assets of the relevant insurance fund as is equal to the value of the insurer’s liability in respect of the policy determined on a basis approved by the Commissioner.