Insurance (Nomination of Beneficiaries) Regulations 2009

These Regulations may be cited as the Insurance (Nomination of Beneficiaries) Regulations 2009 and shall come into operation on 1st September 2009.

In these Regulations —

“appropriate signatory” has the meaning given by regulation 3(9);

“audiovisual link” means technology that enables continuous and contemporaneous audio and visual communication between persons at different places (including a live video link or a live television link);

“relevant policy” and “will” have the meanings given by section 131 of the Act;

“secure electronic signature”, “signed” and “signature”, in relation to an electronic form, have the meanings given by section 2(1) of the Electronic Transactions Act 2010.

In these Regulations, a document is taken to be lodged with a person —

if the document is completed in hard copy form — at the time that the person receives an original copy of the document; or

if the document is completed in electronic form — at the time that the person receives, in accordance with the Electronic Transactions Act 2010, an electronic communication containing the electronic form.

Every reference in these Regulations to completing a form, or to a duly completed form, is to be construed as the completion of a form (whether in hard copy form or electronic form) in accordance with these Regulations.

The forms to be used for the purposes of these Regulations are those set out in the Schedule.

Every form used for the purposes of these Regulations must be completed in the English language and in accordance with all instructions specified in the form.

Subject to paragraph (4), a form may be completed in hard copy form or in electronic form.

A form must be completed in hard copy form if the form pertains to —

the making of a nomination under section 132(2) of the Act;

the making of a nomination under section 133(2) of the Act on the policy owner’s behalf in accordance with regulation 5A;

the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B; or

the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B.

Where an electronic form is used in respect of a relevant policy —

every signatory to the electronic form must sign the form using his or her secure electronic signature; and

the electronic form must be submitted to the licensed insurer that issued the relevant policy, by use of an electronic system designated by the licensed insurer for that purpose.

Subject to regulation 5A(3), a form that pertains to the making of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 1) must be signed —

by the policy owner in the manner set out in the form; and (b)by 2 appropriate signatories who must witness the signing of the form by the policy owner in person, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form. (7) Subject to regulation 5B(3), a form that pertains to the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 2) must be signed —

by the policy owner in the manner set out in the form;

by either —

any trustee of the policy moneys payable under the relevant policy (not being the policy owner) in the manner set out in the form; or

each nominee who has attained the age of 18 years, and a parent or legal guardian (not being the policy owner) of each nominee who is below the age of 18 years, in the manner set out in the form; and

by 2 appropriate signatories, both of whom must either —

witness the signing of the form by the policy owner and each of the persons mentioned in sub‑paragraph (b)(i) or (ii) (as the case may be) in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or

sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.

Subject to regulation 5A(3) or 5B(5) (whichever is applicable), a form that pertains to —

the appointment, or the revocation of the appointment, under section 132(12) of the Act of any trustee of the policy moneys payable under a relevant policy (Form 3);

the making of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 4); or

the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 5),must be signed —

by the policy owner in the manner set out in the form; and

by 2 appropriate signatories, both of whom must either —

witness the signing of the form by the policy owner in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or

sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.

In this regulation, an appropriate signatory, in relation to a form in respect of a relevant policy, must be an individual who —

is not the policy owner of the relevant policy; (b)has attained the age of 21 years; and

is not a nominee or the spouse of a nominee. (10) For the purposes of paragraphs (6), (7) and (8), every appropriate signatory must make a declaration that to the best of his or her knowledge and belief —

the policy owner completed and signed the form; (b)the policy owner understands the purpose of the form and the effect of his or her completion and signing of that form; and

no fraud or undue pressure has been used to induce the policy owner to make a nomination, appoint a trustee, revoke the appointment of a trustee or revoke a nomination (as the case may be) as set out in the form.

A licensed insurer may refuse to accept a form if it is not completed in accordance with these Regulations.

The forms to be used for the purposes of these Regulations are those set out in the Schedule.

Every form used for the purposes of these Regulations must be completed in the English language and in accordance with all instructions specified in the form.

Subject to paragraph (4), a form may be completed in hard copy form or in electronic form.

A form must be completed in hard copy form if the form pertains to —

the making of a nomination under section 132(2) of the Act;

the making of a nomination under section 133(2) of the Act on the policy owner’s behalf in accordance with regulation 5A;

the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B; or

the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act, on the policy owner’s behalf in accordance with regulation 5B.

Where an electronic form is used in respect of a relevant policy —

every signatory to the electronic form must sign the form using his or her secure electronic signature; and

the electronic form must be submitted to the licensed insurer that issued the relevant policy, by use of an electronic system designated by the licensed insurer for that purpose.

Subject to regulation 5A(3), a form that pertains to the making of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 1) must be signed —

by the policy owner in the manner set out in the form; and (b)by 2 appropriate signatories who must witness the signing of the form by the policy owner in person, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.

Subject to regulation 5B(3), a form that pertains to the revocation under section 132(7) of the Act of a nomination under section 132(2) of the Act in respect of a relevant policy (Form 2) must be signed —

by the policy owner in the manner set out in the form;

by either —

any trustee of the policy moneys payable under the relevant policy (not being the policy owner) in the manner set out in the form; or

each nominee who has attained the age of 18 years, and a parent or legal guardian (not being the policy owner) of each nominee who is below the age of 18 years, in the manner set out in the form; and

by 2 appropriate signatories, both of whom must either —

witness the signing of the form by the policy owner and each of the persons mentioned in sub‑paragraph (b)(i) or (ii) (as the case may be) in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or

sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.

Subject to regulation 5A(3) or 5B(5) (whichever is applicable), a form that pertains to —

the appointment, or the revocation of the appointment, under section 132(12) of the Act of any trustee of the policy moneys payable under a relevant policy (Form 3);

the making of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 4); or

the revocation under section 133(4) of the Act of a nomination under section 133(2) of the Act in respect of a relevant policy (Form 5),must be signed —

by the policy owner in the manner set out in the form; and

by 2 appropriate signatories, both of whom must either —

witness the signing of the form by the policy owner in person or by means of any audiovisual link, and make the declarations with respect to the matters set out in paragraph (10), in the manner set out in the form; or

sign the form without witnessing the signing mentioned in sub‑paragraph (i), and make declarations with respect to the matters set out in paragraph (10), in the manner set out in the form.

In this regulation, an appropriate signatory, in relation to a form in respect of a relevant policy, must be an individual who —

is not the policy owner of the relevant policy; (b)has attained the age of 21 years; and

is not a nominee or the spouse of a nominee.

For the purposes of paragraphs (6), (7) and (8), every appropriate signatory must make a declaration that to the best of his or her knowledge and belief —

the policy owner completed and signed the form; (b)the policy owner understands the purpose of the form and the effect of his or her completion and signing of that form; and

no fraud or undue pressure has been used to induce the policy owner to make a nomination, appoint a trustee, revoke the appointment of a trustee or revoke a nomination (as the case may be) as set out in the form.

A licensed insurer may refuse to accept a form if it is not completed in accordance with these Regulations.

For the purposes of section 132(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 132(2) of the Act, and indicate each nominee’s portion of the policy moneys, by completing Form 1 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(7) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 132(2) of the Act by completing Form 2 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(12) of the Act, a policy owner of a relevant policy shall appoint one or more trustees of the policy moneys, or revoke the appointment of any trustee so appointed, by completing Form 3 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(12)(a) or (b) of the Act, or pursuant to a provision under section 132(12)(d)(i) of the Act, when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of the duly completed Form 3 pursuant to which the trustee or trustees were so appointed.

For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(13) of the Act when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of a certified copy of the order of the General Division of the High Court pursuant to which the trustee or trustees were so appointed.

For the purposes of section 132(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 132(2) of the Act, and indicate each nominee’s portion of the policy moneys, by completing Form 1 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(7) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 132(2) of the Act by completing Form 2 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(12) of the Act, a policy owner of a relevant policy shall appoint one or more trustees of the policy moneys, or revoke the appointment of any trustee so appointed, by completing Form 3 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(12)(a) or (b) of the Act, or pursuant to a provision under section 132(12)(d)(i) of the Act, when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of the duly completed Form 3 pursuant to which the trustee or trustees were so appointed.

For the purposes of section 132(15) of the Act, a relevant policy shall vest in the trustee or trustees of the policy moneys appointed under section 132(13) of the Act when the licensed insurer that issued the relevant policy has been given notice of the appointment by the lodgment with the licensed insurer of a certified copy of the order of the General Division of the High Court pursuant to which the trustee or trustees were so appointed.

For the purposes of section 132(1)(c) of the Act, the following types of relevant policies are relevant policies to which section 132 (trust nomination) of the Act shall not apply:

any relevant policy that is a supplementary disability insurance policy;

[Deleted by S 813/2021 wef 01/11/2021]

any relevant policy that is a medisave‑approved plan;

any relevant policy purchased using funds from a person’s SRS account under the Supplementary Retirement Scheme.

In paragraph (1) —[Deleted by S 813/2021 wef 01/11/2021][Deleted by S 813/2021 wef 01/11/2021][Deleted by S 632/2015 wef 01/11/2015]

“medisave‑approved plan” has the same meaning as in regulation 2(1) of the MediShield Life Scheme (Private Medical Insurance Scheme) Regulations 2015 (G.N. No. S 623/2015);

“SRS account” has the same meaning as in section 2(1) of the Income Tax Act 1947;

“supplementary disability insurance policy” has the meaning given by regulation 2 of the CareShield Life and Long-Term Care (Supplement Scheme) Regulations 2020 (G.N. No. S 850/2020);

“Supplementary Retirement Scheme” means the Supplementary Retirement Scheme established by regulation 3 of the Income Tax (Supplementary Retirement Scheme) Regulations 2003 (G.N. No. S 30/2003).

For the purposes of section 133(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 133(2) of the Act, and indicate each nominee’s portion of the death benefits under the relevant policy, by completing Form 4 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 133(4) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 133(2) of the Act by completing Form 5 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 133(7)(b) of the Act, a will referred to therein shall specify the following particulars of the relevant policy:

the name of the licensed insurer that issued the relevant policy;

the policy number;

the name of each beneficiary to whom any portion (including the whole) of the death benefits under the relevant policy is bequeathed;

where a beneficiary referred to in sub-paragraph (c) is an individual, the following particulars of the beneficiary:

his or her Singapore National Registration Identity Card (NRIC) number or Singapore birth certificate number (if he or she is a citizen or permanent resident of Singapore), or his or her foreign passport number and the jurisdiction which issued his or her foreign passport (if he or she is not a citizen or permanent resident of Singapore);

his or her address; and

his or her date of birth;

where a beneficiary referred to in sub-paragraph (c) is not an individual, the following particulars of the beneficiary:

the Singapore unique entity number of the beneficiary or, if the beneficiary does not have such a number, any other official registration number which identifies and is unique to the entity; and

the address of the beneficiary; and

the portion of the death benefits under the relevant policy which is bequeathed to each beneficiary.

Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(a) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —

a duly completed Form 6 pertaining to the revocation; or

a letter informing the licensed insurer of the assignment or encumbering of, or the dealing with, the relevant policy or any interest under the relevant policy, and enclosing a certified copy of any document evidencing the assignment, encumbering or dealing.

Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(b) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —

a duly completed Form 6 pertaining to the revocation; or

a certified copy of a will referred to in section 133(7)(b) of the Act pertaining to the relevant policy.

For the purposes of section 133(2) of the Act, a policy owner of a relevant policy shall make a nomination under section 133(2) of the Act, and indicate each nominee’s portion of the death benefits under the relevant policy, by completing Form 4 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 133(4) of the Act, a policy owner of a relevant policy shall revoke a nomination under section 133(2) of the Act by completing Form 5 and lodging it with the licensed insurer that issued the relevant policy.

For the purposes of section 133(7)(b) of the Act, a will referred to therein shall specify the following particulars of the relevant policy:

the name of the licensed insurer that issued the relevant policy;

the policy number;

the name of each beneficiary to whom any portion (including the whole) of the death benefits under the relevant policy is bequeathed;

where a beneficiary referred to in sub-paragraph (c) is an individual, the following particulars of the beneficiary:

his or her Singapore National Registration Identity Card (NRIC) number or Singapore birth certificate number (if he or she is a citizen or permanent resident of Singapore), or his or her foreign passport number and the jurisdiction which issued his or her foreign passport (if he or she is not a citizen or permanent resident of Singapore);

his or her address; and

his or her date of birth;

where a beneficiary referred to in sub-paragraph (c) is not an individual, the following particulars of the beneficiary:

the Singapore unique entity number of the beneficiary or, if the beneficiary does not have such a number, any other official registration number which identifies and is unique to the entity; and

the address of the beneficiary; and

the portion of the death benefits under the relevant policy which is bequeathed to each beneficiary.

Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(a) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —

a duly completed Form 6 pertaining to the revocation; or

a letter informing the licensed insurer of the assignment or encumbering of, or the dealing with, the relevant policy or any interest under the relevant policy, and enclosing a certified copy of any document evidencing the assignment, encumbering or dealing.

Where a nomination made by the policy owner of a relevant policy under section 133(2) of the Act is deemed to be revoked under section 133(7)(b) of the Act, the policy owner shall give the licensed insurer that issued the relevant policy notice of the revocation of the nomination by lodging with the licensed insurer —

a duly completed Form 6 pertaining to the revocation; or

a certified copy of a will referred to in section 133(7)(b) of the Act pertaining to the relevant policy.

This regulation applies where a policy owner of a relevant policy lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008, and the court makes an order under section 20(2)(a) of the Mental Capacity Act 2008 in relation to the making, on the policy owner’s behalf, of a nomination under section 132(2) or 133(2) of the Act.

The order must authorise a person (referred to in this regulation as the authorised person) to sign the nomination on the policy owner’s behalf.

Every form pertaining to the making of a nomination under section 132(2) or 133(2) of the Act on the policy owner’s behalf in pursuance of the order shall —

state that it is signed by the policy owner acting by the authorised person;

be signed by the authorised person with the names of the policy owner and the authorised person;

be signed by the authorised person in the presence of 2 witnesses (each being an individual who has attained the age of 21 years and is not a nominee or the spouse of a nominee, and each of whom shall also sign the form); and

be sealed with the official seal of the court.

For the purposes of section 132(2) of the Act, a nomination under section 132(2) of the Act shall be made, and each nominee’s portion of the policy moneys shall be indicated, on the policy owner’s behalf in pursuance of the order by —

the completion of Form 1 in accordance with paragraph (3); and

the lodgment of that Form with the licensed insurer that issued the relevant policy.

For the purposes of section 133(2) of the Act, a nomination under section 133(2) of the Act shall be made, and each nominee’s portion of the death benefits under the relevant policy shall be indicated, on the policy owner’s behalf in pursuance of the order by —

the completion of Form 4 in accordance with paragraph (3); and

the lodgment of that Form with the licensed insurer that issued the relevant policy.

A nomination under section 132(2) or 133(2) of the Act which is made on the policy owner’s behalf in accordance with this regulation has the same effect for all purposes as if —

the policy owner had the capacity to make the nomination; and

the nomination had been made by the policy owner in accordance with Part 3C of the Act and these Regulations.

This regulation applies where a policy owner of a relevant policy lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008, and the court makes an order under section 20(2)(a) of the Mental Capacity Act 2008 in relation to the making, on the policy owner’s behalf, of a nomination under section 132(2) or 133(2) of the Act.

The order must authorise a person (referred to in this regulation as the authorised person) to sign the nomination on the policy owner’s behalf.

Every form pertaining to the making of a nomination under section 132(2) or 133(2) of the Act on the policy owner’s behalf in pursuance of the order shall —

state that it is signed by the policy owner acting by the authorised person;

be signed by the authorised person with the names of the policy owner and the authorised person;

be signed by the authorised person in the presence of 2 witnesses (each being an individual who has attained the age of 21 years and is not a nominee or the spouse of a nominee, and each of whom shall also sign the form); and

be sealed with the official seal of the court.

For the purposes of section 132(2) of the Act, a nomination under section 132(2) of the Act shall be made, and each nominee’s portion of the policy moneys shall be indicated, on the policy owner’s behalf in pursuance of the order by —

the completion of Form 1 in accordance with paragraph (3); and

the lodgment of that Form with the licensed insurer that issued the relevant policy.

For the purposes of section 133(2) of the Act, a nomination under section 133(2) of the Act shall be made, and each nominee’s portion of the death benefits under the relevant policy shall be indicated, on the policy owner’s behalf in pursuance of the order by —

the completion of Form 4 in accordance with paragraph (3); and

the lodgment of that Form with the licensed insurer that issued the relevant policy.

A nomination under section 132(2) or 133(2) of the Act which is made on the policy owner’s behalf in accordance with this regulation has the same effect for all purposes as if —

the policy owner had the capacity to make the nomination; and

the nomination had been made by the policy owner in accordance with Part 3C of the Act and these Regulations.