Singapore legislation
Regulation 5
Regulation 5
Revocable nomination
Subregulation 1
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.
Subregulation 2
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.
Subregulation 3
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.
Subregulation 4
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.
Subregulation 5
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.