Singapore legislation

Regulation 2

of Insurance (Prescribed Interests under Section 34(6)) Regulations 2023

Regulation 2

Prescribed interests to which section 34 of Act does not apply

Subregulation 1

For the purposes of section 34(6)(c) of the Act, the following interests are prescribed interests to which section 34 of the Act does not apply:

(a)

any interest acquired, directly or indirectly, using any policy asset of an insurance fund established and maintained under the Act by a direct insurer licensed to carry on life business for its participating policies;

(b)

any interest held, directly or indirectly, as a policy asset of an insurance fund mentioned in sub‑paragraph (a);

(c)

any interest that is acquired, directly or indirectly, using any underlying asset of an insurance fund established and maintained under the Act by a direct insurer licensed to carry on life business for its investment‑linked policies;

(d)

any interest that is held, directly or indirectly, as an underlying asset of an insurance fund mentioned in sub‑paragraph (c).

Subregulation 2

In this regulation —

Definition

“policy asset” means an asset of an insurance fund held for the benefit of policyholders in that fund;

Definition

“underlying asset” means an asset of an insurance fund to which reference is made when calculating the value of an investment‑linked policy.

Read in full context — Insurance (Prescribed Interests under Section 34(6)) Regulations 2023 →