Singapore legislation

Clause 20

of Monetary Authority of Singapore (Amendment) Bill

Clause 20

Amendment of section 59

Section 59(2) of the principal Act is amended by inserting, immediately after the word “void” in paragraph (d), the words “, except for (where the transferor is an insurer licensed under the Insurance Act (Cap. 142)) any payment of claims to policy owners or claimants, other than policy owners who are related corporations of the transferor”.

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