Singapore legislation

Clause 26

of Monetary Authority of Singapore (Amendment) Bill

Clause 26

Amendment of section 70

Section 70 of the principal Act is amended —

(a)

by deleting the word “transferee” in subsection (7) and substituting the word “subscriber”; and

(b)

by inserting, immediately after the word “void” in subsection (13)(f), the words “, except for (where the pertinent financial institution 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 pertinent financial institution”.

Read in full context — Monetary Authority of Singapore (Amendment) Bill →