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Insurance (General Provisions) Regulations

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—(1) No licensed insurer shall, in the course of carrying on insurance business in Singapore, issue a life policy or an accident and health policy with a duration of one year or more without a clause providing that the policy owner —(a)has a period of at least 14 days after the date of receipt of the policy to examine the terms and conditions of the policy; and(b)may terminate the policy within the same period provided under sub-paragraph (a) for the policy owner to examine the terms and conditions of the policy.(2) Where a policy is terminated pursuant to a clause referred to in paragraph (1)(b) —(a)any sum which the policy owner has paid in connection with the policy (whether by way of premium or otherwise and whether to the insurer or his agent for the purpose of receiving that sum) shall, subject to paragraph (3), be recoverable from the insurer by the policy owner; and (b)any expense incurred by the insurer in underwriting the policy shall be recoverable by the insurer from the policy owner.(3) For the purpose of paragraph (2)(a), in the case of an investment-linked policy, the insurer shall, in determining the amount that is payable to the policy owner, be entitled to make an adjustment to reflect the change in market value of the underlying assets.

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