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This Act is the Insurance Act 1966. Generally, the form and content of insurance policies are not heavily regulated. A licensed broker must prepare and keep statements of accounts, books and other documents that can sufficiently explain the transactions and financial position of the broker and lodge those with the MAS. The insured can commence an action against the insurer if the insurer breaches a term of the insurance contract. A licensed insurer must satisfy the MAS that its directors and key executives are fit and proper persons and obtain the MAS' approval before appointing them. Property insurance covers loss or damage to your business properties. General Insurance Association (GIA) (the trade association of general insurers). However, foreign insurers may be permitted to carry on an insurance business in Singapore if they are a member of a class, society or association of specified foreign insurers permitted to operate in Singapore under and subject to the terms of any foreign insurer scheme established by the MAS. Reinsurance is critical to the insurance process and the purpose is to spread large risks and catastrophes over as large a base possible. The types of insurable interests differ depending on the type of insurance. Advising Vietnamese insurers, shipowners and cargo owners, reinsurers on sinking vessel and cargo off Vietnam, total loss recovery against colliding vessel. Work Injury Compensation Insurance (WICA Insurance) It is legally required under the Work Injury Compensation Act to have WICA insurance for the following worker types: Any employee earning below $2,100/month (will change to $2,600 from April 2021) Any employee performing manual labour, regardless of salary Smart Nation is a transformation where people will be more empowered to live meaningful and fulfilled lives, enabled seamlessly by technology. 3 Classification of insurance business and construction of references to matters connected with insurance, 4 No person to carry on insurance business unless licensed or authorised by Authority, 5 Holding out as licensed insurer or authorised reinsurer, 8 Prohibition relating to solicitation of insurance business, 10 Examination of persons suspected of carrying on insurance business, 16 Establishment of insurance funds and allocation of surplus, 17 Fund solvency requirements and capital adequacy requirements, 18 Form, investment and situation of assets, 19 Requirements as to documents evidencing title to assets of insurance funds, 20 Maintenance of assets by licensed insurers, 21 Custody of assets of licensed insurers, 22 Regulation of premiums under life policies and long-term accident and health policies, 23 Control of form of proposals, policies and brochures, 25 Application and interpretation of sections 26 to 32, 26 Control of take-overs of licensed insurers incorporated in Singapore, 27 Control of substantial shareholdings of licensed insurers incorporated in Singapore, 28 Objection to existing control of licensed insurers incorporated in Singapore, 32 Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons, 33 Application of sections 25 to 32 to licensed insurer that is cooperative society, 35 Approval or removal of key executive person, chairperson or director of licensed insurer, 36 Disqualification of director or executive officer of licensed insurer, 37 Restriction on granting of unsecured loans or advances to directors and employees of insurers, 38 General obligation to provide information, 39 Licensed insurers to provide information for web aggregator, 40 Fees payable by licensed insurers for web aggregator, 41 Manufacture and offer of certain life policies, 45 Effects of withdrawal of authorisation, 48 Maintenance of assets by authorised reinsurers, 49 Custody of assets of authorised reinsurers, 50 General obligation of authorised reinsurers to provide information, 53 Establishment of foreign insurer schemes, 54 Appointment of administrator of foreign insurer scheme, and removal of chief executive officer or director of administrator in certain circumstances, 55 Carrying on of insurance business by foreign insurer under foreign insurer scheme, 56 Non-application of Business Names Registration Act2014 and Companies Act1967, 57 Prohibition against carrying on insurance business in Singapore by foreign insurer under foreign insurer scheme, 58 Appointment of agent for foreign insurer scheme, and removal of chief executive officer or director of agent in certain circumstances, 60 Effect of prohibition on carrying on insurance business, 61 Effect of revocation of appointment of administrator, 62 Holding out as foreign insurer or as agent of foreign insurer, 64 Insurance agent to operate under written agreement, 65 Application of sections66 to 69 and 71, 72, 73 and 74, 66 Effect of payment to insurance intermediary, 67 Pre-contract disclosure by insurance intermediary, 68 Effect of payment to group policy owner and liability of insurer under group policy, 69 Representation by insurance intermediary, 70 Insurance agent to act only for insurers entitled to carry on business in Singapore, 71 Control of written communication used by insurance intermediary, 72 Business conduct of insurance intermediaries, 73 Obligation to provide information to Authority, 74 Authority may prohibit person from carrying on business as insurance intermediary, 75 Insurance broker not to carry on business unless registered, 83 Negotiation and placement of risk with unlicensed insurer, 84 Permission to negotiate and place risk with unlicensed insurer, 85 Negotiation and placement of risk with foreign insurer, 86 Restriction as to receipt and payment of remuneration, 87 Control of take-over of insurance broker, 88 Approval or removal of chief executive officer and director of insurance broker, 89 Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker, 90 Holding out as registered insurance broker, 95 Actuarial investigations and reports as to insurance business, 96 Power to require returns under section 94 or 95 to be rectified, 97 Additional provisions as to returns under section 94 or 95, 100 Inspection in Singapore by parent supervisory authority, 101 Confidentiality of inspection and investigation reports produced in respect of licensed insurer. All rights reserved. Regarding processing time, it will take approximately six to eight weeks after we receive the complete application to process and approve an application. Competence and capability (for example, whether the applicant is adequately trained, qualified or certified for the role under consideration, has previously displayed satisfactory performance, or may be handling too many concurrent portfolios). This includes giving notice of legal action to any third party or tortfeasor in accordance with a contract, or otherwise preserve the insurer's right of subrogation. A foreign reinsurer can also be exempted from registration when reinsuring liabilities, provided the reinsurance arrangement was not solicited by the reinsurer but was initiated by a licensed insurer or insurance broker, exempted bank or financial institution approved to carry on a business as an insurance broker, exempted financial adviser or capital markets services licence holder. According to the data from LIA Singapore: The number of new policies purchased online continues to increase to 370,528 in YTD 3Q2021 compared to 120,396 in YTD 3Q2020. The insured can either be a consumer or a commercial company, while the insurer is, under the Insurance Act, always either a company or a co-operative society carrying out the business of insurance. The District Court, for claims between SGD60,000 and SGD250,000. Is subject at the date of the bankruptcy order. Direct General Insurers are licensed to write all insurance business other than life policies and long-term accident and health policies. The short answer is no and the long one is; of course no. The following associations also play an essential role in the regulation of insurers and insurance intermediaries by issuing internal codes of conduct and guidelines to regulate the conduct of their members Life Insurance Association (LIA) (the trade association of life insurers). Public liability insurance is insurance covering an insured's liability to third parties for causing bodily injury (BI) or property damage (PD). Advising Chinese construction company in respect of Hydro Electric Dam construction dispute in a third country and Banker's Performance Bond claim in Singapore involving more than USD35 million. (2)For the purposes of this Act, the reinsurance of liabilities under insurance policies by a licensed insurer or an authorised reinsurer is treated as insurance business of the class and type to which the nature of the risk assumed or liabilities undertaken by that licensed insurer or authorised reinsurer relates. These amendments became effective on 1 January 2016. WIC does not include public liability insurance in Singapore. However, accidents can still occur despite the many safety measures in place, and it is no secret . A warranty requires strict compliance, failing which the insurer is discharged from all liability from the date of the breach. The employer can also be sued for damages sustained by the employee. Member of Fellow Singapore Institute of Arbitrators (FSIArb). Public/General Liability Insurance Coverage Highlights Forms and Documents Protect against liability claims for bodily injury and property damage with this business insurance policy from Chubb. Singaporean courts have not expressly prohibited the insurance of punitive damages, and there do not appear to have been any reported judicial objections to insuring such damages. A major stake is defined as any beneficial interest or control exceeding 10% of the corporation's voting rights or issued shares. Establishing and maintaining a separate insurance fund for each class of insurance business carried on by the insurer in respect of its Singapore and offshore policies. This was the position adopted by the UK courts in. In determining whether a person is fit and proper, the MAS will consider the following factors: Honesty, integrity and reputation (for example, whether previous applications by the applicant for the present or similar trades have been refused by the MAS, whether they have been disciplined by the MAS or an industry body or been convicted of any criminal offence). Professional Indemnity Insurance - Law Society of Singapore The MAS can intervene in the business of an insurer or reinsurer that is likely to become insolvent or is unable to meet its obligations (. Is public liability insurance tax deductible? Insurance cannot be sold to persons without any insurable interest in the insured subject matter, and insurers cannot offer insurance to companies against the criminal and administrative liabilities of the company's officers. This is regardless of whether the insurer may have been entitled to deny coverage to the insured tortfeasor, if the insurer had at least seven days' notice of the commencement of proceedings and the insurer is not entitled to and has not avoided the insurance policy on the ground of non-disclosure. Here's what businesses need to know about public liability insurance. Launching direct sales channels to allow consumers to buy life insurance and critical illness insurance products directly from insurers. [11/2013] [1 January 1967] PART 1 PRELIMINARY Short title 1. General Liability Insurance | Howden Singapore Express choice of law and jurisdiction clauses are enforceable in Singapore. A company cannot carry on the following activities in Singapore if it does not hold the requisite licence issued by the MAS: Assuming risk or liability under policies. It enables an insured with a sizable risk exposure to deal with and receive coverage from one insurer, rather than dealing with a number of insurers. Designing and developing a web aggregator for life insurance and critical illness insurance product to enable consumers to compare life insurance and critical illness insurance products. Where there is no express inspection clause in the policy, a right of inspection may be implied into the policy, unless it has been specifically excluded. Public Liability | Liability Insurance | MSIG Singapore We have Professional Liability insurance solutions that address the exposures faced by professionals in a variety of industries. These proposals include, among others: Imposing management expertise, financial and compliance requirements on insurance brokers. An insurer can take the form of either a: Insurers are limited in the type of insurance they can carry on under the terms of their licence. Public Liability Insurance In SG | Safeguard Your Business For proceedings commenced in the District Court, the Duty Registrar may also recommend ADR. In the absence of an express jurisdiction clause, Singapore courts can exercise jurisdiction subject to the ordinary rules of civil procedure, but can also exercise their discretion to stay proceedings in favour of a more convenient forum. Notable requirements that require strict compliance include: Establishing and maintaining a register of Singapore and offshore policies, if the insurer carries on business relating to Singapore and offshore policies. Where the insured has become bankrupt or has been wound up, a victim of an accident or an involuntary creditor may be entitled to recover its judgment debt directly from the bankrupt-tortfeasor's insurer under the Motor Vehicle (Third Party Risks and Compensation) Act. Reinsurance contracts are therefore usually less regulated than insurance contracts. Liability limits of at least 100/300/100 are much better . Approved MAT insurers do not have a physical presence in Singapore. The MAS can either issue an intention to serve an objection in writing, or serve an objection in writing to persons already exercising effective control over licensed insurers or existing substantial shareholders of licensed insurers, on the basis that they are not fit and proper persons or are no longer likely to conduct its business prudently or in compliance with the Insurance Act. MAS assesses applications in accordance with admission criteria as stated on the MAS's website. FIDReC's role is to administer the FIDRec-NIMA Scheme under the Pre-action Protocol for Non-Injury Motor Accident Cases (Appendix C of the State Courts Practice Directions) issued by the State Courts. They can be authorised as general reinsurers and/or life reinsurers. 2023 Thomson Reuters. Consumer protection clauses in life and health policies providing for assured consumers to terminate the policy within 14 days from receipt of the policy without penalty. Generally, the duration of a lease agreement for a fairly large commercial space is between 5 to 6 years. Companies convicted of an offence under the Insurance Act may be subject to double the fine the court may impose against an individual for having committed the same offence. Employers' liability insurance recorded SGD381.5 million in gross writing premiums in 2020, a 4.3% increase from last financial year. Different types of insurers are regulated differently and a licence or authorisation is required depending on the type of insurance business undertaken. Public / General Liability Insurance in Singapore - Chubb Public liability insurance is one of the most common insurances bought by companies. In Singapore, the duration of a lease agreement depends on the size of the commercial space to be leased. However, awards of punitive damages under Singapore law are rare, and are unlikely to be ordered in respect of an insured's contractual liability (punitive damages are presently understood to be available only in cases of tortious liabilities). Victims and involuntary creditors of bankrupt or wound-up tortfeasors can also seek recovery of the insolvent tortfeasor's liability to the victim from liability insurers under the Third Parties (Rights Against Insurers) Act (Cap 395) in priority to other claimants against the insolvent estate of the tortfeasor. In any case, the Contracts (Rights of Third Parties) Act is unlikely to have any practical effect as most, if not all, reinsurance contracts typically contain a clause excluding the rights of third parties to enforce the contract. The substantive scope of cover offered under motor, workmen' compensation and marine insurance policies are respectively governed by the: Motor Vehicles (Third Party Risks and Compensation) Act (Cap 189). It is also a not-for-profit company that aims to provide consumers with a one-stop centre for resolving disputes in banking, insurance, and capital market sectors. Part 3A ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES, Part 3AA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UP, Division 1 Voluntary transfer of business, Division 2 [Repealed by Act 31 of 2017], Division 3 [Repealed by Act 31 of 2017], Division 4 [Repealed by Act 31 of 2017], Division 1 Administration and enforcement, Division 2 Miscellaneous amendments of law, FIRST SCHEDULE These policies are regularly revised in accordance with the legal developments in contract and insurance law. Singapore is a regional hub and a global leader in the Asia-Pacific region for insurance, and remains an extremely competitive insurance market. Under the Consumer Protection (Fair Trading) Act (Cap 52A), consumers can commence legal action against suppliers of services if the supplier has engaged in an unfair practice. Although a case on this issue has not come before the courts in Singapore, they may follow the position in the UK where courts have held that while public policy prohibits a person from insuring themselves against criminal or administrative liabilities in respect of a crime, insurance against civil liability for punitive damages is not against public policy and is not strictly prohibited, especially where the liability arose vicariously out of the tortious conduct of employees or agents (. We cover professions like: Accountants Architects and Engineers Business Process Outsourcing/Call Center Employment Agencies Insurance Brokers Management Consultancy Firms Multimedia Firms Property Managers Any business that deals with clients face-to-face, need general liability insurance, especially if they visit your premises or you work using their infrastructure or equipment . Insurance Act 1966 - Singapore Statutes Online An Act for the regulation of insurance business in Singapore, insurers, insurance intermediaries and related institutions, and for other purposes relating thereto or connected therewith. A contract of insurance must include the three following features: On the occurrence of an event, the insured must become entitled to a specified benefit (for example, damages or partial indemnity for monetary losses sustained). While it is in theory possible for an excess insurance policy to "drop down", it is in practice rare for a provider to include "cut-through" or similar provisions in an excess insurance policy.

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