A person insured under a health policy
Beware of scam calls and scam messages impersonating as CPF officers asking for your personal details. Ignore them and do not share your Singpass ID/password or banking details with anyone. CPF officers will NOT ask for your Singpass, banking userid or password. Show Scheduled Maintenance: CPF digital services will not be available from 5 Nov 2022, 10pm to 6 Nov 2022, 8am. PART 1 1. This Act is the Insurance Act 1966. 2. In this Act, unless the context otherwise requires — “accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1 January of any year (as the case may be) and ending on 31 December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority; “actuary” means a Fellow of any prescribed professional body or institute; “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “authorised reinsurer” means a reinsurer which is for the time being authorised under section 42; “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; “captive insurer” means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations; “chief executive” —
“company” has the meaning given by section 4(1) of the Companies Act 1967; “co-operative society” means a co-operative society registered under the Co-operative Societies Act 1979; “corporation” has the meaning given by section 4(1) of the Companies Act 1967; “direct insurance broker” means a person who is for the time being registered under section 76 in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business; “direct insurer” means any insurer other than a reinsurer, an authorised reinsurer or a captive insurer; “director” —
“directions” includes directives and notices; “executive officer”, in relation to a licensed insurer, means any person, by whatever name described, who —
“exempt financial adviser” has the meaning given by section 2(1) of the Financial Advisers Act 2001; “financial advisory service” has the meaning given by section 2(1) of the Financial Advisers Act 2001; “financial year” has the meaning given by section 4(1) of the Companies Act 1967; “foreign country” means a country or territory other than Singapore; “foreign insurer” means an insurer which —
“foreign insurer scheme” means any foreign insurer scheme established under section 53; “general reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to general business; “guaranteed policy moneys” means the benefits that an insured policy owner is entitled to receive under the policy owner’s insured policy under section 54(3) or (4) (as the case may be) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “insurance agent” means —
but does not include such persons or class of persons as the Authority may prescribe; “insurance broker” means —
but does not include such persons or class of persons as the Authority may prescribe; “insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of —
but does not include such businesses or activities, such class of businesses or activities, or such businesses or activities carried on by such persons or class of persons, as the Authority may prescribe; “insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker; “insured” includes reinsured and “insurer” includes reinsurer; “licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act 2001; “licensed insurer” means an insurer which is for the time being licensed under section 11; “life reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to life business; “limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005; “marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance (within the meaning of section 85 of the Marine Insurance Act 1906) on such risk or risks as may be prescribed; “marine mutual insurer” means an insurer that is a direct insurer licensed to carry on general business and that is permitted under the licence to carry on marine mutual insurance business only; “partner” and “manager”, in relation to a limited liability partnership, have the respective meanings given to them by section 2(1) of the Limited Liability Partnerships Act 2005; “PPF Agency” means the deposit insurance and policy owners’ protection fund agency constituted under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “PPF Funds” means the Policy Owners’ Protection Life Fund and the Policy Owners’ Protection General Fund established under section 34 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; “registered insurance broker” means an insurance broker who is for the time being registered under section 76; “reinsurer” means an insurer whose licence is restricted to the carrying on of reinsurance business; “related corporation” has the meaning given by section 4(1) of the Companies Act 1967; “representative”, in relation to a licensed financial adviser or exempt financial adviser, has the meaning given by the Financial Advisers Act 2001; “statutory balance sheet” and “statutory valuation” mean respectively a balance sheet lodged with the Authority in order to comply with section 94, and a valuation of which the results are shown in a valuation balance sheet lodged with it on an actuarial investigation made in order to comply with section 95(1); “subsidiary” has the meaning given by section 5 of the Companies Act 1967; “substantial shareholder” has the meaning given by section 81 of the Companies Act 1967; “voting share” has the meaning given by section 4(1) of the Companies Act 1967. [1A [23/2003; 5/2005; 16/2011; 11/2013] Classification of insurance business and construction of references to matters connected with insurance 3.—(1) For the purposes of this Act, insurance business is divided into 2 classes —
[23/2003; 11/2013] (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. [11/2013] (3) Despite subsections (1) and (2), if the Authority is satisfied that any part of an insurer’s business which belongs to a particular class or type of insurance business ought in the insurer’s case to be treated as belonging to another class or type, the Authority may direct that it is to be so treated for the purposes of this Act. (4) For the purposes of this Act, references to carrying on insurance business include the carrying it on through an agent. [11/2013] (5) For the purposes of this Act and subject to subsection (6), “Singapore insurer” means a person who is or has been carrying on insurance business in Singapore. [11/2013] (6) A person is not to be treated as carrying on insurance business, or any class of insurance business, in Singapore if, apart from the collection or receipt of premiums in Singapore, the person —
(7) The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, or against similar matters, is not to be treated for the purposes of this Act as carrying on the business of insurance. (8) For the purposes of this Act, no society registered under the Societies Act 1966 or organisation registered under the Mutual Benefit Organisations Act 1960 is deemed to be an insurer, and no agent for such a society or organisation is as such deemed to be an insurance agent; nor do references in this Act to a policy or contract of insurance apply to any policy or contract whereby an insurance is effected with such a society or organisation. (9) For the purposes of this Act —
(10) The definitions set out in the First Schedule have effect for the construction of references in this Act to policies of insurance, policy owners and policy moneys. [2 [23/2003] What is a person covered by an insurance policy?Insured. The insured is the person covered by the insurance policy. In nearly all types of insurance, the policyholder and their immediate family members living in the same household are automatically covered.
Who is called insured?2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.
Who is insurer and insured person?Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.
What is the difference between insured and assured?The term "insurance" refers to the process of compensating for a loss, for instance, losses sustained due to an accident, fire, theft, flood, and so on. Providing monetary support for a particular scenario is referred to as assurance. A severe disease, death, or disability, for example.
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