§ 204 — Amendment of Insurance Act 1966

204.—(1) Section 36 of the Insurance Act 1966 is amended —(a)

by deleting the words “under section 74, or under section 68 of the Financial Advisers Act 2001 or section 101A or 123ZZC of the Securities and Futures Act 2001,” in subsection (1)(g); and

(b)

by inserting, immediately before the definition of “regulated financial institution” in subsection (3), the following definition:“ “prohibition order” means —(a)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;

(c)

an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;

(d)

an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;

(e)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(f)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;

(g)

a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(h)

a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022; or

(i)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) Section 65 of the Insurance Act 1966 is amended by deleting the words “, 73 and 74” in subsection (3) and in the section heading and substituting in each case the words “and 73”.

(3) Section 74 of the Insurance Act 1966 is repealed.

(4) Section 93(1) of the Insurance Act 1966 is amended by inserting, immediately after the words “section 74” in paragraph (c), the words “as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022 or as continued by section 218(2) of that Act”.

(5) Section 100(6) of the Insurance Act 1966 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.

(6) Section 109 of the Insurance Act 1966 is amended by inserting, immediately after paragraph (c) of the definition of “prescribed written law”, the following paragraph:“(ca)

Financial Services and Markets Act 2022;”.

(7) Section 110 of the Insurance Act 1966 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.

(8) Section 120(1) of the Insurance Act 1966 is amended by deleting the words “section 54 of the Monetary Authority of Singapore Act 1970” and substituting the words “section 63 of the Financial Services and Markets Act 2022”.

(9) Section 123(3) of the Insurance Act 1966 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the licensed insurer under section 103, 104, 105 or 106 of that Act” in paragraph (e) and substituting the words “(within the meaning of section 107 of the Financial Services and Markets Act 2022) from the licensed insurer under section 112, 113, 114 or 115 of that Act”.

—(1) Section 36 of the Insurance Act 1966 is amended —(a)

by deleting the words “under section 74, or under section 68 of the Financial Advisers Act 2001 or section 101A or 123ZZC of the Securities and Futures Act 2001,” in subsection (1)(g); and

(b)

by inserting, immediately before the definition of “regulated financial institution” in subsection (3), the following definition:“ “prohibition order” means —(a)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;

(c)

an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;

(d)

an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;

(e)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(f)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;

(g)

a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(h)

a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022; or

(i)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) Section 65 of the Insurance Act 1966 is amended by deleting the words “, 73 and 74” in subsection (3) and in the section heading and substituting in each case the words “and 73”.

(3) Section 74 of the Insurance Act 1966 is repealed.

(4) Section 93(1) of the Insurance Act 1966 is amended by inserting, immediately after the words “section 74” in paragraph (c), the words “as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022 or as continued by section 218(2) of that Act”.

(5) Section 100(6) of the Insurance Act 1966 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.

(6) Section 109 of the Insurance Act 1966 is amended by inserting, immediately after paragraph (c) of the definition of “prescribed written law”, the following paragraph:“(ca)

Financial Services and Markets Act 2022;”.

(7) Section 110 of the Insurance Act 1966 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.

(8) Section 120(1) of the Insurance Act 1966 is amended by deleting the words “section 54 of the Monetary Authority of Singapore Act 1970” and substituting the words “section 63 of the Financial Services and Markets Act 2022”.

(9) Section 123(3) of the Insurance Act 1966 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the licensed insurer under section 103, 104, 105 or 106 of that Act” in paragraph (e) and substituting the words “(within the meaning of section 107 of the Financial Services and Markets Act 2022) from the licensed insurer under section 112, 113, 114 or 115 of that Act”.