s 30 Transfer of annuities, policies, etc.
30.—(1) Except with the permission of the Authority, no person resident in the scheduled territories shall in Singapore transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Authority, any payment thereof to any other person —(a) he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and (b) the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection. (2) Section 20(2) and (3) shall apply in relation to any transfer prohibited by this section as it applies in relation to a transfer prohibited by this Act of a security. (3) In this section, “nominee” has, in relation to any policy, annuity or insurance, the same meaning as that expression has in Part 4 in relation to a security.