The last major amendment of the Insurance Act (Cap 142) ("IA") was in 2004. MAS is proposing amendments to the IA to take into account regulatory and market developments since then, and to align where appropriate, the regulatory framework for insurance with that of other financial activities regulated by MAS.
MAS had consulted the public on many of the policy proposals underlying the proposed changes between May 2009 and September 2012, and had issued our responses to feedback received (please refer to MAS‟ website www.mas.gov.sg).
This consultation paper sets out the legislative amendments to the IA that will give effect to the changes, as well as some other proposed changes not previously consulted on in Section 2. A summary of all the changes is appended at Annex A for ease of reference.