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Citation.
1. These Regulations may be cited as the Insurance (Investment-Linked Life Insurance) Regulations.
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Definitions.
2. In these Regulations, "fund" means an insurance fund established and maintained under section 17 of the Act for investment-linked policies.
S679/2003, wef 01/01/2004
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3. Deleted by S679/2003, wef 01/01/2004.
Approval of Authority.
4. No insurer shall issue any investment-linked policy unless the insurer has obtained the written approval of the Authority for the issuance of such policy.
Separate funds.
5. --(1) Deleted by S679/2003, wef 01/01/2004.
(2) The assets of any fund shall be kept separate from all other assets of the insurer.
(3) The insurer shall maintain in each fund adequate assets to meet the liabilities of that fund.
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S679/2003, wef 01/01/2004
Valuation of assets.
6. --(1) The assets of any fund shall be valued at market rate at least once a month except that immovable property may be valued quarterly.
(2) The value of each of the following assets shall be determined for an amount not exceeding the net realisable value of the assets:
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(a) unquoted shares;
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(b) unquoted corporate bonds; and
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(c) equity shares and corporate bonds that have been suspended by any stock exchange from trading in excess of 10 consecutive trading days at the date for which the value is to be determined.
Exemption from investment limits.
7. Deleted by S679/2003, wef 01/01/2004.
Fund margin of solvency.
8. Deleted by S679/2003, wef 01/01/2004.
Valuation of liabilities.
9. --(1) The mortality and interest assumptions used to determine the liabilities of an insurer in respect of its investment-linked policies shall be in accordance with Part V of the Insurance Regulations.
(2) The method of calculation under paragraph (1) shall be determined by the insurer's actuary subject to the Authority's approval.
(3) The liabilities of an insurer in respect of its investment-linked policies shall not be less than the amount needed to meet the cash values, the death claims and the administrative expenses relating to such policies.
(4) The assets needed to meet the liabilities of an insurer in respect of the death claims or the administrative expenses of its investment-linked policies may be aggregated and maintained in any life fund established by the insurer. Mortality and expense charges may be deducted from the investment-linked policies and paid into the life fund for this purpose.
(5) For the purposes of paragraph (4), "life fund" means an insurance fund established by an insurer under the Act in respect of the insurer's life business, including any fund established under regulation 5.
(6) The actuary of an insurer shall ensure that the liabilities of the insurer in respect of its investment-linked policies are adequate at any particular time. The actuary shall increase such liabilities to cover any contingencies or guarantees relating to such policies whenever he considers necessary.
Business plan.
10. An insurer shall, before issuing any investment-linked policy, furnish the Authority with such information as may be specified in the notice issued by the Authority to insurers for the purposes of these Regulations.
Disclosure of information to applicants.
11. --(1) An insurer shall deliver to an applicant of any investment-linked policy, adequate and accurate information about the policy.
(2) All sales materials used by any agent of an insurer to market any investment-linked policy must be approved by the insurer and shall not include any statement, promise or forecast which the insurer knows to contain any concealment of material facts.
(3) All sales materials and policy forms shall include such information as the Authority may specify.
Periodic disclosure to policy owners.
12. --(1) Every investment-linked policy issued by an insurer shall provide that the policy owners will be sent, within 30 days after each anniversary of the policy or a specified date in each policy year, a statement for the purpose of keeping the policy owners advised on the performance and value of their policies.
(2) All policy owners shall be entitled to receive from the insurer an annual report on the performance of each of the funds within 60 days from the date to which the report relates.
(3) A copy of the report under paragraph (2) shall be submitted to the Authority.
(4) The statements and reports mentioned in paragraphs (1) and (2) shall include such information as the Authority may specify.
Age limit.
13. No insurer shall issue any investment-linked policy to any person below the age of 18 years.
Free-look.
14. Deleted by S679/2003, wef 01/01/2004.
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