22/03/23

Singapore: Asia's Leading Specialty Insurance And Reinsurance Hub

Following the completion of the Universal Law Revision Exercise on 31 December 2021 by the Law Revision Commissioners, a part of the Editorial and Revision Group of the Attorney-General’s Chambers, the Insurance Act (Chapter 142), which is the statute providing an integrated regulatory framework for persons engaging in insurance business and acting as insurance intermediaries in Singapore, was renamed the “Insurance Act 1966”. Apart from the Insurance Act 1966, there are other pieces of legislation which govern specific types of insurance contracts or substantive points of insurance law. For example, the Third Parties (Rights against Insurers) Act 1930, Marine Insurance Act 1906, Motor Vehicles (Third Party Risks & Compensation) Act 1960 and Work Injury Compensation Act 2019.

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