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Insurance Act & & Insurance (Nomination of Beneficiaries) Regulations 2009

>> Tuesday, September 1, 2009

Source : Singapore Government Gazette - Date of Publication 31 Aug 2009.

Before 1 Sep 2009, there was no provision in the Insurance Act (IA) to govern the nomination of beneficiaries for the insurance proceeds of life policies. Nomination of beneficiaries was governed by Section 73 of the Conveyancing and Law of Property Act (CLPA), and Section 45 of the Co-operative Societies Act (CSA) for NTUC Income life policyholders.

With effect from 1 Sep 2009:
(a) the law governing the nomination of beneficiaries is consolidated under the Insurance Act; and
(b) no nomination is allowed under the CLPA and the CSA.

For policyholders that had made nomination prior to 1 Sept 2009 under s73 of CLPA or s45 of CSA - there will be no change and no action is required.




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