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Where would CPF money go if it is nominated to a bankrupt? When Madam Lim Lye Kiang sought to claim the $102,000 from CPF which her late sister had left her, she would never have expected that the CPF Board transferred the money to the OA (Official Assignee) to...

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Why you should not buy IPOs As Sheng Siong is launching its IPO next month, I expected a few calls as whenever an IPO is launching. And if you are my client, you know my answer. I decide to write this article so everybody can benefit...

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Questions to ask your Financial Adviser Every Sunday morning when I flip open the newspapers, I always see articles or advertisements regarding "Financial Advisers". Nowadays, just like the once prestigious word "Banker", which is misused in...

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Revision to Nomination of Insurance Nominees Regulation With the onset of the Mental Capacity Act ("MCA") coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 ("the Regulations") will be amended to effect 2 changes: The...

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The ABCs of the Financial Advisers Act The title, Financial Adviser, is always mis-used in the industry and misunderstood by the consumers. On 10 October 2002, the Financial Advisers Act came into effect and all financial institutions are...

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Revision to Nomination of Insurance Nominees Regulation

Posted by Ivan Guan | Posted on 21-03-2010

Category : Featured Post, Financial Industry Update

Tags:

With the onset of the Mental Capacity Act (“MCA”) coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 (“the Regulations”) will be amended to effect 2 changes:

  1. The Regulations will be amended to provide for insurance nominations and revocations to be made by the court on behalf of a mentally incapacitated policy owner.
  2. The Regulations will also be amended to provide for trustees who are not natural persons (i.e. trust companies) to be named in the statutory forms.

For instance:

The Special Needs Trust Company (“SNTC”) was set up in October 2009. This is a nonprofit organization that provides trust services for families with disabled children. Now, policy owners may wish to use the amended forms to appoint SNTC as a trustee.

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