Singapore legislation

Section 9

of Insurance Act 1966

Section 9

Registration of representative office

Amended by11/201311/201311/201311/201311/201311/201311/201311/201311/2013

(1)

A person must not establish or operate a representative office unless the representative office is registered with the Authority.

Amended by11/2013

(2)

Any person who desires to establish and operate a representative office must —

(a)

apply in writing to the Authority for registration under this section; and

(b)

provide any information or document that the Authority may require.

Amended by11/2013

(3)

The Authority must refuse to register a representative office unless —

(a)

the applicant is a company, or a company incorporated outside Singapore; and

(b)

the applicant satisfies such criteria as may be determined by the Authority.

Amended by11/2013

(4)

The Authority may register a representative office subject to any conditions that it considers necessary, and the registered person must comply with the conditions of registration imposed by the Authority under this section.

Amended by11/2013

(5)

The Authority may at any time add to, vary or revoke any condition of registration, or impose a condition of registration.

Amended by11/2013

(6)

Every registered person must provide any information or document that the Authority may require from time to time.

Amended by11/2013

(7)

The Authority may cancel the registration of a representative office if the registered person contravenes —

(a)

any condition of registration imposed by the Authority; or

(b)

any provision of this Act.

Amended by11/2013

(8)

Any person who contravenes subsection (1) or (6), fails to comply with any condition of registration imposed by the Authority under subsection (4) or (5), or operates a representative office which has had its registration cancelled by the Authority under subsection (7), shall be guilty of an offence and shall be liable on conviction —

(a)

in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

Amended by11/2013

(9)

In this section, unless the context otherwise requires —

Amended by11/2013

Definition

“registered person” means a person whose representative office is registered with the Authority under this section;

Definition

“representative office” means an office in Singapore established —

(a)

by a person who —

(i)

intends to carry on insurance business in Singapore; and

(ii)

is not an authorised reinsurer, and does not carry on any insurance business or any other business in Singapore; and

(b)

to carry out liaison work, market research or feasibility studies for the use of that person.[6A

Amended by11/2013