Singapore legislation
Section 34A
Section 34A
Approved financial security provider
(1)
The Director may approve, with or without terms or conditions, a person who provides insurance or other financial security services as an approved financial security provider for the purposes of section 34.
(2)
In determining whether or not to approve any person as an approved financial security provider, the Director —
must have regard to whether —
the person is able and willing to meet the requirements of a financial security provider under this Act; and
the insurance or other financial security provided by the person will comply with the requirements of this Act; and
may have regard to any other matter that the Director considers relevant.
(3)
The Director may, by written notice to an approved financial security provider, vary any term or condition of approval.
(4)
The Director may revoke the approval of a person as an approved financial security provider if the Director is satisfied that —
the person is not able or willing, or has failed, to meet the requirements of a financial security provider under this Act;
the insurance or other financial security provided by the person does not comply with the requirements of this Act;
the person has breached any term or condition of approval; or
it is otherwise not suitable for the person to continue to be an approved financial security provider.
(5)
The Director must, before taking any action under subsection (3) or (4), give written notice to the approved financial security provider of the Director’s intention to take such action and give the approved financial security provider an opportunity to submit reasons why the terms or conditions of approval should not be varied, or why the approval should not be revoked, as the case may be.
(6)
A person aggrieved by any of the following decisions of the Director (called in this section the appellant) may appeal to the Minister against the decision:
the refusal to approve the appellant as an approved financial security provider;
the imposition of any term or condition on the approval of the appellant as an approved financial security provider;
the variation of any term or condition of approval of the appellant as an approved financial security provider;
the revocation of the approval of the appellant as an approved financial security provider.
(7)
An appeal under this section —
must be in writing;
must specify the grounds on which it is made; and
must be made within 14 days after the date of receipt of the decision that is appealed against.
(8)
An appellant who appeals to the Minister under this section must provide such information as may be required by the Minister in such manner and within such period as the Minister may specify.
(9)
The Minister may reject an appeal of an appellant who fails to comply with the requirements of subsection (7) or (8).
(10)
After consideration of an appeal, the Minister may —
reject the appeal and confirm the Director’s decision; or
allow the appeal and substitute or vary the Director’s decision.
(11)
The Minister’s decision on an appeal is final.
(12)
Every appellant must be notified of the Minister’s decision under subsection (10).
(13)
An appeal against the Director’s decision does not affect the operation of the decision appealed against until the determination of the appeal.