Singapore legislation
Clause 12
Clause 12
Requirements as to documents evidencing title to assets of insurance funds
(1)
Where an insurer has established an insurance fund under this Act, the insurer shall secure that any documents evidencing the insurer’s title to assets of the fund or assets falling within subsection (6) of section 11 of this Act, so long as the documents are held by or on behalf of the insurer, shall be kept in Singapore or, if not so kept, shall be kept in the custody of a person approved by the Commissioner, and at a place and on terms so approved.
(2)
An insurer who has established an insurance fund under this Act shall from time to time notify the Commissioner in writing —
the person having the custody of any such documents on behalf of the insurer, and the fact of any person ceasing to do so; and
the reason why any such documents are not held by or on behalf of the insurer, and the identity of the documents in question.
(3)
Any such document which is for the time being held by or on behalf of the insurer shall, on the Commissioner giving not less than fourteen days’ notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Commissioner or a person nominated by him by the person to whom the notice is given.
(4)
A person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine of one thousand dollars, and to a fine of fifty dollars for every day during which the offence is continued after conviction.