Clause 19

Subject to subsection (4) of this section, no person shall carry on insurance business in Singapore as insurance agent for an insurer not entitled under this Act to carry on the business in question in Singapore; and a person contravening this subsection shall be guilty of an offence and shall be liable on conviction to a fine of five thousand dollars, increased by one thousand dollars for each day on which he is proved to have done so, or to imprisonment for a term of twelve months, or to both such fine and imprisonment.

Subject to subsections (3) and (4) of this section, no Singapore insurance broker shall in the course of his business as such negotiate any contract of insurance with an insurer (whether directly or through an insurance agent), except with a Singapore insurer acting in the course of his business as such, nor shall any person in Singapore solicit insurance business for an insurer not entitled to carry on that business in Singapore; and a person contravening this subsection shall be guilty of an offence and shall be liable on conviction to a fine of two thousand dollars or to imprisonment for a term of six months, or to both such fine and imprisonment.

The references in subsection (2) of this section to a contract of insurance and to insurance business shall not apply to re-insurance.

If in any particular case a Singapore insurance broker satisfies the Commissioner that, by reason of the exceptional nature of the risk or other exceptional circumstances, it is not reasonably practicable to effect an insurance with a Singapore insurer acting in the course of his business as such, the Commissioner may, notwithstanding anything in section 3 of this Act or in this section, permit the broker to negotiate the insurance with such insurer as the broker sees fit and also, if in the opinion of the Commissioner the case requires it, to effect the insurance and receive the premium in Singapore on behalf of the insurer.

Sections 16 and 18 of this Act shall apply in relation to Singapore insurance agents and to Singapore insurance brokers as they apply in relation to Singapore insurers.