Singapore legislation
Clause 2
Clause 2
New sections 3A, 3B and 3C
The Insurance Act is hereby amended by inserting immediately after section 3 thereof the following sections: —“Holding out as registered insurer3A. Where any company or firm holds itself out to be a registered insurer in respect of life business or general business or both when it is not registered under this Act in respect of that business, the company or firm shall be guilty of an offence under this Act and every director, manager or officer of the company and the proprietor or every partner or officer of the firm shall, unless he proves that the holding out by the company or firm was made without his knowledge or consent, be guilty of an offence under this Act and shall be liable on conviction to a fine of five thousand dollars or to imprisonment for a term of twelve months or to both such fine and imprisonment, and to a further fine of one thousand dollars for every day during which the offence is continued after conviction.Use of word “insurance”3B.—
No person other than an insurer registered under this Act shall, without the written consent of the Commissioner, use the word “insurance” or any of its derivatives in any language, or any other word indicating that such person carries on insurance business in the name, description or title under which it carries on business in Singapore or make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner:Provided that nothing in this section shall prohibit an association of insurers from using the word “insurance” or any of its derivatives in any language as part of its name or description of its activities.(2) Any person who contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine of one thousand dollars or to imprisonment for a term of six months or to both such fine and imprisonment and to a further fine of one hundred dollars for every day during which the offence is continued after conviction.Examination of persons suspected of carrying on insurance business3C.—
Whenever the Commissioner has reason to believe that a person is carrying on insurance business without having been registered under this Act, he may call for or inspect the books, accounts and records of that person in order to ascertain whether or not that person has contravened or is contravening any provisions of this Act.(2) Any person who wilfully refuses to submit such books, accounts and records or to allow the inspection thereof shall be guilty of an offence under this Act and shall be liable on conviction to a fine of five thousand dollars or to imprisonment for a term of twelve months, or to both such fine and imprisonment and to a further fine of one thousand dollars for every day during which the offence is continued after conviction.”.