Singapore legislation
Clause 4
Clause 4
Repeal and re-enactment of section 5
Section 5 of the Insurance Act is hereby repealed and the following substituted therefor: —“Conditions of registration5.—
(1)
The Commissioner may at any time add to, vary or revoke any existing conditions of registration of an insurer or impose any conditions thereto.(2) Any insurer which fails to comply with any of the conditions imposed by the Commissioner under subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine of five thousand dollars and to a further fine of one thousand dollars for every day during which the offence is continued after conviction.”.