Clause 8

by deleting subsection (8) thereof and substituting therefor the following: —“(8) The Commissioner shall not be required to consider an application for a licence under subsection (6) of this section unless he is satisfied —

that the person applying for a licence to carry on business as a Singapore insurance agent for any individual has a surplus of assets over liabilities of not less than one hundred thousand dollars or such greater amount as may be prescribed; and

that the person applying for a licence to carry on business as Singapore insurance broker in negotiating insurances with any individual has furnished a certificate of solvency signed by the applicant’s auditor and has a professional indemnity insurance policy of a value of not less than five hundred thousand dollars or such greater amount as the Commissioner may specify.(9) In granting a licence under subsection (6) of this section the Commissioner may impose such conditions as he thinks fit and may at any time add to, vary or revoke such conditions.(10) Any person in Singapore who carries on business as a Singapore insurance agent for any individual or as a Singapore insurance broker in negotiating insurances with any individual without a valid licence under subsection (6) of this section or who fails to comply with any of the conditions of his licence 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.(11) Every licence under subsection (6) of this section shall expire on the 31st day of December of each year and shall be issued on payment of the prescribed fees.(12) The Minister may prescribe different licence fees for Singapore insurance agents and Singapore insurance brokers.”; and

by renumbering subsection (9) thereof as subsection (13).