Clause 18

by deleting the words “Subject to subsection (4) of this section, no person shall” in subsection (1) and substituting the words “No person shall without the approval of the Authority”; and

by deleting subsections (3) and (4) and substituting the following subsections:“(3) The references in subsection (2) to a contract of insurance and to insurance business shall not apply to reinsurance or business relating to risks outside Singapore or such other risks as may be prescribed.(4) Where in any particular case the Authority is satisfied that, by reason of the exceptional nature of the risk or other exceptional circumstances, it is not reasonably practicable to effect an insurance for that case with a Singapore insurer acting in the course of his business as such, the Authority may permit any insurance broker to negotiate the insurance with such insurer as the broker sees fit and also, if in the opinion of the Authority the case requires it, to effect the insurance and receive the premium in Singapore on behalf of the insurer.(4A) The Authority may inspect books and records kept by any Singapore insurance agent and Singapore insurance broker and may for this purpose enter any premises at all reasonable times.”.