Clause 26

by deleting subsections (1), (2) and (3) and substituting the following subsections:“(1) The Authority may from time to time inspect the books, accounts and transactions of a registered insurer and institute an investigation into the whole or any part of the insurance business carried on in Singapore by the insurer.(2) The costs and expenses of any investigation under subsection (1) shall be paid by the insurer.”;

by deleting the word “investigation” in subsection (4) and substituting the words “inspection or investigation”;

by deleting the words “Commissioner or inspector” wherever they appear in subsections (4) and (5) and substituting in each case the word “Authority”; and

by deleting subsection (6) and substituting the following subsection:“(6) Any person who refuses or fails when required to do so under subsection (4) or (5) to produce any document in his custody or to attend for or submit to examination by the Authority or any person appointed by it, or to answer any question put to him on such examination shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and in the case of a continuing offence to a further fine of $1,000 for every day during which the offence continues after conviction.”.