Clause 11

The Authority may, for the purpose of performing its functions under this Act, inspect the books, accounts and other documents of any Singapore insurance agent or Singapore insurance broker and may institute an investigation into the whole or any part of the insurance business carried on in Singapore by the agent or broker and may for this purpose enter any premises at all reasonable times.(2) Section 40(3) shall apply, mutatis mutandis, in relation to any Singapore insurance agent or Singapore insurance broker to which this section applies.(3) Any person who refuses or fails when required to do so under section 40(3), as made applicable by subsection (2), to produce any document in his custody shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 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.(4) This section shall not apply to any financial institution licensed under the Monetary Authority of Singapore Act [Cap. 186], Banking Act [Cap. 19], Finance Companies Act [Cap. 108], Securities Industry Act [Cap. 289] or Futures Trading Act [Cap. 116] and such other person as may be prescribed.”.