Clause 12

by deleting subsections (6), (7) and (8) and substituting the following subsections:“(6) This section shall not authorise a person to carry on business as a Singapore insurance agent for any individual, or in the course of a business as Singapore insurance broker to negotiate insurances with any individual, except under the authority of a licence issued by the Authority or in respect of any risk for which the broker has been permitted under section 32 to negotiate with any insurer.(7) Any person who desires to obtain a licence under subsection (6) shall apply to the Authority in writing and shall furnish such information as the Authority may require.”; and

by deleting paragraph (c) of subsection (10) and substituting the following paragraph:“(c)the agent or broker has failed to maintain the minimum financial solvency requirement as specified by the Authority in its licence;”.