Clause 4

by inserting, immediately after subsection (1), the following subsections:“(1A) Except for a registered insurer or a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B, no person carrying on reinsurance business outside Singapore shall carry on the business of providing the reinsurance of liabilities under insurance policies, as a principal and as an insurer, to persons in Singapore unless —

he is authorised by the Authority under section 8A to do so; or

he is providing the reinsurance of liabilities under insurance policies pursuant to an arrangement which was not solicited by him but was initiated by —

a registered insurer;

a registered insurance broker; or

a person exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) who has notified the Authority, in such manner as may be prescribed under section 64(1), of his commencement of insurance broking business.(1B) Any person registered by the Authority under this Act to carry on insurance business as an insurer in respect of life business may carry on general business relating to short-term accident and health policies while being so registered, and —

the person need not be registered as an insurer in respect of general business in order to carry on general business relating to short-term accident and health policies; and

the general insurance business relating to short-term accident and health policies carried on by the person shall be treated as part of the person’s life business.(1C) An insurer registered to carry on both life business and general business may treat its short-term accident and health policies as part of its life business or its general business.”;

by inserting, immediately after subsection (2), the following subsection:“(3) Any person who contravenes subsection (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine of $7,500 for every day or part thereof during which the offence continues after conviction.”; and

by inserting, immediately after the word “registered” in the section heading, the words “or authorised”.