Singapore legislation
Clause 47
Clause 47
Amendment of section 49E
Section 49E of the Insurance Act is amended by deleting subsection (2) and substituting the following subsections:“(2) Any person who is guilty of an offence under subsection (1)(a) shall be liable on conviction —
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction; or
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.(3) Any person who is guilty of an offence under subsection (1)(b) or (c) shall be liable on conviction —
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $100,000.”.