Clause 5

by deleting the word “registered” wherever it appears in subsections (1), (1B) and (1C) and in the section heading and substituting in each case the word “licensed”;

by deleting subsection (1A) and substituting the following subsection:“(1A) Except for a licensed insurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, 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 34 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 licensed 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.”; and

by deleting subsections (2) and (3) and substituting the following subsection:“(2) Any person who contravenes subsection (1) or (1A) shall be guilty of an offence and shall be liable on conviction —

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.”.