Singapore legislation

Clause 64

of Insurance (Amendment) Bill

Clause 64

Amendment of section 64

Section 64 of the Insurance Act is amended —

(a)

by inserting, immediately after the words “including the” in subsection (1A)(b), the word “waiver,”;

(b)

by deleting paragraph (c) of subsection (1B) and substituting the following paragraph:“(c)may provide —

(i)

in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction; or

(ii)

in any other case, for penalties not exceeding a fine of $100,000 for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.”;

(c)

by inserting, immediately after the words “this Act” in subsection (2), the words “, and may at any time vary, rescind or revoke any such directions”; and

(d)

by deleting subsection (3) and substituting the following subsection:“(3) It shall not be necessary to publish any direction issued under this Act in the Gazette.”.

Read in full context — Insurance (Amendment) Bill →