Clause 7

by deleting the words “No person, other than a registered insurer, an authorised reinsurer or a foreign insurer carrying on insurance business under a foreign insurer scheme established under section 35B,” in subsection (1) and substituting the words “Subject to subsection (1AA) and except with the written consent of the Authority, no person, other than a licensed insurer, an authorised reinsurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme,”;

by deleting the words “Subject to subsection (1B),” in subsection (1A) and substituting the words “Subject to subsections (1B) and (1C) and except with the written consent of the Authority,”;

by inserting, immediately after subsection (1A), the following subsection:“(1AA) Subsection (1) shall not apply to any registered person as defined in section 6A(9).”;

by deleting the words “under a foreign insurer scheme established under section 35B” in subsection (1B)(f) and substituting the words “in Singapore under a foreign insurer scheme”;

by inserting, immediately after subsection (1B), the following subsection:“(1C) Any person allowed under subsection (1A) to use any word referred to in that subsection in the name, description or title under which the person carries on business in Singapore shall, when using that word in that name, description or title, indicate that the person carries on business as an insurance intermediary.”; and

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

in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or

in any other case, to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.”.