Singapore legislation
Clause 24
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 24
Amendment of section 64
Section 64 of the principal Act is amended —
(a)
by deleting the words “policy owners” in subsection (1) and substituting the words “covered parties”; and
(b)
by inserting, immediately after subsection (4), the following subsection:“(5) Any DI Scheme member or PPF Scheme member which in purported compliance with the regulations made under this section, without reasonable care, discloses any information that is inaccurate, false or misleading, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.”.