Insurance Act 1966 · 2020 Revised Edition · Part 3 · Returns, Inspections and Investigations, Winding Up and Transfers of Business
101B. Investigation by Authority
Feedback & supportLast amended by an amending law of 2024.
The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:
to perform any of its functions and duties under this Act;
to ensure compliance with this Act or any written direction issued under this Act;
to investigate an alleged or suspected contravention of any provision of this Act or any written direction issued under this Act.
The Authority may exercise any of its powers under this Division for the purposes of conducting an investigation under subsection (1) despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.
investigation
“investigation” means an investigation to determine if a specified person has contravened or is contravening a law or regulatory requirement, being a law or regulatory requirement that relates to the insurance industry in the foreign country of the regulatory authority concerned;
Subject to subsection (5), a requirement imposed by the Authority under this Division has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
prescribed written law
“prescribed written law” means this Act, or any of the following written laws and any subsidiary legislation made under this Act:(a)Banking Act 1970;(b)Finance Companies Act 1967;(c)Financial Advisers Act 2001;(d)Monetary Authority of Singapore Act 1970;(e)Payment Services Act 2019;(f)Securities and Futures Act 2001; or(g)any other Act that the Authority may prescribe;
Subject to subsection (5), any person who complies with a requirement imposed by the Authority under this Division is not treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
Nothing in this section requires a person to disclose any information subject to legal privilege.
No civil or criminal action, other than proceedings for an offence under section 101R, shall lie against any person —
for giving assistance to the Authority, including answering questions, if the person had given the assistance or answered the questions in good faith in compliance with a requirement imposed by the Authority under this Division;
for providing information, producing books or giving access to data to the Authority, if the person had done so in good faith in compliance with a requirement imposed by the Authority under this Division; or
for doing or omitting to do any act, if the person had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division.
In this section, a reference to a requirement imposed by the Authority under this Division includes a reference to a requirement imposed by an investigator or authorised person under Subdivision (3) or (4).