19. Requirements as to documents evidencing title to assets of insurance funds

Where an insurer has established an insurance fund under this Act, the insurer must secure that any document evidencing the insurer’s title to assets of the fund, so long as the document is held by or on behalf of the insurer, is kept in Singapore or, if not so kept, is kept in the custody of a person in accordance with such directions as may be issued by the Authority.

An insurer who has established an insurance fund under this Act must from time to time notify the Authority in writing —

Any such document which is, for the time being, held by or on behalf of the insurer must, on the Authority giving at least 14 days’ notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Authority or a person nominated by it by the person to whom the notice is given.

Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part of a day during which the offence continues after conviction.[20