Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
36. Disqualification of director or executive officer of licensed insurer
Feedback & supportLast amended by an amending law of 2022. 4 amendments in all.
Despite section 35 or the provisions of any other written law —
a licensed insurer must not, without the prior written consent of the Authority, permit a person to act as its executive officer; and
a licensed insurer which is established or incorporated in Singapore must not, without the prior written consent of the Authority, permit a person to act as its director,if the person —
has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after 18 April 2013, being an offence —
involving fraud or dishonesty;
the conviction for which involved a finding that the person had acted fraudulently or dishonestly; or
specified in the Third Schedule to the Registration of Criminals Act 1949;
is an undischarged bankrupt, whether in Singapore or elsewhere;
has had an enforcement order against him or her in respect of a judgment debt returned unsatisfied in whole or in part;
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation;
has had a prohibition order made against him or her that remains in force; or
has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
which is being or has been, wound up by a court; or
the licence of which has been revoked by the Authority or, in the case of a regulated financial institution in a foreign country, by the regulatory authority in that foreign country.
Any licensed insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
In this section, unless the context otherwise requires —
“prohibition order” means —
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
an order made under section 74(1) as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022; or
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;
“regulated financial institution” means a person who carries on a business, the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority” has the meaning given by section 109.[31A