Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
39. Licensed insurers to provide information for web aggregator
Feedback & supportLast amended by an amending law of 2015.
Without limiting section 38, the Authority may, by regulations made under section 154 or written notice, require a licensed insurer or class of licensed insurers to provide to the Authority, or such person as may be specified in the regulations or notice (called in this section the specified person), such information as the Authority may require for the purposes of the web aggregator.
For the purposes of subsection (1), the Authority may specify the time at which and the manner in which the information is to be provided in the regulations or notice.
The Authority or specified person may prepare and publish any information provided under this section on the web aggregator.
Any licensed insurer which fails to comply with any regulation or written notice referred to in subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 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;
Any licensed insurer which, in purported compliance with any regulation or written notice referred to in subsection (1), provides to the Authority or specified person any information which is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction —
material
“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto;
in the case of an individual who committed the offence wilfully, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both;
in the case of an individual who did not commit the offence wilfully, to a fine not exceeding $125,000; or
in the case where the offence is committed by a person who is not an individual, to a fine not exceeding $250,000.
In subsection (5), “licensed insurer” includes any person acting on behalf of the licensed insurer to carry out its obligation under the regulation or written notice.
Any licensed insurer which fails to take reasonable care that any information provided to the Authority or specified person under this section is accurate shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
In this section and section 40, “web aggregator” means an Internet portal or domain on the Internet which the Authority, or such person as the Authority may appoint, creates, develops and operates for the purposes of publishing certain information from time to time, to assist any person in the purchase of a policy.[33A