42. Authorisation of reinsurers

A person carrying on reinsurance business outside Singapore may apply to the Authority to be authorised for the purposes of this Act in such form and manner as the Authority may prescribe.

The Authority may require the applicant to provide it with any information or document that the Authority considers necessary in relation to the application.

The Authority may authorise the applicant with or without conditions, or refuse to authorise the applicant on any prescribed ground or on any other ground that the Authority thinks fit.

The Authority may authorise the applicant as a general reinsurer or life reinsurer or both.

The Authority must cause notice of any authorisation or change of name of a reinsurer authorised under this section to be published in the Gazette.

Any applicant which is aggrieved by the refusal of the Authority to authorise it under this section may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B.

The Authority may at any time add to, vary or revoke any of the existing conditions of authorisation of a reinsurer or impose any conditions thereto.

Any authorised reinsurer which fails to comply with any condition imposed by the Authority under subsection (3) or (7) 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.[34