Insurance Act 1966 · 2020 Revised Edition · Part 3 · Returns, Inspections and Investigations, Winding Up and Transfers of Business
98. Inspection by Authority
Feedback & supportLast amended by an amending law of 2013.
The Authority may, from time to time, inspect under conditions of secrecy, the books, accounts, records and other documents, whether in electronic, print or other form, of —
a licensed insurer;
any branch or subsidiary outside Singapore of a licensed insurer established or incorporated in Singapore; or
an insurance intermediary.
For the purpose of an inspection under this section, a licensed insurer or insurance intermediary referred to in subsection (1) must —
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
produce the insurer’s or insurance intermediary’s books, accounts, records and other documents, whether in electronic, print or other form, to the Authority and give such information and facilities as may be required by the Authority to conduct the inspection; and
procure that any person who is in possession of such books, accounts, records and other documents referred to in paragraph (a) produces such books, accounts, records and other documents and give such information and facilities as may be required by the Authority.
The Authority may make copies of, or take possession of, any of the books, accounts, records and other documents, whether in electronic, print or other form, of a licensed insurer or an insurance intermediary.
insurance intermediary
“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker;
Any person who, without reasonable excuse, fails to produce any book, account, record or other document or provide any information or facilities in accordance with subsection (2) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
in any other case, 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.[40