Clause 32

by inserting, immediately after subsection (2), the following subsection:“(2A) A decision of the Authority to revoke any appointment of an administrator under section 35C(5) or to prohibit any foreign insurer from carrying on insurance business in Singapore under section 35F shall not take effect until the expiration of a period of 30 days after the Authority has informed the administrator of the revocation of appointment or the foreign insurer of the prohibition, as the case may be, under subsection (2).”;

by deleting the words “of the decision of the Authority” in subsection (3) and substituting the words “after the Authority has informed the person of the revocation of appointment or the prohibition, as the case may be, under subsection (2)”; and

by inserting, immediately after subsection (3), the following subsection:“(4) If, within the period referred to in subsection (3), the person concerned gives due notice of appeal to the Minister, the revocation of appointment or the prohibition, as the case may be, by the Authority shall not take effect unless the decision is confirmed by the Minister or the appeal is for any reason dismissed by the Minister.”.