Clause 40

by deleting subsection (1) and substituting the following subsection:“(1) 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.”;

by deleting the word “registered” in subsections (2) and (3) and substituting in each case the word “licensed”;

by deleting subsection (4); and

by deleting subsection (5) and substituting the following subsection:“(5) Any person who fails, without reasonable excuse, to produce any book, account, record or other document or furnish 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 thereof 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 thereof during which the offence continues after conviction.”.