Singapore legislation
Clause 50
Clause 50
Amendment of section 49FG
Section 49FG of the Insurance Act is amended —
(a)
by deleting the word “registered” wherever it appears in subsection (7) and substituting in each case the word “licensed”;
(b)
by deleting the words “or territory” wherever they appear in subsection (12);
(c)
by deleting the words “societies registered under the Co‑operative Societies Act (Cap. 62)” in subsection (13)(a) and substituting the words “co-operative societies”; and
(d)
by deleting the words “$100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000” in subsections (14) and (15) and substituting in each case the words “$250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000”.