Singapore legislation

Regulation 10

of Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations

Regulation 10

Representation by approved insurance broker

Subregulation 1

No approved insurance broker shall, with intent to deceive, make a false or misleading statement as to —

(a)

any amount that would be payable in respect of a proposed contract of insurance; or (b)the effect of any provision of a contract of insurance or a proposed contract of insurance.

Subregulation 2

A reference in paragraph (1) to making a misleading statement includes a reference to omitting to disclose any matter that is material to a statement.

Subregulation 3

No approved insurance broker shall, with intent to deceive, in relation to a proposed contract of insurance —

(a)

write on a form, being a form that is given or sent to an insurer, any matter that is material to the contract and is false or misleading in a material particular;

(b)

omit to disclose to the insurer any matter that is material to the proposed contract;

(c)

advise or induce the intending insured to write on a form, being a form that is given or sent to an insurer, any matter that is false or misleading in a material particular; or

(d)

advise or induce the intending insured to omit to disclose to the insurer any matter that is material to the proposed contract.

Subregulation 4

No approved insurance broker shall, with intent to deceive, in relation to a claim under a contract of insurance —

(a)

fill up, in whole or in part, a form, being a form that is given or sent to an insurer, in such a way that the form is false or misleading in a material particular;

(b)

omit to disclose to the insurer any matter that is material to the claim;

(c)

induce the insured to fill up, in whole or in part, a form, being a form that is given or sent to the insurer, in such a way that the form is false or misleading in a material particular; or

(d)

advise or induce the insured to omit to disclose to the insurer any matter that is material to the claim.

Subregulation 5

Any approved insurance broker who contravenes paragraph (1), (3) or (4) shall, notwithstanding that a contract of insurance does not come into being, be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

Read in full context — Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations →