Singapore legislation
Regulation 14
Regulation 14
Responsibility of administrator
Subregulation 1
The administrator shall, directly or with the assistance of the regulatory resources of Lloyd’s, exercise due diligence and use all reasonable effort to co-ordinate and monitor the compliance of the provisions of the Act and these Regulations by the Service Companies.
Subregulation 2
If the administrator, in the course of the performance of its duties under these Regulations, is satisfied that there is any matter materially affecting the operation of these Regulations, including but not limited to any matter —
which may adversely affect the financial position of any member of Lloyd’s carrying on insurance business in Singapore under these Regulations;
which may constitute a breach of any provision of the Act or a criminal offence involving fraud or dishonesty; or
which may involve irregularities in the documents required to be submitted to the Authority under regulation 21, including irregularities that may jeopardize the insurance funds established under regulation 11,the administrator shall immediately report the matter to the Authority.
Subregulation 3
The administrator must immediately inform the Authority if the administrator becomes aware of any development that has occurred or is likely to occur which the administrator has reasonable grounds to believe is likely to cause an adverse material effect on the financial position of the administrator.