Clause 23

by deleting the word “or” at the end of sub-paragraph (ii) of subsection (1)(c), and by inserting immediately thereafter the following sub‑paragraph:“(iia)in any case where the pertinent financial institution is an insurer licensed under the Insurance Act (Cap. 142) —

the interests of the policy owners of the insurer given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

if the transferee is an insurer licensed under the Insurance Act, the interests of the policy owners of the transferee given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

the stability of the financial system in Singapore;

whether the PPF Agency has to make a payout from any of the PPF Funds to the transferee and the amount of such payout, if any; and

any other matter that the Authority considers relevant; or”;

by inserting, immediately after the words “the transferor” in subsection (12), the words “and of which it has been given written notice by the Authority”;

by inserting, immediately after the words “the transferee” in subsection (13), the words “and of which it has been given written notice by the Authority”; and

by inserting, immediately after subsection (13), the following subsection:“(13A) A person that contravenes subsection (12) or (13) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.”.