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Withdrawal of approval

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

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—(1) The Authority may, at the request of the approved insurance broker or on any of the grounds specified under paragraph (2), withdraw the approval of any insurance broker.(2) The grounds referred to in paragraph (1) are —(a)that the insurance broker has not commenced business of providing MAT insurance, general reinsurance or life reinsurance, as an insurance broker, to persons in Singapore within 6 months after being approved;(b)that the insurance broker has ceased to carry on the business for which it is approved;(c)that, it appears to the Authority, the insurance broker has failed to satisfy any obligation to which it is subject by virtue of the Act or these Regulations;(d)that there exists a ground under regulation 5 on which the Authority would be prohibited from approving the insurance broker;(e)that the insurance broker —(i)proposes to make, or has made, any composition or arrangement with its creditors;(ii)has gone into liquidation; or(iii)has been wound up or otherwise dissolved;(f)that a receiver, receiver and manager, judicial manager, or such other person having the powers and duties of a receiver, receiver and manager or judicial manager, has been appointed, whether in Singapore or elsewhere, in relation to, or in respect of any property of, the insurance broker or any of its shareholders having control of the insurance broker;(g)that there is a change of the person having control of the insurance broker and —(i)the new person having control of the insurance broker is not a fit and proper person; or(ii)the Authority is not satisfied as to the financial standing of the insurance broker after the change;(h)that the insurance broker is carrying on its business in a manner likely to be detrimental to the interests of the policy owners for whom it is acting as an agent;(i)that the insurance broker is unable to meet its obligations, whether in Singapore or elsewhere;(j)that the insurance broker has contravened any provision of the Act or these Regulations, or any condition imposed or any direction given by the Authority under the Act or these Regulations;(k)that any of the officers of the insurance broker holding a managerial or executive position has been convicted of any offence under the Act or these Regulations; (l)that the insurance broker has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts, in its application for approval; and (m)that it is in the public interest to withdraw the approval. (3) Before withdrawing the approval of an insurance broker under this regulation otherwise than at its request, the Authority shall —(a)give the insurance broker notice in writing of its intention to do so; and(b)in the notice referred to in sub-paragraph (a), call upon the insurance broker to show cause within such time as may be specified in the notice as to why its approval should not be withdrawn.(4) If the insurance broker referred to in paragraph (3) —(a)fails to show cause within the time specified in the notice under paragraph (3) or within such extended period of time as the Authority may allow; or(b)fails to show sufficient cause,the Authority shall give notice in writing to the insurance broker of the date on which the withdrawal of approval is to take effect. (5) Any insurance broker who is aggrieved by a decision of the Authority under paragraph (1) to withdraw its approval otherwise than at its request may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB of the Act.(6) Notwithstanding the withdrawal of the approval of an insurance broker under this regulation, so long as the insurance broker remains under any liability to an insurer, insured or intending insured, the insurance broker shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability.(7) If the approval of an insurance broker has been withdrawn or has expired, regulations 13 and 18 shall, unless the Authority otherwise directs, continue to apply in relation to the person in respect of matters that occurred before the withdrawal or expiration as if the approval had not been withdrawn or had not expired, as the case may be.

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