Singapore legislation
Regulation 14
Regulation 14
Professional indemnity insurance
Subregulation 1
A licensed trust company shall maintain, at all times, a professional indemnity insurance policy that —
(a)
covers all liabilities arising out of negligent discharge of the duties of the licensed trust company; and
(b)
is commensurate with the levels of risk of the licensed trust company’s business.
Subregulation 2
The Authority may, at any time, by notice in writing, require the licensed trust company to satisfy the Authority that its professional indemnity insurance policy complies with the requirements of paragraph (1).
Subregulation 3
Any licensed trust company which contravenes paragraph (1) or (2) shall be guilty of an offence.