On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 03/12/2001.
24. Section 40 of the Insurance Act is repealed and the following sections substituted therefor:
40.
—(1) The Authority may, from time to time, inspect under conditions of secrecy the books, accounts, records and other documents, whether in electronic, print or other form, of a registered insurer or an insurance intermediary.
(2) For the purpose of an inspection under this section, a registered insurer or insurance intermediary referred to in subsection (1) shall —
(a)
produce his books, accounts, records and other documents, whether in electronic, print or other form, to the Authority and give such information and facilities as may be required by the Authority to conduct the inspection; and
(b)
procure that any person who is in possession of such books, accounts, records and other documents referred to in paragraph (a) shall produce such books, accounts, records and other documents and give such information and facilities as may be required by the Authority.
(3) The Authority may make copies of, or take possession of, any of the books, accounts, records and other documents, whether in electronic, print or other form, of a registered insurer or an insurance intermediary.
(4) Nothing in subsection (1) shall preclude the Authority from —
(a)
producing a document to a court in the course of criminal proceedings or in the course of any proceedings under any written law of Singapore or elsewhere;
(b)
disclosing to a court in the course of any proceedings referred to in paragraph (a) any information that was obtained during the inspection;
(c)
producing a document or disclosing information to a person to whom, in the opinion of the Authority, it is in the public interest that the document be produced or the information be disclosed, as the case may be;
(d)
producing a document or disclosing information that is required or permitted by any written law of Singapore or elsewhere to be produced or disclosed, as the case may be; or
(e)
producing a document or disclosing information for such purpose, or in such circumstance, as may be prescribed.
(5) Any person who, without reasonable excuse, fails to produce any book, account, record or other document or furnish any information or facilities in accordance with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
40A.
—(1) The Authority may conduct such investigation as it considers necessary or expedient for all or any of the following purposes:
(a)
to perform any of the Authority’s functions and duties under this Act;
(b)
to determine the truth or otherwise of an alleged or suspected contravention of any provision of this Act or any regulations made thereunder or any direction issued under this Act.
(2) For the purposes of subsection (1), the Authority may, in writing, require any person named therein to provide information or to produce books, accounts, records and other documents, whether in electronic, print or other form, relating to any matter under investigation, and such person shall immediately comply with that requirement.
(3) Nothing in this Part shall compel the production by an advocate and solicitor of a document or other material containing privileged communication made by or to him in that capacity or permit the taking of any such document or other material which is in his possession.
(4) If an advocate and solicitor refuses to produce the document or other material referred to in subsection (3), he shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom, or by or on behalf of whom, that communication was made.
(5) Any person who, without reasonable excuse, refuses or fails to comply with subsection (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.”.