54. Section 64 of the Insurance Act is amended —
by inserting, immediately after subsection (1), the following subsections:
“(1A) Without prejudice to the generality of subsection (1), regulations may be made for or with respect to —
the forms for the purposes of this Act;
the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the refund or remission, whether in whole or in part, of such fees; and
the corporate governance of insurers.
(1B) Except as otherwise expressly provided in this Act, regulations made under this Act —
may be of general or specific application;
may provide that a contravention of any specified provision thereof shall be an offence; and
may provide for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.”; and
by inserting, immediately after subsection (2), the following subsection:
“(2A) Without prejudice to the generality of subsection (2), the Authority may issue such directions as it may consider necessary to an authorised reinsurer with respect to the manner and form of the transfer of the whole or part of its business of providing the reinsurance of liabilities under insurance policies, to persons in Singapore.”.