Singapore Government
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Contents

Long Title

Part I PRELIMINARY

Part II CONDUCT OF INSURANCE BUSINESS

Division 1 — General restriction on insurers

Division 2 — Licensed insurers

Deposits, registers of policies and insurance funds

Division 3 — Authorised reinsurers

Part IIA FOREIGN INSURER SCHEMES

Part IIB INSURANCE INTERMEDIARIES

Division 1 —  General provisions relating to insurance intermediaries

Division 2 —  Conduct of insurance broking business

Part III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS

Division 1 — Returns

Division 2 — Inspections and Investigations

Division 3 — Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.

Part IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UP

Division 1 — Voluntary transfer of business

Division 2 — Compulsory transfer of business

Division 3 — Compulsory transfer of shares

Division 4 — Power to restructure capital

Division 5 — Winding up

Division 6 — Miscellaneous

Part IIIB APPEALS

Part IIIC NOMINATION OF BENEFICIARIES

Part IV MISCELLANEOUS AND GENERAL

Division 1 — Administration and enforcement

Division 2 —  Miscellaneous amendments of law

Division 3 —  Supplementary

FIRST SCHEDULE Definition of Insurance Terms

SECOND SCHEDULE Specified Provisions

Legislative History

Comparative Table

 
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Print   Link to In-Force Version
On 18/09/2014, you requested the version in force on 18/09/2014 incorporating all amendments published on or before 18/09/2014. The closest version currently available is that of 01/01/2014.
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Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker
35ZK.
—(1)  Without prejudice to section 162 of the Companies Act, no registered insurance broker shall, on or after 1st October 2002, in respect of its business in Singapore, grant, directly or indirectly, any unsecured loan or unsecured advance —
(a)
to a director of the insurance broker, other than a director who is its employee; or
(b)
to an employee of the insurance broker, including a director who is its employee, or a person engaged by the insurance broker to provide technical advice to clients, which in the aggregate and outstanding at any one time exceeds the sum of $3,000.
[41/2001]
(2)  No registered insurance broker shall, on or after 1st October 2002 —
(a)
increase the amount of any unsecured loan or unsecured advance granted to any person referred to in subsection (1)(a) before that date; or
(b)
increase the amount of any unsecured loan or unsecured advance granted to any person referred to in subsection (1)(b) before that date if the total amount granted to that person will exceed the sum stated in that subsection.
[41/2001]
(3)  Any registered insurance broker which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction.
[41/2001]
(4)  In this section, “director” includes the spouse, father, step-father, mother, step-mother, son, step-son, daughter, step-daughter, brother or sister of a director.
[41/2001]