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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On 30/07/2014, you requested the version in force on 30/07/2014 incorporating all amendments published on or before 30/07/2014. The closest version currently available is that of 01/01/2014.
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Appointment of administrator of foreign insurer scheme, and removal of chief executive officer or director of administrator in certain circumstances
35C.
—(1)  The Authority shall, in respect of any foreign insurer scheme, appoint an administrator who shall be resident in Singapore.
[41/2001]
(2)  Any person who wishes to be appointed as an administrator in respect of any foreign insurer scheme may apply to the Authority in such form and manner as the Authority may require.
[41/2001]
(3)  Upon receiving an application under subsection (2), the Authority may grant the application either unconditionally or subject to such conditions as the Authority thinks fit or reject the application.
[41/2001]
(4)  An administrator appointed under subsection (1) shall, in respect of the foreign insurer scheme for which the administrator is appointed —
(a)
have such responsibility for the operation of the scheme as may be prescribed; and
(b)
carry out such tasks in relation to the carrying on of insurance business in Singapore by the foreign insurers under the scheme as may be directed by the Authority or as may be prescribed.
[41/2001]
(5)  Any appointment of an administrator under subsection (1) may be revoked if the administrator —
(a)
breaches any of the conditions on which the approval is granted; or
(b)
contravenes any of the provisions of this Act or any direction given by the Authority under this Act.
[41/2001]
(6)  If at any time it appears to the Authority that the chief executive officer or a director of an administrator appointed under subsection (1) has failed to perform his functions or is no longer a fit and proper person to be so appointed, the Authority may direct the administrator to remove the chief executive officer or director, as the case may be, from his office, appointment or employment.
[Act 11 of 2013 wef 18/04/2013]
(7)  When determining, for the purposes of subsection (6), whether the chief executive officer or a director of an administrator appointed under subsection (1) has failed to perform his functions, the Authority shall, without prejudice to any other matter it may consider relevant, have regard to such criteria as may be prescribed.
[Act 11 of 2013 wef 18/04/2013]
(8)  Before directing an administrator to remove its chief executive officer or director from his office, appointment or employment under subsection (6), the Authority shall —
(a)
give the administrator and the chief executive officer or director, as the case may be, notice in writing of the Authority’s intention to do so; and
(b)
in the notice referred to in paragraph (a), call upon the administrator and the chief executive officer or director, as the case may be, to show cause within such time as may be specified in the notice why the chief executive officer or director, as the case may be, should not be removed.
[Act 11 of 2013 wef 18/04/2013]
(9)  If the administrator and the chief executive officer or director, as the case may be, referred to in subsection (8) —
(a)
fails to show cause within the time specified under subsection (8)(b) 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 administrator of the date on which the direction to remove the chief executive officer or director, as the case may be, is to take effect.
[Act 11 of 2013 wef 18/04/2013]
(10)  Any administrator who fails to comply with any direction of the Authority under subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.
[Act 11 of 2013 wef 18/04/2013]
(11)  No criminal or civil liability shall be incurred by an administrator, or any person acting on behalf of the administrator, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the administrator under subsection (6).
[Act 11 of 2013 wef 18/04/2013]