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Prohibition relating to solicitation of insurance business and establishment of place of business or representative office
—(1) No person shall solicit any insurance business, other than reinsurance business, for an insurer who is not entitled to carry on that business in Singapore.
(2) No person shall, without the written approval of the Authority, establish for an insurer who is not entitled to carry on insurance business in Singapore —
a place of business to solicit reinsurance business; or
a representative office.
(3) Any person who contravenes subsection (1) or (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 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day during which the offence continues after conviction.