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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 20/12/2014, you requested the version in force on 20/12/2014 incorporating all amendments published on or before 20/12/2014. The closest version currently available is that of 01/01/2014.
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Holding out as licensed insurer or authorised reinsurer
4.
—(1)  Where any person holds himself out, or purports to hold himself out, to be a licensed insurer or an authorised reinsurer in respect of life business or general business, or both, when that person is not licensed or authorised under this Act in respect of that business —
(a)
that person shall be guilty of an offence; and
(b)
where that person is a corporation, limited liability partnership or firm, every director, manager or officer of the corporation and every partner or officer of the firm and every partner or manager of the limited liability partnership (as the case may be) shall, unless he proves that the offence was committed without his knowledge or consent, be guilty of an offence.
[5/2005 wef 11/04/2005]
[Act 11 of 2013 wef 18/04/2013]
(2)  Any person who is guilty of an offence under subsection (1) shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 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 $12,500 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]