On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 18/04/2013.
35M.
—(1) An insurance agent shall not arrange, or hold himself out as entitled to arrange, a contract of insurance as agent for a licensed insurer unless an agreement in writing between the insurance agent and the insurer authorises the insurance agent to arrange, as agent for that insurer —
(a)
that contract;
(b)
any contract of insurance; or
(c)
any class of contracts of insurance which includes that contract.
[41/2001]
(2) A licensed insurer shall not cause or permit an insurance agent to arrange, or hold himself out as entitled to arrange, a contract of insurance as agent for that insurer unless an agreement in writing between the insurer and the insurance agent authorises the insurance agent to arrange, as agent for that insurer —
(a)
that contract;
(b)
any contract of insurance; or
(c)
any class of contracts of insurance which includes that contract.
[41/2001]
(3) Subsections (1) and (2) shall not apply in relation to any act or thing done by an employee of a licensed insurer in the course of performing his duties as such an employee.
[41/2001]
(3A) Subsection (1) shall not apply to —
(a)
a licensed financial adviser;
(b)
a person exempt from holding a financial adviser’s licence in respect of any financial advisory service under section 23(1)(a), (b), (c), (d) or (e) of the Financial Advisers Act (Cap. 110), other than a licensed insurer; and
(c)
a representative of a person referred to in paragraph (a) or (b),
where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for a licensed insurer.
[23/2003 wef 01/01/2004]
(3B) Subsection (1) shall not apply to a licensed insurer and any insurance agent acting for that insurer where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for another licensed insurer.
[23/2003 wef 01/01/2004]
(3C) Subsection (2) shall not apply to a licensed insurer in relation to an insurance agent who is a person specified in subsection (3A) or (3B).
[23/2003 wef 01/01/2004]
(4) 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 $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
[41/2001]