Insurance Act 1966

“accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1 January of any year (as the case may be) and ending on 31 December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority;

“actuary” means a Fellow of any prescribed professional body or institute;

“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966;

“authorised reinsurer” means a reinsurer which is for the time being authorised under section 42;

“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

“captive insurer” means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations;

“chief executive” —

“company” has the meaning given by section 4(1) of the Companies Act 1967;

“co-operative society” means a co-operative society registered under the Co-operative Societies Act 1979;

“corporation” has the meaning given by section 4(1) of the Companies Act 1967;

“direct insurance broker” means a person who is for the time being registered under section 76 in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business;

“direct insurer” means any insurer other than a reinsurer, an authorised reinsurer or a captive insurer;

“director” —

“directions” includes directives and notices;

“executive officer”, in relation to a licensed insurer, means any person, by whatever name described, who —

“exempt financial adviser” has the meaning given by section 2(1) of the Financial Advisers Act 2001;

“financial advisory service” has the meaning given by section 2(1) of the Financial Advisers Act 2001;

“financial year” has the meaning given by section 4(1) of the Companies Act 1967;

“foreign country” means a country or territory other than Singapore;

“foreign insurer” means an insurer which —

“foreign insurer scheme” means any foreign insurer scheme established under section 53;

“general reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to general business;

“guaranteed policy moneys” means the benefits that an insured policy owner is entitled to receive under the policy owner’s insured policy under section 54(3) or (4) (as the case may be) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

“insurance agent” means —

“insurance broker” means —

“insurance business in Singapore” means the business of assuming risk or undertaking liability in Singapore under policies, and of —

“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker;

“insured” includes reinsured and “insurer” includes reinsurer;

“licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act 2001;

“licensed insurer” means an insurer which is for the time being licensed under section 11;

“life reinsurance broker” means a person who is for the time being registered under section 76 in respect of reinsurance of liabilities under insurance policies relating to life business;

“limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“marine mutual insurance business” means the business of providing the insurance of liabilities under insurance policies on the basis of mutual insurance (within the meaning of section 85 of the Marine Insurance Act 1906) on such risk or risks as may be prescribed;

“marine mutual insurer” means an insurer that is a direct insurer licensed to carry on general business and that is permitted under the licence to carry on marine mutual insurance business only;

“partner” and “manager”, in relation to a limited liability partnership, have the respective meanings given to them by section 2(1) of the Limited Liability Partnerships Act 2005;

“PPF Agency” means the deposit insurance and policy owners’ protection fund agency constituted under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

“PPF Funds” means the Policy Owners’ Protection Life Fund and the Policy Owners’ Protection General Fund established under section 34 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

“registered insurance broker” means an insurance broker who is for the time being registered under section 76;

“reinsurer” means an insurer whose licence is restricted to the carrying on of reinsurance business;

“related corporation” has the meaning given by section 4(1) of the Companies Act 1967;

“representative”, in relation to a licensed financial adviser or exempt financial adviser, has the meaning given by the Financial Advisers Act 2001;

“statutory balance sheet” and “statutory valuation” mean respectively a balance sheet lodged with the Authority in order to comply with section 94, and a valuation of which the results are shown in a valuation balance sheet lodged with it on an actuarial investigation made in order to comply with section 95(1);

“subsidiary” has the meaning given by section 5 of the Companies Act 1967;

“substantial shareholder” has the meaning given by section 81 of the Companies Act 1967;

“voting share” has the meaning given by section 4(1) of the Companies Act 1967.[1A

For the purposes of this Act, insurance business is divided into 2 classes —

For the purposes of this Act, the reinsurance of liabilities under insurance policies by a licensed insurer or an authorised reinsurer is treated as insurance business of the class and type to which the nature of the risk assumed or liabilities undertaken by that licensed insurer or authorised reinsurer relates.

Despite subsections (1) and (2), if the Authority is satisfied that any part of an insurer’s business which belongs to a particular class or type of insurance business ought in the insurer’s case to be treated as belonging to another class or type, the Authority may direct that it is to be so treated for the purposes of this Act.

For the purposes of this Act, references to carrying on insurance business include the carrying it on through an agent.

For the purposes of this Act and subject to subsection (6), “Singapore insurer” means a person who is or has been carrying on insurance business in Singapore.

A person is not to be treated as carrying on insurance business, or any class of insurance business, in Singapore if, apart from the collection or receipt of premiums in Singapore, the person —

The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, or against similar matters, is not to be treated for the purposes of this Act as carrying on the business of insurance.

For the purposes of this Act, no society registered under the Societies Act 1966 or organisation registered under the Mutual Benefit Organisations Act 1960 is deemed to be an insurer, and no agent for such a society or organisation is as such deemed to be an insurance agent; nor do references in this Act to a policy or contract of insurance apply to any policy or contract whereby an insurance is effected with such a society or organisation.

For the purposes of this Act —

The definitions set out in the First Schedule have effect for the construction of references in this Act to policies of insurance, policy owners and policy moneys.[2

Subject to the provisions of this Act, a person must not carry on any class of insurance business in Singapore as an insurer unless the person is licensed by the Authority under this Act in respect of that class of business.

Except for a licensed insurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, a person carrying on reinsurance business outside Singapore must not carry on the business of providing the reinsurance of liabilities under insurance policies, as a principal and as an insurer, to persons in Singapore unless —

Any person licensed by the Authority under this Act to carry on insurance business as an insurer in respect of life business may carry on general business relating to short-term accident and health policies while being so licensed, and —

An insurer licensed to carry on both life business and general business may treat its short-term accident and health policies as part of its life business or its general business.

Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —

Where any person holds himself, herself or itself out, or purports to hold himself, herself or itself 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 —

Any person who is guilty of an offence under subsection (1) shall be liable on conviction —

Subject to subsection (3) and except with the written consent of the Authority, a person, other than a licensed insurer, an authorised reinsurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, must not —

Subject to subsections (4) and (5) and except with the written consent of the Authority, a person must not —

Subsection (1) does not apply to any registered person as defined in section 9(9).

Subsection (2) does not apply to —

Any person allowed under subsection (2) to use any word referred to in that subsection in the name, description or title under which the person carries on business in Singapore must, when using that word in that name, description or title, indicate that the person carries on business as an insurance intermediary.

Nothing in this section prohibits an association of insurers from using the word “insurance” or any of its derivatives in any language as part of its name or description of its activities.

Any person who contravenes subsection (1), (2) or (5) shall be guilty of an offence and shall be liable on conviction —

Except with the prior written consent of the Authority, a licensed insurer, authorised reinsurer or foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme must not use, together with its name, logo or trade mark in the course of the business it carries on in Singapore, the name, logo or trade mark of any person who —

Any insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.[5A

Subject to subsection (5), a person must not solicit any insurance business for any insurer other than —

Subject to subsection (5), a person who solicits any insurance business for a licensed insurer or an insurer referred to in subsection (1)(d) —

Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —

A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (3) if the person proves that —

Subsections (1) and (2) do not apply to such persons or class of persons as the Authority may prescribe, subject to such terms or conditions as the Authority may prescribe.

In this section, unless the context otherwise requires —

“advertisement” means the dissemination or conveyance of information, or invitation or solicitation by any means or in any form, including by means of —

“solicit”, in relation to insurance business —

For the purposes of this section, in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard must be had to such considerations as the Authority may prescribe.[6

A person must not establish or operate a representative office unless the representative office is registered with the Authority.

Any person who desires to establish and operate a representative office must —

The Authority must refuse to register a representative office unless —

The Authority may register a representative office subject to any conditions that it considers necessary, and the registered person must comply with the conditions of registration imposed by the Authority under this section.

The Authority may at any time add to, vary or revoke any condition of registration, or impose a condition of registration.

Every registered person must provide any information or document that the Authority may require from time to time.

The Authority may cancel the registration of a representative office if the registered person contravenes —

Any person who contravenes subsection (1) or (6), fails to comply with any condition of registration imposed by the Authority under subsection (4) or (5), or operates a representative office which has had its registration cancelled by the Authority under subsection (7), shall be guilty of an offence and shall be liable on conviction —

In this section, unless the context otherwise requires —

“registered person” means a person whose representative office is registered with the Authority under this section;

“representative office” means an office in Singapore established —

Whenever the Authority has reason to believe that a person has contravened any of the provisions of this Act, it may call for or inspect the books, accounts and records of that person in order to ascertain whether or not that person has contravened or is contravening any of the provisions of this Act.

Any person who wilfully refuses to submit such books, accounts and records or to allow the inspection thereof shall be guilty of an offence and shall be liable on conviction —

A person who desires to carry on insurance business in Singapore as an insurer must —

Upon receiving an application under subsection (1), the Authority must consider the application and may grant a licence to the applicant with or without conditions or refuse to grant a licence.

The Authority must not grant a licence to any person unless —

For the purposes of this section, the Authority may prescribe financial requirements of different forms or amounts for different classes of insurance business and for different types of insurers.

The Authority may license an insurer as a direct insurer, reinsurer or captive insurer.

The Authority must cause notice of the grant of any licence or change of name of a licensed insurer to be published in the Gazette.

Any applicant which is aggrieved by the refusal of the Authority to grant it a licence under this section may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B.

The Authority may at any time add to, vary or revoke any of the existing conditions of the licence of an insurer or impose any condition thereto.

A licensed insurer must, at all times during the currency of its licence, satisfy such financial requirements as may be prescribed under subsection (3)(b).

Any licensed insurer which fails to comply with any condition imposed by the Authority under subsection (2) or (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

Any licensed insurer which contravenes subsection (9) shall be guilty of an offence and shall be liable on conviction 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 of a day during which the offence continues after conviction.[8

Every licensed insurer must pay to the Authority such annual fees as may be prescribed.

The Authority may prescribe different annual fees for different classes of insurance business or for different types of licensed insurers.

The Authority may, where it considers appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or payable under subsection (1).[11

The Authority may by order cancel the licence of any insurer, either wholly or in respect of a class of business, at the request of the insurer or on any of the grounds set out in subsection (3).

The Authority may impose any conditions that it thinks fit before cancelling the licence of an insurer at the request of the insurer under subsection (1), and the Authority may refuse to cancel the licence if the insurer does not comply with the conditions.

The grounds referred to in subsection (1) are as follows:

Before cancelling the licence of an insurer under subsection (1) other than at the request of the insurer, the Authority must —

If the insurer referred to in subsection (4) —

An order to cancel the licence of any insurer made under subsection (1) other than at the request of the insurer does not take effect until the expiration of a period of 30 days after the Authority has informed the insurer of the cancellation under subsection (5).

Any insurer which is aggrieved by a decision of the Authority under subsection (1) to cancel the insurer’s licence other than at the insurer’s request may, within 30 days after the Authority has informed the insurer of the cancellation under subsection (5), appeal to the Minister in writing in accordance with Part 3B.

If, within the period referred to in subsection (7), the insurer concerned gives due notice of appeal to the Minister, the order by the Authority to cancel the licence of the insurer does not take effect unless the order is confirmed by the Minister or the appeal is for any reason dismissed by the Minister.

Despite the cancellation of the licence of an insurer under subsection (1), so long as the insurer remains under any liability in respect of insurance policies belonging to the class of insurance business to which the licence relates, the insurer must take any action that it considers necessary or as required by the Authority to ensure that —

For the purposes of this section —

Where an order of cancellation of the licence of an insurer under section 13 becomes effective —

Subsection (1)(b) does not prejudice —

Despite the cancellation of the licence of an insurer, sections 94 and 95, unless the Authority otherwise directs, continue to apply in relation to the insurer in respect of matters that occurred before the cancellation as if the licence had not been cancelled.[13

Every licensed insurer must establish and keep —

Subject to this section, there must be entered in the register of Singapore policies all Singapore policies of the insurer and in the register of offshore policies all offshore policies of the insurer, and a policy entered in any register must not be removed from it so long as the insurer is under any liability in respect of that policy.

Subject to this section, there may be entered in the register of Singapore policies such other policies as the insurer, with the consent (express or implied) of the policy owners, may determine, and this Act applies in relation to any policy so entered as if it were a Singapore policy.

Subject to subsection (5), an insurer carrying on life business outside Singapore (and not doing so only by the collection or receipt of premiums) may, at the request of the policy owner of a policy belonging to the insurer’s life business —

Regulations may provide that subsection (3) or (4) applies only in such cases as may be prescribed or has effect subject to any prescribed exceptions or restrictions.

A Singapore insurer must, at the request of any person having an interest in any policy of the insurer, inform the person whether or not the policy is entered in any register of policies established by the insurer under this Act.

Where a Singapore insurer has established under this Act any register of policies, the register ceases to exist as a statutory register under this Act of policies belonging to either class of insurance business, if the insurer ceases to be licensed under this Act in respect of that class of business; and any reference in this Act to policies registered under this Act is to be construed accordingly.

Subject to subsection (7), any register of policies established by a Singapore insurer must, even if the insurer at any time ceases to carry on in Singapore either class of insurance business, continue to be maintained by the insurer for policies belonging to that class so long as the insurer is under any liability in respect of those policies registered or required to be registered at that time.

No policies referred to in subsection (8) belonging to either class of insurance business may be entered in the register under subsection (3) when the insurer is not carrying on that class of business in Singapore, or is doing so only by the collection or receipt of premiums.

A register of policies established and kept by an insurer under this section before 1 January 1987 is deemed to be a register of Singapore policies under subsection (1).[16

Every licensed insurer must establish and maintain a separate insurance fund —

Every direct insurer licensed to carry on life business must establish and maintain, in addition to the insurance funds under subsection (1) and subject to such conditions or restrictions as the Authority may impose, separate insurance funds —

If, in the case of a direct insurer licensed to carry on life business, no part of the surplus of assets over liabilities from its non‑participating policies is allocated by the insurer by way of bonus to its participating policies, the insurer must, in addition to the funds maintained under subsections (1) and (2) and subject to such conditions or restrictions as the Authority may impose, establish and maintain, in respect of its non-investment-linked policies, separate insurance funds —

The Authority may require any licensed insurer to establish and maintain, in addition to the insurance funds under subsections (1), (2) and (3), such other insurance fund as the Authority may determine for different types of policies in respect of each class of insurance business.

There must be paid into an insurance fund all receipts of the insurer properly attributable to the business to which the fund relates (including the income of the fund), and the assets comprised in the fund must be applicable only to meet such part of the insurer’s liabilities and expenses as is properly so attributable.

For the purposes of subsection (5), the Authority may prescribe or specify in directions what constitutes receipts, income, liabilities or expenses of the insurer which are properly attributable to the business to which an insurance fund relates and the manner in which each item is to be determined or valued.

In the case of an insurance fund maintained by a direct insurer licensed to carry on life business which comprises wholly or partly of participating policies —

Despite subsection (7)(c), an insurer may make additional allocations to the surplus account of an insurance fund which comprises wholly or partly of participating policies of an amount and in a manner as prescribed or specified in directions by the Authority.

Where the amount allocated to the surplus account in a particular accounting period pursuant to subsection (7)(c) is less than 1/9th of the amount allocated pursuant to subsection (7)(b) for that accounting period, the insurer must not allocate the difference between the amount actually allocated and the 1/9th amount allowed to the surplus account in any subsequent accounting period.

An insurer may, where there is a surplus of assets over liabilities of an insurance fund, at any time withdraw from the fund an amount not exceeding the surplus over any fund solvency requirement prescribed for that fund under section 17 if and only if —

On the making of any withdrawal in accordance with subsection (10), the surplus of the fund is, for the purposes of this section, treated as reduced by the amount withdrawn.

Any amount withdrawn from an insurance fund under subsection (10) and, in a winding up, any part of an insurance fund remaining after meeting the liabilities and expenses to which the fund is applicable may be dealt with as if it had not formed part of the fund except that, in the case of a winding up where any other insurance fund of the insurer under this Act is in deficit, the surplus remaining after the winding up must first be applied to make good the deficit in that fund.

Any insurance fund established by an insurer for any class of insurance business must, even if the insurer at any time ceases to carry on that class of business in Singapore, continue to be maintained by the insurer so long as the insurer is required by this Act to maintain a register of policies for policies belonging to that class.

The assets of any insurance fund established by an insurer under this Act must be kept separate from all other assets of the insurer.[17

Every licensed insurer must satisfy —

The Authority may prescribe or specify in directions —

Without limiting section 154, regulations made under this Act, or directions made under subsection (1) or (2), may —

The Authority may by written notice, if it considers it appropriate in the particular circumstances of a licensed insurer having regard to the risks arising from the activities of the insurer and any other factors that the Authority considers relevant, direct that the insurer satisfy fund solvency requirements or capital adequacy requirements other than those that the insurer is required to maintain under this section.

Without limiting section 102, the failure of a licensed insurer to comply with subsection (1) or any direction of the Authority under subsection (4) is sufficient cause for the Authority to be satisfied that the affairs of the insurer are being conducted in a manner likely to be detrimental to the public interest or the interests of the policy owners and to issue such directions under section 102(1) as the Authority may consider necessary.

Any licensed insurer which contravenes subsection (1) or fails to comply with a direction of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction 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 of a day during which the offence continues after conviction.[18

Where an insurer has established an insurance fund under this Act, the insurer must secure that any document evidencing the insurer’s title to assets of the fund, so long as the document is held by or on behalf of the insurer, is kept in Singapore or, if not so kept, is kept in the custody of a person in accordance with such directions as may be issued by the Authority.

An insurer who has established an insurance fund under this Act must from time to time notify the Authority in writing —

Any such document which is, for the time being, held by or on behalf of the insurer must, on the Authority giving at least 14 days’ notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Authority or a person nominated by it by the person to whom the notice is given.

Any person who contravenes this section 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 of a day during which the offence continues after conviction.[20

The Authority may, from time to time, by written notice to any licensed insurer, or any class of licensed insurers, direct the insurer or class of insurers (as the case may be) each to maintain and hold such minimum amount or amounts of assets in Singapore as may be specified in the notice for the purpose of meeting its liabilities.

Without limiting subsection (1), the Authority may, in a notice issued under that subsection, specify —

Where the Authority issues a notice under subsection (1) to a class of licensed insurers, the Authority may direct different insurers within the class of insurers to maintain and hold different minimum amounts of assets in Singapore, having regard to the financial soundness of each insurer, the risk profile of each insurer and such other factors as the Authority may consider relevant.

Any licensed insurer which fails to comply with any direction of the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction 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 of a day during which the offence continues after conviction.[21

The Authority may, in the case of a licensed insurer on which a requirement has been imposed under section 20, impose an additional requirement that the whole or a specified proportion of the assets to which the requirement under that section applies must be held by a person approved by the Authority for the purposes of the requirement under this section as trustee for the insurer.

Assets of a licensed insurer held by a person as trustee for the insurer are taken to be held by the person in compliance with a requirement imposed under this section if, and only if —

No assets held by a person as trustee for a licensed insurer in compliance with a requirement imposed under this section may, so long as the requirement is in force, be released except with the written consent of the Authority.

If a mortgage or charge is created by a licensed insurer at a time when there is in force a requirement imposed on the insurer by virtue of this section, being a mortgage or charge conferring a security on any assets which are held by a person as trustee for the insurer in compliance with the requirement, the mortgage or charge, to the extent that it confers such a security, is void against the liquidator and any creditor of the insurer.[22

A direct insurer licensed to carry on life business must not issue a life policy or a long-term accident and health policy of any description, being a Singapore policy or an offshore policy, if the premium chargeable under the policy is not in accordance with rates fixed with the approval of the actuary appointed under section 35 or, where no rates have been so fixed for policies of that description issued by the insurer, is not a premium approved for the policy by the actuary.

The Authority may, by written notice, require a direct insurer licensed to carry on life business to obtain and provide it within the time specified in the notice with —

For the purpose of subsection (1), regard must be had to any report referred to in subsection (2) to the exclusion of any previous approval or report.

For each occasion on which an insurer issues a policy in contravention of this section, the insurer shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.[24

The Authority may, by written notice, require a Singapore insurer to submit to it —

Where the whole or part of any such form or brochure required under subsection (1) is not in English, there must be submitted with it a translation in English.

Unless it is otherwise provided, a requirement under this section applies to all such forms and brochures coming into use after the making of the requirement and before the Authority notifies the insurer that the requirement is withdrawn.

If it appears to the Authority, after affording the insurer an opportunity to make representations orally or in writing, that any such form or brochure —

A Singapore insurer must not use, in the course of carrying on insurance business in Singapore, a form of proposal which does not have prominently displayed therein a warning that if a proposer does not fully and faithfully give the facts as the proposer knows them or ought to know them, the proposer may receive nothing from the policy.

For each occasion on which any insurer uses a copy of a form or brochure in contravention of subsection (4) or (5), the insurer shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

In this section, “brochure” includes any leaflet, circular or similar advertising matter, whether printed or not.[25

Any licensed insurer must not pay to any licensed financial adviser or exempt financial adviser, or a representative or a supervisor of any licensed financial adviser or exempt financial adviser, any remuneration in relation to —

The regulations or written notice referred to in subsection (1) may prescribe or specify the following:

Subsection (1) applies only to payment of remuneration which accrues —

Any licensed insurer required to comply with subsection (1) must do so despite —

Any licensed insurer which complies with subsection (1) is not to be treated as having breached —

Any licensed insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

In this section —

“remuneration” includes —

“supervisor”, in relation to a financial adviser, has the meaning given by section 2(1) of the Financial Advisers Act 2001.[26

This section and sections 26 to 32 apply to, and in relation to, all individuals, whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated, formed, established or carrying on business in Singapore or not.

For the purposes of sections 26 to 32 —