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Appointment of administrator of foreign insurer scheme, and removal of chief executive officer or director of administrator in certain circumstances

Insurance Act 1966

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The Authority must, in respect of any foreign insurer scheme, appoint an administrator who must be resident in Singapore.(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.(3) Upon receiving an application under subsection (2), the Authority may grant the application either unconditionally or subject to any conditions that the Authority thinks fit or reject the application.(4) An administrator appointed under subsection (1) must, 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.(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.(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 or her 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 or her office, appointment or employment.(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 or her functions, the Authority must, without prejudice to any other matter it may consider relevant, have regard to such criteria as may be prescribed.(8) Before directing an administrator to remove its chief executive officer or director from his or her office, appointment or employment under subsection (6), the Authority must —(a)give the administrator and the chief executive officer or director (as the case may be) written notice 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.(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 must give written notice 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.(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. (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).[35C

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