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

Insurance Act 1966

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Except as may be provided for in regulations made under section 63, no person may act as an agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme unless that person meets such requirements as may be prescribed.(2) Any agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme must carry out such tasks in relation to the carrying on of that insurance business in Singapore for the foreign insurer as may be directed by the Authority or as may be prescribed.(3) If at any time it appears to the Authority that the chief executive officer or a director of an agent for any foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme 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 agent to remove the chief executive officer or director (as the case may be) from his or her office, appointment or employment.(4) When determining, for the purposes of subsection (3), whether the chief executive officer or a director of an agent for any foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme 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.(5) Before directing an agent for any foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme to remove its chief executive officer or director from his or her office, appointment or employment under subsection (3), the Authority must —(a)give the agent 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 agent 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.(6) If the agent and the chief executive officer or director (as the case may be) referred to in subsection (5) —(a)fails to show cause within the time specified under subsection (5)(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 agent of the date on which the direction to remove the chief executive officer or director (as the case may be) is to take effect.(7) Any agent, for any foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, which fails to comply with any direction of the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000. (8) No criminal or civil liability shall be incurred by an agent for any foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, or any person acting on behalf of the agent, 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 agent under subsection (3).[35G

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