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Holding out as foreign insurer or as agent of foreign insurer

Insurance Act 1966

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—(1) Any person who —(a)holds himself, herself or itself out as a foreign insurer permitted to carry on insurance business in Singapore under any foreign insurer scheme when the person is not a foreign insurer, or is not permitted to carry on insurance business in Singapore under the foreign insurer scheme; or(b)holds himself, herself or itself out as an agent permitted to act for a foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme when the person has not been appointed as the foreign insurer’s agent or is not permitted to act as such an agent,shall be guilty of an offence.(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 $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or(b)in any other case, 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.[35K

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