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Objection to existing control of licensed insurers incorporated in Singapore

Insurance Act 1966

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The Authority may serve a written notice of objection on any person referred to in section 26 or 27 if the Authority is satisfied that —(a)any condition of approval imposed on the person under section 26(3) or (4) or 27(4) or (5) has not been complied with;(b)the person has provided any false or misleading information or document in connection with an application under section 26 or 27;(c)the Authority would not have granted its approval under section 26 or 27 had it been aware, at that time, of circumstances relevant to the person’s application for such approval;(d)the person has ceased to be a fit and proper person; or(e)having regard to the likely influence of the person, the licensed insurer concerned is no longer likely to conduct its business prudently or to comply with the provisions of this Act.(2) Before the service of a written notice of objection, the Authority must, unless the Authority decides that it is not practicable or desirable to do so, cause to be given to the person concerned a written notice of the Authority’s intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection.(3) Upon receipt of any written representations, the Authority must consider them for the purpose of determining whether to issue a written notice of objection.(4) The Authority must, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection must —(a)take such steps as are necessary to ensure that the person ceases to be in effective control as defined in section 26, or ceases to be a substantial shareholder or a party to the agreement or arrangement described in section 27(2), as the case may be; or(b)comply with such direction or directions as the Authority may make under section 29.(5) Any person served with a written notice of objection under this section must comply with the notice.(6) Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction —(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 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 $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.[29A

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