Suggest a correction

Approval or removal of chief executive officer and director of insurance broker

Insurance Act 1966

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) A registered insurance broker must not appoint a person as its chief executive officer or director in Singapore unless it has obtained the approval of the Authority.(2) Where a registered insurance broker has obtained the approval of the Authority to appoint a person as its chief executive officer or director under subsection (1), the person may be re‑appointed as chief executive officer or director (as the case may be) of the registered insurance broker immediately upon the expiry of the earlier term without the approval of the Authority.(3) If at any time it appears to the Authority that a chief executive officer or director of a registered insurance broker has failed to perform his or her functions or is no longer a fit and proper person to be so appointed, the Authority may, in writing, direct the insurance broker to remove the chief executive officer or director, as the case may be.(4) For the purpose of determining whether to grant its approval under subsection (1) or whether the chief executive officer or director has failed to perform his or her functions under subsection (3), the Authority must, without prejudice to any other matter that it may consider relevant, have regard to such criteria as may be prescribed.(5) Before directing the registered insurance broker to remove its chief executive officer or any director under subsection (3), the Authority must —(a)give the registered insurance broker written notice of its intention to do so; and(b)in the notice referred to in paragraph (a), call upon the registered insurance broker 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 registered insurance broker referred to in subsection (5) —(a)fails to show cause within the time given to it to do so 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 insurance broker 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 person who is aggrieved by a decision of the Authority under subsection (1) or (3) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B.(8) Any registered insurance broker 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 $150,000.(9) Any approval by the Authority for a registered insurance broker to appoint a person as its chief executive officer or director in Singapore under section 26 of the Insurance Intermediaries Act (Cap. 142A, 2000 Revised Edition) in force before 1 October 2002 continues in force as if approved by the Authority under subsection (1).(10) Nothing in section 152 of the Companies Act 1967 prevents the Authority from exercising any power under subsection (3).(11) In this section, “chief executive officer” means any person by whatever name described, who is —(a)in the direct employment of, or acting for, or by arrangement with a registered insurance broker; and(b)directly responsible for the conduct of any type of business of the insurance broker in Singapore.[35ZJ

What's the problem? (required)

Source link (optional)

Open the official source PDF to compare

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously — no account or personal information is required or sent.