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Confidentiality of inspection and investigation reports produced in respect of licensed insurer

Insurance Act 1966

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where a written report or any part thereof (called in this section the report) has been produced in respect of any licensed insurer in Singapore —(a)by the Authority upon an inspection under section 98 or an investigation under section 99; or(b)by a parent supervisory authority upon an inspection under section 100,the report must not be disclosed by the licensed insurer, or any officer or auditor of the licensed insurer, to any other person except in the circumstances provided under subsection (2).(2) Disclosure of the report referred to in subsection (1) may be made —(a)by the licensed insurer in Singapore to any officer or auditor of that licensed insurer, solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that licensed insurer;(b)by any officer or auditor of the licensed insurer in Singapore to any other officer or auditor of that licensed insurer, solely in connection with the performance of their duties in that licensed insurer;(c)to the Authority, if requested by the Authority, where the report has been produced by a parent supervisory authority; or(d)to such other person as the Authority may approve in writing.(3) In granting written approval for any disclosure under subsection (2)(d), the Authority may impose such conditions as it considers appropriate.(4) The obligation on an officer or auditor of a licensed insurer referred to in subsection (1) continues after the termination or cessation of the officer’s or auditor’s employment or appointment at the licensed insurer.(5) Any person who contravenes subsection (1) or fails to comply with any condition imposed by the Authority under subsection (3) 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; or(b)in any other case, to a fine not exceeding $250,000.(6) Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence, unless the person proves that —(a)the disclosure was made contrary to the person’s desire;(b)where the disclosure was made in any written form, the person has as soon as practicable surrendered or taken all reasonable steps to surrender the report and all copies thereof to the Authority; and(c)where the disclosure was made in an electronic form, the person has as soon as practicable taken all reasonable steps to ensure that all electronic copies of the report have been deleted, and that the report and all copies thereof in other forms have been surrendered to the Authority.(7) In this section, unless the context otherwise requires, “officer”, in relation to a licensed insurer, includes —(a)a director, a secretary or an employee of the insurer;(b)a receiver or manager of any part of the undertaking of the insurer appointed under a power contained in any instrument; and(c)the liquidator of the insurer appointed in a voluntary winding up.[40C

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