Annual account and audit, etc.
Open ↗94.—(1) A registered insurance broker must prepare such statements of account and other statements and in such form and manner as may be prescribed and lodge them with the Authority.[23/2003; 11/2013]
(2) A licensed insurer or registered insurance broker must —(a)
cause to be kept in Singapore such books and records as will sufficiently explain the transactions and financial position of the insurer or insurance broker (as the case may be) in Singapore and enable the insurer or insurance broker to comply with the requirements of this section and, in the case of the insurer, section 95; and
(b)
cause those books and records to be kept in such manner as to enable them to be conveniently and properly audited.[11/2013]
(3) A licensed insurer or an authorised reinsurer must prepare and lodge with the Authority such statements of accounts and other statements relating to its business and in such form and manner as may be prescribed or specified in directions by the Authority.[11/2013]
(4) For the purposes of subsection (3) —(a)
a licensed insurer must have such statements of accounts or part thereof audited by an auditor who satisfies subsection (7), in such form and manner as the Authority may prescribe or specify in directions; and
(b)
despite the provisions of the Companies Act 1967 or the Co‑operative Societies Act 1979 (as the case may be) every licensed insurer, other than a captive insurer and a marine mutual insurer, must appoint an auditor annually.[11/2013]
(5) A registered insurance broker must have its accounts audited for each financial year for which statements of accounts and other statements are prepared in accordance with regulations prescribed under subsection (1).
(6) A registered insurance broker must appoint an auditor to carry out an audit of its accounts and other statements prepared in accordance with subsection (1) and where, for any reason, the auditor ceases to act for the registered insurance broker, the registered insurance broker must, as soon as practicable thereafter, appoint another auditor.
(7) A person must not act as auditor for any licensed insurer or registered insurance broker unless —(a)
the person has a place of business in Singapore;
(b)
the person is approved under section 10 of the Companies Act 1967 as a company auditor for the purposes of that Act; and
(c)
in the case of a licensed insurer, the licensed insurer has obtained the approval of the Authority to appoint that person as an auditor.[11/2013]
(8) An auditor must not be approved by the Authority as an auditor for a licensed insurer unless the auditor is able to comply with such conditions in relation to the discharge of the auditor’s duties as may be determined by the Authority.[11/2013]
(9) Despite any other provision of this Act or the provisions of the Companies Act 1967, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed insurer or registered insurance broker —(a)
at any time direct the licensed insurer or registered insurance broker to remove the auditor; and
(b)
direct the licensed insurer or registered insurance broker, as soon as practicable thereafter, to appoint another auditor,
and the licensed insurer or registered insurance broker, must comply with such direction.
[11/2013]
(10) The Authority may impose all or any of the following duties on an auditor:(a)
a duty to submit such additional information in relation to the audit as the Authority considers necessary;
(b)
a duty to enlarge or extend the scope of the audit of the business and affairs of the licensed insurer or registered insurance broker, as the case may be;
(c)
a duty to carry out any other examination or establish any procedure in any particular case;
(d)
a duty to submit a report on any of the matters referred to in paragraphs (b) and (c),
and the licensed insurer or registered insurance broker (as the case may be) must remunerate the auditor in respect of the discharge by the auditor of all or any of these duties.
[11/2013]
(11) An auditor’s report made under subsection (10) must be lodged by the insurer with the Authority together with the statements of accounts lodged under subsection (3).[23/2003; 11/2013]
(12) If an auditor, in the course of the performance of the auditor’s duties as an auditor of a licensed insurer or registered insurance broker, is satisfied that —(a)
there has been a serious contravention of any provision of this Act or that an offence involving fraud or dishonesty has been committed;
(b)
serious irregularities have occurred, including irregularities that jeopardise the interests of policy owners;
(c)
in the case of a licensed insurer —(i)
where the insurer is incorporated or established in Singapore, the insurer is unable to meet its obligations; or
(ii)
any transaction or dispute has taken place which will have a material effect on the solvency of any insurance fund established by the insurer under this Act; or
(d)
in the case of a registered insurance broker, the insurance broker is unable to meet its obligations,
the auditor must immediately report the matter in writing to the Authority.
[11/2013]
(13) In the case of a company incorporated or established outside Singapore, the audit required by subsection (4) need not extend beyond the business for which an insurance fund is maintained under this Act.[11/2013]
(14) The Authority may, from time to time and in such form or manner as it considers appropriate, publish any information obtained or received by the Authority under this section or section 95.[36
[11/2013]
Actuarial investigations and reports as to insurance business
Open ↗95.—(1) A licensed insurer must, for each accounting period —(a)
have an investigation made, by an actuary appointed with the approval of the Authority under section 35, into the financial condition of each class of business that it carries on; and
(b)
lodge with the Authority such reports of the investigation referred to in paragraph (a), in such form and manner as may be prescribed or specified in directions by the Authority.[11/2013]
(2) In the case of a company incorporated or established outside Singapore, the investigation required by subsection (1) need not extend beyond the business for which an insurance fund is maintained under this Act.
(3) If the company referred to in subsection (2) is required by the law relating to insurance in the country in which it is incorporated or established to provide the authority having the administration of that law with returns as to actuarial investigations of its insurance business, the documents to be lodged with the Authority under this section must be accompanied by certified copies of any such returns made since the company was first licensed under this Act in respect of insurance business, other than returns of which copies have previously been provided under this subsection.[11/2013]
(4) References in this Act to documents lodged with the Authority are not to be taken to include documents required by subsection (3) to accompany documents so lodged.
(5) Where a licensed insurer —(a)
has an actuarial investigation made into its insurance business for which it maintains an insurance fund under this Act (whether with or without any other insurance business carried on by it); and
(b)
the investigation is not made to comply with subsection (1) or with any provision as to returns in the law relating to insurance in a country outside Singapore, but the results of the investigation are made public,
then the insurer must, as to the lodging of documents with the Authority, comply with the requirements of subsection (1) as in the case of an investigation made under that subsection.
[37
[11/2013]
Power to require returns under section 94 or 95 to be rectified
Open ↗96.—(1) If it appears to the Authority that any document lodged in accordance with section 94 or 95 —(a)
is, in any particular, unsatisfactory, incomplete, inaccurate or misleading; or
(b)
does not comply with the requirements of this Act,
the Authority may, by written notice, require such explanations as it may consider necessary to be made by or on behalf of the insurer within such time (being at least 14 days) as is specified in the notice.
(2) The Authority may, after considering the explanations referred to in subsection (1), or if such explanations have not been given by or on behalf of the insurer within the time specified in that subsection, reject the document or give such directions as it may think necessary for its variation within such time (being at least one month) as is specified in the directions.
(3) Directions given under subsection (2) with respect to any document may require such consequential variations of any other document lodged by the insurer under section 94 or 95 as may be specified in the directions.
(4) Where directions are given under subsection (2), any document to which they relate is deemed not to have been lodged until it is resubmitted with the variations required by the directions, but the insurer is deemed to have submitted the document within the time limited by regulations prescribed or directions issued under section 94(3) if it is resubmitted with the required variations within the time limited by the directions.[38
[11/2013]
Additional provisions as to returns under section 94 or 95
Open ↗97.—(1) Any member or policy owner of an insurer has a right, on applying to the insurer, to be sent by the insurer at an address supplied by the member or policy owner copies of documents lodged by the insurer to comply with section 94 or 95, and to have the copies despatched not later than 14 days after the insurer receives the application.
(2) The right referred to in subsection (1) does not extend to any document excepted from this provision by regulations prescribed or directions issued under section 94(3), or to a document of any other description except the last lodged of that description.[11/2013]
(3) Any person has the right, on payment of the prescribed fee, at any time during working hours of the Authority’s office, to inspect at that office any document lodged by an insurer to comply with section 94 or 95 and any document required by that section to accompany the document so lodged and make a copy of the whole or any part of it.[11/2013]
(4) The right referred to in subsection (3) does not extend to any document excepted from this provision by regulations prescribed or directions issued under section 94(3), or to documents of any other description lodged more than 10 years previously.[11/2013]
(5) In any proceedings, a certificate signed by any person appointed by the Authority under section 137 that a document is one lodged by an insurer to comply with section 94 or 95, or one that accompanied documents so lodged, is admissible as evidence of the facts certified.
(6) Any person who contravenes section 94 or 95 shall be guilty of an offence and shall be liable on conviction 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.[39
[11/2013]
Inspection by Authority
Open ↗98.—(1) The Authority may, from time to time, inspect under conditions of secrecy, the books, accounts, records and other documents, whether in electronic, print or other form, of —(a)
a licensed insurer;
(b)
any branch or subsidiary outside Singapore of a licensed insurer established or incorporated in Singapore; or
(c)
an insurance intermediary.[11/2013]
(2) For the purpose of an inspection under this section, a licensed insurer or insurance intermediary referred to in subsection (1) must —(a)
produce the insurer’s or insurance intermediary’s books, accounts, records and other documents, whether in electronic, print or other form, to the Authority and give such information and facilities as may be required by the Authority to conduct the inspection; and
(b)
procure that any person who is in possession of such books, accounts, records and other documents referred to in paragraph (a) produces such books, accounts, records and other documents and give such information and facilities as may be required by the Authority.[11/2013]
(3) The Authority may make copies of, or take possession of, any of the books, accounts, records and other documents, whether in electronic, print or other form, of a licensed insurer or an insurance intermediary.[11/2013]
(4) Any person who, without reasonable excuse, fails to produce any book, account, record or other document or provide any information or facilities in accordance with subsection (2) shall be guilty of an offence and 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.[40
[11/2013]
Inspection in Singapore by parent supervisory authority
Open ↗100.—(1) In relation to a licensed insurer incorporated outside Singapore or a foreign‑owned licensed insurer incorporated in Singapore, a parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of the licensed insurer in Singapore in accordance with this section, if the following conditions are satisfied:(a)
the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions;
(b)
the parent supervisory authority —(i)
is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or
(ii)
has given to the Authority such written undertaking as to the confidentiality of the information obtained, as the Authority may determine; and
(c)
the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection (2).[11/2013]
(2) The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to —(a)
the classes of information to which the parent supervisory authority may or may not have access in the course of the inspection;
(b)
the conduct of the inspection;
(c)
the use or disclosure of any information obtained in the course of the inspection; and
(d)
such other matters as the Authority may determine.[11/2013]
(3) Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection (2), a licensed insurer under inspection —(a)
must give the parent supervisory authority access to such books of the licensed insurer under inspection, and provide such information (including information relating to the licensed insurer’s internal control systems) and facilities as may be required to conduct the inspection; and
(b)
is not required to give the parent supervisory authority access to its books or to provide information or facilities at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensed insurer under inspection.[11/2013]
(4) A parent supervisory authority may, with the prior written approval of the Authority, appoint any person to conduct the inspection under subsection (1), and in such event, this section (other than this subsection) applies to the person as if a reference to the parent supervisory authority or any official of the parent supervisory authority in this section includes a reference to the person.[11/2013]
(5) Any licensed insurer which, without reasonable excuse, refuses or neglects to afford access to any book or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction 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.[11/2013]
(6) To avoid doubt, this section, and section 101 in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books of a licensed insurer, if —(a)
the parent supervisory authority is an AML/CFT authority as defined in section 17 of the Financial Services and Markets Act 2022, and exercises consolidated supervision authority as defined in that section over the licensed insurer; and[Act 18 of 2022 wef 28/04/2023]
(b)
the inspection is solely for the purpose of such consolidated supervision.[31/2017]
(7) In this section and section 101, unless the context otherwise requires —“foreign-owned”, in relation to a licensed insurer incorporated in Singapore, means a licensed insurer whose parent is incorporated, formed or established in a foreign country;
“parent”, in relation to a licensed insurer, means a financial institution which is able to exercise a significant influence over the direction and management of the licensed insurer or which has a controlling interest in the licensed insurer;
“parent supervisory authority” —(a)
in relation to a licensed insurer incorporated outside Singapore, means the supervisory authority which is responsible, under the laws of the country or territory where the licensed insurer or its parent is incorporated, formed or established, for supervising the licensed insurer or its parent, as the case may be; or
(b)
in relation to a foreign-owned licensed insurer incorporated in Singapore, means the supervisory authority which has consolidated supervision authority over the licensed insurer.[40B
[11/2013]
Confidentiality of inspection reports produced in respect of licensed insurer
Open ↗101.—(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[Act 12 of 2024 wef 24/01/2025]
(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).
[11/2013]
(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.[11/2013]
(3) In granting written approval for any disclosure under subsection (2)(d), the Authority may impose such conditions as it considers appropriate.[11/2013]
(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.[11/2013]
(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.[11/2013]
(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.[11/2013]
(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
[11/2013]
[Act 12 of 2024 wef 24/01/2025]
Subdivision (1) — Preliminary
Interpretation of this Division
Open ↗101A. In this Division —“auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004;
“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise;
“computer” and “data” have the meanings given by section 2(1) of the Computer Misuse Act 1993;
“law enforcement agency” means any authority or person charged with the duty of investigating offences or charging offenders under any written law;
“legal counsel” has the meaning given by section 3(7) of the Evidence Act 1893;
“officer” —(a)
in relation to the Authority, includes any person employed by the Authority in an executive capacity; and
(b)
in relation to any corporation (other than a law enforcement agency), has the meaning given by section 4(1) of the Companies Act 1967;
“prescribed written law” means this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:(a)
Banking Act 1970;
(b)
Credit Bureau Act 2016;
(c)
Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(d)
Finance Companies Act 1967;
(e)
Financial Advisers Act 2001;
(f)
Financial Holding Companies Act 2013;
(g)
Financial Services and Markets Act 2022;
(h)
Monetary Authority of Singapore Act 1970;
(i)
Payment Services Act 2019;
(j)
Securities and Futures Act 2001;
(k)
Trust Companies Act 2005;
(l)
any other Act that the Authority may prescribe by regulations made under section 154.[Act 12 of 2024 wef 24/01/2025]
Subdivision (2) — General
Investigation by Authority
Open ↗101B.—(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a)
to perform any of its functions and duties under this Act;
(b)
to ensure compliance with this Act or any written direction issued under this Act;
(c)
to investigate an alleged or suspected contravention of any provision of this Act or any written direction issued under this Act.
(2) The Authority may exercise any of its powers under this Division for the purposes of conducting an investigation under subsection (1) despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.
(3) Subject to subsection (5), a requirement imposed by the Authority under this Division has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(4) Subject to subsection (5), any person who complies with a requirement imposed by the Authority under this Division is not treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(5) Nothing in this section requires a person to disclose any information subject to legal privilege.
(6) No civil or criminal action, other than proceedings for an offence under section 101R, shall lie against any person —(a)
for giving assistance to the Authority, including answering questions, if the person had given the assistance or answered the questions in good faith in compliance with a requirement imposed by the Authority under this Division;
(b)
for providing information, producing books or giving access to data to the Authority, if the person had done so in good faith in compliance with a requirement imposed by the Authority under this Division; or
(c)
for doing or omitting to do any act, if the person had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division.
(7) In this section, a reference to a requirement imposed by the Authority under this Division includes a reference to a requirement imposed by an investigator or authorised person under Subdivision (3) or (4).[Act 12 of 2024 wef 24/01/2025]
Confidentiality of investigation reports
Open ↗101C.—(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 101B and is provided by the Authority to the person under investigation (called in this section the investigated person), the report must not be disclosed by the investigated person or, if the investigated person is a corporation, by any of its officers or auditors, to any other person except in the circumstances provided under subsection (2).
(2) Disclosure of the report mentioned in subsection (1) may be made —(a)
by the investigated person to any officer or auditor of that investigated person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that investigated person;
(b)
by any officer or auditor of the investigated person to any other officer or auditor of that investigated person, solely in connection with the performance of their duties in that investigated person; or
(c)
to such other person as the Authority may approve in writing.
(3) In granting written approval for any disclosure under subsection (2)(c), the Authority may impose such conditions or restrictions as it thinks fit on the investigated person, any of its officers or auditors or the person to whom disclosure is approved, and that person must comply with such conditions or restrictions.
(4) The obligation on an officer or auditor mentioned in subsection (1) continues after the termination or cessation of his or her employment or appointment by the investigated person.
(5) Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
(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 and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both, 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 or printed form, the person had, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and
(c)
where the disclosure was made in an electronic form, the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report had been deleted and that the report and all copies of the report in other forms had been surrendered to the Authority.[Act 12 of 2024 wef 24/01/2025]
Self-incrimination and saving for advocates and solicitors
Open ↗101D.—(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (3) or (4), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might tend to incriminate the person.
(2) Where a person claims, before making a statement disclosing information that the person is required to disclose under any provision of this Division to the Authority or to an investigator or authorised person mentioned in Subdivision (3) or (4), that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 101R(5).
(3) For the purposes of any proceedings for an offence under this Act, the making of a statement by an accused person made pursuant to a requirement mentioned in subsection (1), is not to be regarded under section 258(3) of the Criminal Procedure Code 2010 as caused by any inducement, threat or promise merely because the Authority, investigator or authorised person had earlier informed the accused person that the accused person was not excused from disclosing information on the ground that the disclosure of the information might tend to incriminate the accused person, if the Authority, investigator or authorised person (as the case may be) believed in good faith, when so informing the accused person, that —(a)
the accused person was concerned in an offence under this Act; or
(b)
a reasonable complaint has been made, or credible information has been received, or a reasonable suspicion exists, that the accused person was concerned in an offence under this Act.
(4) Nothing in this Division —(a)
compels an advocate and solicitor or legal counsel to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; or
(b)
authorises the taking of any such book or other material which is in the possession of an advocate and solicitor or legal counsel.
(5) Despite subsection (4), an advocate and solicitor or legal counsel —(a)
who is required under this Division to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; and
(b)
who refuses to disclose or produce the privileged communication, book or other material,
must give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
[Act 12 of 2024 wef 24/01/2025]
Subdivision (3) — Examination of persons
Requirement to appear for examination
Open ↗101E.—(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —(a)
to give to the Authority all reasonable assistance in connection with the investigation; and
(b)
to appear before an officer of the Authority duly authorised by the Authority for examination and to answer questions.
(2) A written requirement imposed under subsection (1) must state the general nature of the matter mentioned in that subsection.[Act 12 of 2024 wef 24/01/2025]
Proceedings at examination
Open ↗101F. The provisions of this Subdivision apply where, pursuant to a requirement made under section 101E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examination.[Act 12 of 2024 wef 24/01/2025]
Requirements made of examinee
Open ↗101G.—(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.
(2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make are true.
(3) The investigator may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Authority is investigating, or is to investigate, under this Division.[Act 12 of 2024 wef 24/01/2025]
Examination to take place in private
Open ↗101H.—(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.
(2) A person must not be present at the examination unless the person is —(a)
the investigator or the examinee;
(b)
a person approved by the Authority; or
(c)
entitled to be present by virtue of a direction under subsection (1).[Act 12 of 2024 wef 24/01/2025]
Record of examination
Open ↗101I.—(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.
(2) If a record made under subsection (1) is in writing or is reduced to writing —(a)
the investigator may require the examinee to read the record, or to have it read to the examinee, and may require the examinee to sign it; and
(b)
the investigator must, if requested in writing by the examinee to give to the examinee a copy of the written record, provide a copy of the written record without charge within a reasonable time, subject to such conditions as the investigator may impose.[Act 12 of 2024 wef 24/01/2025]
Giving copies of record to other persons
Open ↗101J.—(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in good faith, a legal proceeding in respect of a matter to which the examination relates.
(2) If the Authority gives a copy of a written record or book to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a further copy of the copy, must not, except in connection with preparing, beginning or carrying on, or in the course of, any legal proceeding —(a)
use the copy or a further copy of the copy; or
(b)
publish, or communicate to a person, the copy, a further copy of the copy, or any part of the contents of the copy.
(3) The Authority may, subject to such conditions or restrictions as it may impose, give to a person other than a person mentioned in subsection (1), a copy of a written record of the examination, or the copy together with a copy of any related book.[Act 12 of 2024 wef 24/01/2025]
Copies given subject to conditions
Open ↗101K. If a copy of any written record or book is given to a person under section 101I(2) or 101J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or the further copy of the copy, must comply with the conditions or restrictions.[Act 12 of 2024 wef 24/01/2025]
Subdivision (4) — Powers to obtain information
Power of Authority to order production of books, provision of information or giving of access to data
Open ↗101L. For the purpose of an investigation under this Division, the Authority may, in writing, require —(a)
a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or
(b)
a person who is believed to have power to access any data relating to any matter under investigation,
to —
(c)
produce the book or a copy of the book, or to provide the information, at the time and place specified in the written requirement;
(d)
give the Authority or any officer of the Authority who is authorised by the Authority for this purpose (called in this section an investigator) access to the book or data; or
(e)
provide such reasonable assistance as the Authority or an investigator may require for the purposes of accessing the book or data.[Act 12 of 2024 wef 24/01/2025]
Power to enter premises without warrant
Open ↗101M.—(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each called in this section an authorised person) may enter any premises.
(2) An investigator or authorised person accompanying the investigator must not enter any premises in the exercise of the powers under this section unless the investigator has given the occupier of the premises a written notice which —(a)
gives at least 2 working days’ notice of the intended entry;
(b)
indicates the subject matter and purpose of the investigation; and
(c)
indicates the nature of the offences investigated.
(3) Subsection (2) does not apply —(a)
if the investigation relates to an alleged or suspected contravention of any provision of this Act and the investigator has reasonable grounds for suspecting that the premises are, or have been, occupied by a person who is being investigated in relation to the contravention; or
(b)
if the investigator has taken all such steps as are reasonably practicable to give notice under subsection (2)(a) but has not been able to do so.
(4) Where subsection (3) applies, the power of entry conferred by subsection (1) may only be exercised upon production of —(a)
evidence of the investigator’s authorisation and the authorisation of every authorised person accompanying the investigator; and
(b)
a document containing information indicating the subject matter and purpose of the investigation and the nature of the offences investigated.
(5) Without affecting section 101L, an investigator or authorised person entering any premises under this section may —(a)
bring with him or her to the premises such items as appear to him or her to be necessary;
(b)
require any person on the premises to produce any book or copy of any book or to give access to any data which the investigator or authorised person considers relates to any matter relevant to the investigation;
(c)
require any person on the premises to state, to the best of the person’s knowledge and belief, where any such book or data is to be found; and
(d)
take any step, or issue to any person on the premises any requirement, which appears to be necessary for the purpose of preserving or preventing interference with any such book or data.[Act 12 of 2024 wef 24/01/2025]
Warrant to seize books, etc.
Open ↗101N.—(1) A Magistrate may, on the application of the Authority —(a)
issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available —(i)
being any book or data the production of which, or access to which, has been required under section 101L or 101M, but which has not been produced, or access to which has not been given, in compliance with that requirement; or
(ii)
being any book or data which, if production of which or access to which is required under section 101L or 101M, will be concealed, removed, tampered with or destroyed; and
(b)
if the Magistrate is also satisfied that there are reasonable grounds to suspect that there is, on those premises, any other book, or a computer in which any other data is contained or to which any other data is available, which relates to any matter relevant to the investigation concerned, direct that the powers exercisable under the warrant extend to such other book or computer.
(2) A warrant issued under subsection (1) authorises the Authority or any person named in the warrant, with or without assistance —(a)
to enter the premises specified in the warrant, using such force as is reasonably necessary for the purpose;
(b)
to search the premises and to break open and search anything, whether a fixture or not, in the premises;
(c)
to take possession of, or secure against interference, any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b);
(d)
to require any person to provide an explanation of any book or data that appears to be any book or data mentioned in subsection (1)(a) or (b), or to state, to the best of that person’s knowledge and belief, where any such book or data may be found;
(e)
to search any person on those premises, if there are reasonable grounds to suspect that the person has in his or her possession any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b), or any equipment or article which relates to any matter relevant to the investigation concerned;
(f)
to remove from those premises for examination any book that appears to be a book mentioned in subsection (1)(a) or (b), or any equipment (including a computer) or article which relates to any matter relevant to the investigation concerned;
(g)
to access, inspect and check the operation of a computer on the premises specified in the warrant, if there are reasonable grounds to suspect that any data mentioned in subsection (1)(a) or (b) is or has been contained in or available to the computer, or that the computer is a computer mentioned in subsection (1)(a) or (b);
(h)
to use any computer mentioned in paragraph (g), or cause any such computer to be used —(i)
to search any book or data that appears to be a book or any data mentioned in subsection (1)(a) or (b), that is contained in or available to such computer; and
(ii)
to make a copy of any such book or data;
(i)
to prevent any other person from gaining access to, or using, any computer mentioned in paragraph (g) (including by changing any username, password or other authentication information required to gain access to the computer);
(j)
to order any person —(i)
to stop accessing or using or to not access or use any computer mentioned in paragraph (g); or
(ii)
to access or use any such computer only under such conditions as the Authority or any person named in the warrant may specify; and
(k)
to order —(i)
any person whom the Authority or any person named in the warrant reasonably suspects of using, or of having used, a computer mentioned in paragraph (g);
(ii)
any person having charge of, or otherwise concerned with the operation of, any such computer; or
(iii)
any person whom the Authority or any person named in the warrant reasonably believes has knowledge of or access to any username, password or other authentication information required to gain access to any such computer,
to provide any of the following types of assistance to the Authority:
(iv)
assistance to gain access to the computer (including assistance through the provision of any username, password or other authentication information required to gain access to the computer);
(v)
assistance to prevent a person (other than the Authority or any person named in the warrant) from gaining access to, or using, the computer, including assistance in changing any username, password or other authentication information required to gain access to the computer.
(3) The Authority or any person named in the warrant may allow any equipment or article mentioned in subsection (2)(f) to be retained on the premises specified in the warrant, subject to such conditions as the Authority or that person may require.
(4) Any person entering any premises by virtue of a warrant issued under subsection (1) may bring with him or her to the premises such items as appear to him or her to be necessary.
(5) Where a warrant is issued under subsection (1), and there is no one present at the premises specified in the warrant when the Authority or any person named in the warrant proposes to execute the warrant, the Authority or that person must, before executing the warrant —(a)
take such steps as are reasonable in all the circumstances to inform the occupier of the premises of the intended entry into the premises; and
(b)
subject to subsection (6), give the occupier or the occupier’s legal or other representative a reasonable opportunity to be present when the warrant is executed.
(6) If the Authority or any person named in the warrant is unable to inform the occupier of the premises of the intended entry into the premises, the Authority or that person must, when executing the warrant, leave a copy of the warrant in a prominent place on the premises.
(7) On leaving any premises specified in a warrant issued under subsection (1), the Authority or any person named in the warrant must, if the premises are unoccupied or if the occupier of the premises is temporarily absent, leave the premises as effectively secured as the Authority or that person found the premises.
(8) The powers conferred by this section are in addition to, and not in derogation of, any other powers conferred by any other written law or rule of law.
(9) In this section —“occupier”, in relation to any premises specified in a warrant issued under subsection (1), includes any person whom the Authority or any person named in the warrant reasonably believes to be the occupier of those premises;
“premises” includes any structure, building, aircraft, vehicle or vessel.[Act 12 of 2024 wef 24/01/2025]
Powers where books are produced, etc.
Open ↗101O.—(1) This section applies where —(a)
any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —(i)
pursuant to a requirement under section 101L; or
(ii)
during an entry into any premises by an investigator or authorised person under section 101M;
(b)
under a warrant issued under section 101N(1), the Authority or a person named therein —(i)
takes possession of any book or computer; or
(ii)
secures any book or computer against interference; or
(c)
under a previous application of subsection (6), any book or computer is delivered into the possession of the Authority or a person authorised by it.
(2) If subsection (1)(a) applies, the Authority may take possession of any book or computer mentioned in that provision.
(3) The Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) may —(a)
inspect, and make copies of, or take extracts from, a book, or any data contained in or available to the computer, mentioned in that subsection;
(b)
use, or permit the use of, a book, or any data contained in or available to the computer, mentioned in that subsection for the purposes of any proceedings;
(c)
retain possession of a book or computer mentioned in that subsection for so long as is necessary —(i)
for the purposes of exercising a power conferred by this section;
(ii)
for a decision to be made about whether or not any proceedings to which the book or any data contained in or available to the computer would be relevant should be instituted; or
(iii)
for such proceedings to be instituted and carried on; and
(d)
require any book stored in any electronic form, or any data, which the Authority or person mentioned in subsection (1)(b) or (c) is satisfied relates to any matter relevant to an investigation under this Division, to be produced in a form which can be taken away and which is visible and legible.
(4) No person is entitled, as against the Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) to claim a lien on any book or computer mentioned in that subsection, but such a lien is not otherwise prejudiced.
(5) While any book or computer is in the possession of the Authority or (where applicable) the person mentioned in subsection (1)(b) or (c), the Authority or the person —(a)
must permit another person to inspect at all reasonable times the book or computer as the second-mentioned person would be entitled to inspect if the book or computer were not in the possession of the Authority or the firstmentioned person; and
(b)
may permit any other person to inspect the book or computer.
(6) If subsection (1)(a) or (b)(i) applies, an investigator or authorised person mentioned in subsection (1)(a) or a person mentioned in subsection (1)(b) may deliver any book or computer into the possession of the Authority or of a person authorised by the Authority to receive them.
(7) If subsection (1)(a) or (b) or (6) applies, the Authority, an investigator or authorised person mentioned in subsection (1)(a), a person mentioned in subsection (1)(b) or a person into whose possession any book or computer is delivered under subsection (6), may require —(a)
if subsection (1)(a) applies — a person who produced the book or gave access to the book or the data contained in or available to the computer; or
(b)
if subsection (1)(b) applies — a person who was a party to the preparation of the book or any data contained in or available to the computer,
to explain, to the best of his or her knowledge and belief, any matter about the preparation of the book or data or any matter to which the book or data relates.
[Act 12 of 2024 wef 24/01/2025]
Powers where books not produced, information not provided or access to book or data not given
Open ↗101P. Where a person fails to comply with a requirement imposed by the Authority under section 101L to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief —(a)
the place where such book, or any computer in which such data is contained or to which such data is available, may be found;
(b)
the person who last had possession, custody or control of such book, or any computer in which such data is contained or to which such data is available, and the place where that person may be found; or
(c)
the person who possesses such information and the place where that person may be found.[Act 12 of 2024 wef 24/01/2025]
Copies of or extracts from books to be admitted in evidence
Open ↗101Q.—(1) Subject to this section, a copy of or extract from any book referred to in this Division that is proved to be a true copy of the book, or of the relevant part of the book, is admissible in evidence as if it were the original book, or the relevant part of the original book.
(2) For the purposes of subsection (1), evidence that a copy of or extract from any book is a true copy of the book or of a part of the book, may be given by a person who has compared the copy or extract with the book or the relevant part of the book, and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.[Act 12 of 2024 wef 24/01/2025]
Offences under this Division
Open ↗101R.—(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 101D(5) shall be guilty of an offence and shall be liable on conviction 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.
(2) A person who, without reasonable excuse, refuses or fails to comply with —(a)
any requirement imposed under section 101E(1), 101G(3), 101M(5)(b), (c) or (d), 101O(3)(d) or (7) or 101P; or
(b)
any requirement imposed pursuant to a warrant issued under section 101N(1),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(3) A person who, without reasonable excuse, refuses or fails to comply with —(a)
any requirement of an investigator under section 101I(2)(a); or
(b)
section 101J(2) or 101K,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
(4) A person who, without reasonable excuse, refuses or fails to comply with a requirement imposed under section 101L shall be guilty of an offence and shall be liable on conviction 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.
(5) A person who —(a)
in purported compliance with a requirement imposed under section 101D(5), 101L, 101M(5)(b), (c) or (d), 101O(3)(d) or (7) or 101P, or pursuant to a warrant issued under section 101N(1); or
(b)
in the course of examination of the person,
provides information or makes a statement that is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(6) It is a defence to a prosecution for an offence under subsection (5) if the defendant proves that the defendant believed on reasonable grounds that the information or statement was true and not misleading.
(7) Any person who, knowing or having reasonable grounds to believe that any book, computer, equipment or article relates to a matter that the Authority is investigating or about to investigate under this Division —(a)
conceals, destroys, mutilates or alters that book, computer, equipment or article; or
(b)
if any such book, computer, equipment or article is within the territory of Singapore, takes or sends the book, computer, equipment or article out of Singapore,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(8) A person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under this Division, or obstructs or hinders a person who is exercising any power under section 101M(1) or (5) or executing a warrant issued under section 101N(1), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(9) Any occupier or person in charge of any premises who fails to provide, to any person who enters those premises under section 101M(1) or under a warrant issued under section 101N(1), all reasonable facilities and assistance for the effective exercise of that person’s powers under section 101M(1) or (5) or under the warrant (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.[Act 12 of 2024 wef 24/01/2025]
Division 2B — Transfer of evidence
Interpretation of this Division
Open ↗101S. In this Division ––“book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise;
“Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004;
“data” has the meaning given by section 2(1) of the Computer Misuse Act 1993;
“police officer” means a member of the Singapore Police Force.[Act 12 of 2024 wef 24/01/2025]
Evidence obtained by Authority may be used in criminal investigations and proceedings
Open ↗101T.—(1) Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under Division 2A to ––(a)
a police officer;
(b)
a Commercial Affairs Officer; or
(c)
the Public Prosecutor,
for the purposes of any investigation into or criminal proceedings against a person for an alleged or suspected contravention of any provision under this Act.
(2) To avoid doubt, any book, written record of examination or other information provided, or any data to which access is provided, by the Authority under subsection (1) is not inadmissible in any criminal proceedings by reason only that it was first obtained by the Authority under this Act, and the admissibility thereof is to be determined in accordance with the rules of evidence under written law and any relevant rules of law.[Act 12 of 2024 wef 24/01/2025]
Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act
Open ↗101U. Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by —(a)
a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or
(b)
an authorised person mentioned in section 20(1) or (1A), 39(1) or 40(2) of the Criminal Procedure Code 2010, in the exercise of his or her powers under those sections,
may be provided to the following persons for the following purposes, if it is in the public interest to do so:
(c)
to the Authority — for the purpose of any investigation under section 101B(1);
(d)
to the Minister or to an Appeal Advisory Committee constituted under section 127 — for the purpose of any appeal against a decision of the Authority under this Act.[Act 12 of 2024 wef 24/01/2025]
Division 3 — Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
Action by Authority if relevant person unable to meet obligations, etc.
Open ↗102.—(1) The Authority may exercise one or more of the powers specified in subsection (2) as appears to it to be necessary where —(a)
the Authority is satisfied that —(i)
the affairs of any relevant person are being conducted in a manner which is likely to be detrimental to the public interest or the interest of the policy owners or prejudicial to the interest of the relevant person;
(ii)
a relevant person is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments;
(iii)
a relevant person has contravened any of the provisions of this Act; or
(iv)
a relevant person has failed to comply with any conditions attached to its registration (if any), or licence, as the case may be;
(b)
a relevant person informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(c)
a relevant person becomes unable to meet its obligations, or is insolvent, or suspends payments; or
(d)
the Authority considers it in the public interest to do so.[16/2011; 11/2013]
(2) The Authority may exercise all or any of the following powers for the purposes of subsection (1):(a)
issue such directions to require the relevant person to take any action or to do or not to do any act or thing whatsoever in relation to its business as the Authority may consider necessary, including —(i)
recruiting such management personnel as may be necessary to enable it to conduct its business in accordance with sound insurance principles;
(ii)
removing any of its directors or any person whom the Authority considers unfit to be associated with it;
(iii)
taking action as to the disposition or recovery of its property;
(iv)
taking any available steps for the recovery by the relevant person (as the case may be) of sums appearing to the Authority to have been illegally or improperly paid;
(v)
in the case of a licensed insurer, stopping the renewal or issuance of further policies of the class of business which the insurer is carrying on;
(vi)
making such arrangements with respect to reinsurance as the Authority so specifies; or
(vii)
taking action to make good any default under section 15, 16, 17, 18, 19, 81 or 82;
(b)
subject to subsection (3), assume control of and manage such of the business of a licensed insurer as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms and conditions as the Authority may specify.[16/2011; 11/2013]
(3) In the case of a licensed insurer incorporated outside Singapore, any appointment of a statutory manager or any assumption of control by the Authority of any business of the licensed insurer under subsection (2) is only in relation to —(a)
the business and affairs of the licensed insurer carried on, or managed in or from, Singapore; and
(b)
the property of the licensed insurer located in Singapore, or reflected in the books of the licensed insurer in Singapore (as the case may be) in relation to its operations in Singapore.[16/2011; 11/2013]
(4) Where the Authority appoints 2 or more persons as the statutory manager of a licensed insurer, it must specify, in the terms and conditions of the appointment, which of the duties, functions and powers of the statutory manager —(a)
may be discharged or exercised by such persons jointly and severally;
(b)
must be discharged or exercised by such persons jointly; and
(c)
must be discharged or exercised by a specified person or such persons.[16/2011; 11/2013]
(5) Where the Authority has exercised any power under subsection (2), it may, at any time and without prejudice to its power under section 13(3)(p), do one or more of the following:(a)
vary or revoke any requirement of any appointment made by or any action taken by the Authority in the exercise of such power, on such terms and conditions as it may specify;
(b)
further exercise any of the powers under subsection (2);
(c)
add to, vary or revoke any term or condition specified by the Authority under this section.[16/2011]
(6) No liability shall be incurred by a statutory manager as a result of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —(a)
the exercise or purported exercise of any power under this Act;
(b)
the performance or purported performance of any function or duty under this Act; or
(c)
the compliance or purported compliance with this Act.[16/2011]
(7) Any relevant person who fails to comply with any direction of the Authority under this section 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.[41
[11/2013]
Effect of assumption of control under section 102
Open ↗103.—(1) Upon assuming control of the relevant business of a licensed insurer, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.[16/2011; 11/2013]
(2) During the period when the Authority or statutory manager is in control of the relevant business of a licensed insurer, the Authority or statutory manager must manage the relevant business of the licensed insurer in the name of and on behalf of the insurer and is deemed to be an agent of the insurer.[16/2011; 11/2013]
(3) In managing the relevant business of a licensed insurer, the Authority or statutory manager —(a)
must take into consideration the interests of the policy owners of the licensed insurer; and
(b)
has all the duties, powers and functions of the members of the board of directors of the licensed insurer (collectively and individually) under this Act, the Companies Act 1967 and the constitution of the licensed insurer, including powers of delegation, in relation to the relevant business of the licensed insurer; but nothing in this paragraph requires the Authority or the statutory manager to call any meeting of the licensed insurer under the Companies Act 1967, the Co‑operative Societies Act 1979 or the constitution of the licensed insurer.[16/2011; 11/2013]
(4) Despite any written law or rule of law, on the assumption of control of the relevant business of a licensed insurer by the Authority or statutory manager —(a)
where the licensed insurer is established or incorporated in Singapore, any appointment of a person as a chief executive or director of the licensed insurer; or
(b)
where the licensed insurer is established or incorporated outside Singapore, any appointment of a person as a chief executive of the insurer insofar as the appointment relates to the relevant business of the licensed insurer,
which was in force immediately before the assumption of control, is deemed to be revoked unless the Authority gives its approval, by written notice to the person and the licensed insurer, for the person to remain in the appointment.
[16/2011; 11/2013]
(5) Despite any written law or rule of law, during the period when the Authority or statutory manager is in control of the relevant business of a licensed insurer, no person may be appointed —(a)
where the licensed insurer is established or incorporated in Singapore, as a chief executive or director of the licensed insurer; or
(b)
where the licensed insurer is established or incorporated outside Singapore, as a chief executive of the licensed insurer, insofar as the appointment relates to the relevant business of the licensed insurer,
except with the approval of the Authority.
[16/2011; 11/2013]
(6) Where the Authority has given its approval under subsection (4) or (5) for a person to remain in the appointment of, or for a person to be appointed as, a chief executive or a director of a licensed insurer, the Authority may at any time, by written notice to the person and the licensed insurer, revoke its approval and such appointment is deemed to be revoked on the date specified in the notice.[16/2011; 11/2013]
(7) Despite any written law or rule of law, if any person, whose appointment as a chief executive or director of a licensed insurer is revoked under subsection (4) or (6), acts or purports to act after the revocation —(a)
where the licensed insurer is established or incorporated in Singapore, as a chief executive or director of the insurer; or
(b)
where the licensed insurer is established or incorporated outside Singapore, as a chief executive of the licensed insurer in relation to the relevant business of the insurer,
during the period when the Authority or statutory manager is in control of the relevant business of the licensed insurer —
(c)
the act or purported act of the person is invalid and of no effect; and
(d)
the person shall be guilty of an offence.[16/2011; 11/2013]
(8) Despite any written law or rule of law, if any person who is appointed as a chief executive or director of a licensed insurer in contravention of subsection (5) acts or purports to act —(a)
where the licensed insurer is established or incorporated in Singapore, as a chief executive or director of the licensed insurer; or
(b)
where the licensed insurer is established or incorporated outside Singapore, as a chief executive of the licensed insurer in relation to the relevant business of the licensed insurer,
during the period when the Authority or statutory manager is in control of the relevant business of the licensed insurer —
(c)
the act or purported act of the person is invalid and of no effect; and
(d)
the person shall be guilty of an offence.[16/2011; 11/2013]
(9) During the period when the Authority or statutory manager is in control of the relevant business of a licensed insurer —(a)
if there is any conflict or inconsistency between —(i)
a direction or decision given by the Authority or statutory manager (including a direction or decision to a person or body of persons referred to in sub-paragraph (ii)); and
(ii)
a direction or decision given by a chief executive, director, member, executive officer, employee, agent or office holder, or the board of directors, of the licensed insurer,
the direction or decision referred to in sub-paragraph (i), to the extent of the conflict or inconsistency, prevails over the direction or decision referred to in sub-paragraph (ii); and
(b)
a person must not exercise any voting or other right attached to any share in the licensed insurer in any manner that may defeat or interfere with any duty, function or power of the Authority or statutory manager, and any such act or purported act is invalid and of no effect.[16/2011; 11/2013]
(10) Any person who is guilty of an offence under subsection (7) or (8) shall be liable on conviction 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.[11/2013]
(11) In this section, “constitution of the licensed insurer” means the memorandum of association and articles of association of the licensed insurer or other instrument under which the licensed insurer is established or incorporated.[41A
[16/2011; 11/2013]
Duration of control
Open ↗104.—(1) The Authority must cease to be in control of the relevant business of a licensed insurer when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist or that it is no longer necessary for the protection of the policy owners of the licensed insurer.[16/2011; 11/2013]
(2) A statutory manager is deemed to have assumed control of the relevant business of a licensed insurer on the date of his or her appointment as a statutory manager.[16/2011; 11/2013]
(3) The appointment of a statutory manager in relation to the relevant business of a licensed insurer may be revoked by the Authority at any time —(a)
if the Authority is satisfied that the reasons for the appointment have ceased to exist or that it is no longer necessary for the protection of the policy owners of the licensed insurer; or
(b)
on any other ground,
and upon such revocation, the statutory manager ceases to be in control of the relevant business of the licensed insurer.
[16/2011; 11/2013]
(4) The Authority must publish in the Gazette the date, and any other particulars that it thinks fit, of —(a)
its assumption of control of the relevant business of a licensed insurer;
(b)
the cessation of its control of the relevant business of a licensed insurer;
(c)
the appointment of a statutory manager in relation to the relevant business of a licensed insurer; and
(d)
the revocation of a statutory manager’s appointment in relation to the relevant business of a licensed insurer.[41B
[16/2011; 11/2013]
Responsibilities of officers, member, etc., of licensed insurer
Open ↗105.—(1) During the period when the Authority or statutory manager is in control of the relevant business of a licensed insurer —(a)
the General Division of the High Court may, on an application of the Authority or statutory manager, direct any person who has ceased to be or who is still a chief executive, director, member, executive officer, employee, agent, banker, auditor or office‑holder of, or trustee for, the licensed insurer to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property, book, accounts, record or other documents, whether in electronic, print or other form, of the insurer which is comprised in, forms part of or relates to the relevant business of the insurer, and which is in the person’s possession or control; and
(b)
any person who has ceased to be or who is still a chief executive, director, member, executive officer, employee, agent, banker, auditor or office-holder of, or trustee for, the insurer must give to the Authority or statutory manager such information as the Authority or statutory manager may require for the discharge of its, his or her duties or functions, or the exercise of its, his or her powers, in relation to the licensed insurer, within such time and in such manner as may be specified by the Authority or statutory manager.[16/2011; 11/2013; 40/2019]
(2) Any person who —(a)
without reasonable excuse, fails to comply with subsection (1)(b); or
(b)
in purported compliance with subsection (1)(b), knowingly or recklessly provides any information or document that is false or misleading in a material particular,
shall be guilty of an offence and shall be liable on conviction 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.
[41C
[16/2011; 11/2013]
Remuneration and expenses of Authority and others in certain cases
Open ↗106. The Authority may at any time fix the remuneration and expenses to be paid by a licensed insurer —(a)
to a statutory manager appointed in relation to a licensed insurer, whether or not the appointment has been revoked; and
(b)
where the Authority has assumed control of the relevant business of the licensed insurer, to the Authority and any person employed or authorised by the Authority under section 137 in relation to its assumption of control of the relevant business, whether or not the Authority has ceased to be in control of the relevant business.[41D
[16/2011; 11/2013]
Moratorium
Open ↗107.—(1) The General Division of the High Court may, on the application of the Authority, if it considers it to be in the interests of the policy owners of a licensed insurer, make one or more of the following orders:(a)
that no resolution may be passed, and no order may be made, for the winding up of the licensed insurer;
(b)
that no proceedings may be commenced or continued by or against the licensed insurer in respect of any business of the licensed insurer;
(c)
that no enforcement order, distress or other legal process may be commenced, levied or continued against any property of the licensed insurer;[Act 25 of 2021 wef 01/04/2022]
(d)
that no steps may be taken to enforce any security over any property of the licensed insurer or to repossess from the licensed insurer any goods under any hire‑purchase agreement, chattels leasing agreement or retention of title agreement;
(e)
that no steps may be taken by any person, other than a person specified in the order, to sell, transfer, assign or otherwise dispose of any property of the licensed insurer.[16/2011; 11/2013; 40/2019]
(2) Any sale, transfer, assignment or other disposition of any property of the licensed insurer in contravention of any order made under subsection (1)(e) is void.[16/2011; 11/2013]
(3) Any order made under subsection (1) is valid for a period not exceeding 6 months.[41E
[16/2011]
Interpretation of sections 102 to 107
Open ↗108. In sections 102 to 107, unless the context otherwise requires —“business” includes affairs and property;
“office-holder”, in relation to a licensed insurer, means any person acting in relation to the insurer as its liquidator, provisional liquidator, receiver, receiver and manager or an equivalent person;
“property” includes property, right and power of every description;
“relevant business” means any business of a licensed insurer —(a)
which the Authority has assumed control of under section 102; or
(b)
in relation to which a statutory manager has been appointed under section 102;
“relevant person” means a licensed insurer or an insurance intermediary;
“statutory manager” means a statutory manager appointed under section 102.[41F
[16/2011; 11/2013]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
