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Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  1994 RevEd
Inspection and investigation of affairs of insurer
42.—(1)  The Authority may from time to time inspect the books, accounts and transactions of a registered insurer and institute an investigation into the whole or any part of the insurance business carried on in Singapore by the insurer.
(2)  In making an inspection or investigation under this section, the Authority may, by notice in writing, require —
(a)the insurer, or any person having the custody thereof on behalf of the insurer;
(b)any person who is or has at any time been or acted as a director, actuary, auditor, officer, servant or agent of the insurer; or
(c)any past or present member or policy owner of the insurer,
to produce for its inspection, and allow it to copy the whole or any part of any books, accounts, records or other documents of the insurer, whether kept in Singapore or elsewhere (including documents evidencing the insurer’s title to any assets):
Provided that a requirement under this subsection shall extend only to documents relating to business carried on by the insurer in Singapore, or evidencing the insurer’s title to assets held for the purposes of any such business.
(3)  Any person who refuses or fails when required to do so under subsection (2) to produce any document in his custody shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.
[40
[32/93]
[11/86]
Informal Consolidation | Amended Act 30 of 1999
Inspection and investigation of affairs of insurer
42.—(1)  The Authority may, for the purpose of performing its functions under this Act —
(a)inspect the books, accounts and other documents of any registered insurer;
(b)institute an investigation into the whole or any part of the business carried on in Singapore by the insurer; and
(c)enter any premises of the insurer at all reasonable times.
[30/99 wef 31/12/1999]
(2)  In making an inspection or investigation under this section, the Authority may, by notice in writing, require —
(a)the insurer, or any person having the custody thereof on behalf of the insurer;
(b)any person who is or has at any time been or acted as a director, actuary, auditor, officer, servant or agent of the insurer; or
(c)any past or present member or policy owner of the insurer,
to produce for its inspection, and allow it to copy the whole or any part of any books, accounts, records or other documents of the insurer, whether kept in Singapore or elsewhere (including documents evidencing the insurer’s title to any assets):
Provided that a requirement under this subsection shall extend only to documents relating to business carried on by the insurer in Singapore, or evidencing the insurer’s title to assets held for the purposes of any such business.
(3)  Any person who refuses or fails when required to do so under subsection (2) to produce any document in his custody shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.
[40
[32/93]
[11/86]