Requirements as to documents evidencing title to assets of insurance funds
20.—(1)  Where an insurer has established an insurance fund under this Act, the insurer shall secure that any document evidencing the insurer’s title to assets of the fund, so long as the document is held by or on behalf of the insurer, shall be kept in Singapore or, if not so kept, shall be kept in the custody of a person in accordance with such directions as may be issued by the Authority.
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(2)  An insurer who has established an insurance fund under this Act shall from time to time notify the Authority in writing —
(a)the person having the custody of any such document on behalf of the insurer, and the fact of any person ceasing to do so; and
(b)the reason why any such document is not held by or on behalf of the insurer, and the identity of the document in question.
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(3)  Any such document which is, for the time being, held by or on behalf of the insurer shall, on the Authority giving not less than 14 days’ notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Authority or a person nominated by it by the person to whom the notice is given.
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(4)  A person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day during which the offence continues after conviction.
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