Comparison View

Formal Consolidation |  2002 RevEd
Negotiation and placement of risk with foreign insurer
35ZG.—(1)  Without prejudice to section 35ZF, a registered insurance broker may negotiate any contract of insurance referred to in section 35ZE with a foreign insurer under a foreign insurer scheme under Part IIA if he is authorised to do so under a licence issued by the Authority.
[41/2001]
(2)  Any person who wishes to obtain a licence under subsection (1) shall apply to the Authority in such manner as the Authority may determine and furnish such information as the Authority may require.
[41/2001]
(3)  In issuing a licence under subsection (1), the Authority may impose such conditions as it thinks fit and may at any time add to, vary or revoke such conditions.
[41/2001]
(4)  The issue of a licence by the Authority under subsection (1) shall be subject to the payment of such annual fees as may be prescribed.
[41/2001]
(5)  Section 35ZB shall apply, with the necessary modifications, in relation to the cancellation of a licence issued under subsection (1).
[41/2001]
(6)  Where, immediately before 1st October 2002, a person has a licence under section 8 of the Insurance Intermediaries Act (Cap.142A) in force before that date, he shall be deemed to have been issued, subject to the same terms and conditions but only in so far as they are not inconsistent with the provisions of this Act, with a licence under subsection (1) to negotiate contracts of insurance referred to in section 35ZE with such foreign insurers under any foreign insurer scheme under Part IIA as the Authority may determine.
[41/2001]
Informal Consolidation | Amended Act 11 of 2013
Negotiation and placement of risk with foreign insurer
35ZG.—(1)  Without prejudice to section 35ZF, a registered insurance broker may negotiate any contract of insurance referred to in section 35ZE with a foreign insurer under a foreign insurer scheme if he is authorised to do so under a licence issued by the Authority.
[41/2001]
[Act 11 of 2013 wef 18/04/2013]
(2)  Any person who wishes to obtain a licence under subsection (1) shall apply to the Authority in such manner as the Authority may determine and furnish such information as the Authority may require.
[41/2001]
(3)  In issuing a licence under subsection (1), the Authority may impose such conditions as it thinks fit and may at any time add to, vary or revoke such conditions.
[41/2001]
(4)  The issue of a licence by the Authority under subsection (1) shall be subject to the payment of such annual fees as may be prescribed.
[41/2001]
(5)  Section 35ZB shall apply, with the necessary modifications, in relation to the cancellation of a licence issued under subsection (1).
[41/2001]
(6)  Where, immediately before 1st October 2002, a person has a licence under section 8 of the Insurance Intermediaries Act (Cap. 142A) in force before that date, he shall be deemed to have been issued, subject to the same terms and conditions but only in so far as they are not inconsistent with the provisions of this Act, with a licence under subsection (1) to negotiate contracts of insurance referred to in section 35ZE with such foreign insurers under any foreign insurer scheme as the Authority may determine.
[41/2001]
[Act 11 of 2013 wef 18/04/2013]