Objection to existing control of licensed insurers incorporated in Singapore
29A.—(1)  The Authority may serve a written notice of objection on any person referred to in section 28 or 29 if the Authority is satisfied that —
(a)any condition of approval imposed on the person under section 28(3) or (4) or 29(4) or (5) has not been complied with;
(b)the person has furnished any false or misleading information or document in connection with an application under section 28 or 29;
(c)the Authority would not have granted its approval under section 28 or 29 had it been aware, at that time, of circumstances relevant to the person’s application for such approval;
(d)the person has ceased to be a fit and proper person; or
(e)having regard to the likely influence of the person, the licensed insurer concerned is no longer likely to conduct its business prudently or to comply with the provisions of this Act.
(2)  Before the service of a written notice of objection, the Authority shall, unless the Authority decides that it is not practicable or desirable to do so, cause to be given to the person concerned a notice in writing of the Authority’s intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection.
(3)  Upon receipt of any written representations, the Authority shall consider them for the purpose of determining whether to issue a written notice of objection.
(4)  The Authority shall, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection shall —
(a)take such steps as are necessary to ensure that the person ceases to be in effective control as defined in section 28, or ceases to be a substantial shareholder or a party to the agreement or arrangement described in section 29(2), as the case may be; or
(b)comply with such direction or directions as the Authority may make under section 29B.
(5)  Any person served with a written notice of objection under this section shall comply with the notice.
(6)  Any person who contravenes subsection (5) 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 thereof 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 thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]