Defences
29C.—(1)  Where a person is charged with an offence in respect of a contravention of section 28 or 29, it shall be a defence for the person to prove that —
(a)he was not aware that he had contravened section 28 or 29, as the case may be; and
(b)he has, within 14 days after becoming aware that he had contravened section 28 or 29, as the case may be, notified the Authority of the contravention and, within such time as determined by the Authority, taken such actions in relation to his control of the voting power or his shareholding in the licensed insurer concerned as the Authority may direct.
(2)  Where a person is charged with an offence in respect of a contravention of section 28, it shall also be a defence for the person to prove that, even though he was aware of the contravention —
(a)the contravention occurred as a result of an increase in the shareholding as described in section 28(7)(d) of, or in the voting power controlled by, any of his associates described in section 28(7)(c)(i);
(b)he has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the licensed insurer concerned; and
(c)he has, within 14 days after the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such action in relation to his control of the voting power or his shareholding in the licensed insurer concerned as the Authority may direct.
(3)  Except as provided in subsections (1) and (2), it shall not be a defence for a person charged with an offence in respect of a contravention of section 28 or 29 to prove that he did not intend to or did not knowingly contravene section 28 or 29, as the case may be.
[Act 11 of 2013 wef 18/04/2013]