No person to carry on insurance business unless licensed or authorised by Authority
3.—(1)  Subject to the provisions of this Act, no person shall carry on any class of insurance business in Singapore as an insurer unless the person is licensed by the Authority under this Act in respect of that class of business.
[11/86]
[Act 11 of 2013 wef 18/04/2013]
(1A)  Except for a licensed insurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, no person carrying on reinsurance business outside Singapore shall carry on the business of providing the reinsurance of liabilities under insurance policies, as a principal and as an insurer, to persons in Singapore unless —
(a)he is authorised by the Authority under section 34 to do so; or
(b)he is providing the reinsurance of liabilities under insurance policies pursuant to an arrangement which was not solicited by him but was initiated by —
(i)a licensed insurer;
(ii)a registered insurance broker; or
(iii)a person exempt from registration as an insurance broker under section 35ZN(1)(a), (b), (c), (d), (e) or (ea) who has notified the Authority, in such manner as may be prescribed under section 64(1), of his commencement of insurance broking business.
[Act 11 of 2013 wef 18/04/2013]
(1B)  Any person licensed by the Authority under this Act to carry on insurance business as an insurer in respect of life business may carry on general business relating to short-term accident and health policies while being so licensed, and —
(a)the person need not be licensed as an insurer in respect of general business in order to carry on general business relating to short-term accident and health policies; and
(b)the general insurance business relating to short-term accident and health policies carried on by the person shall be treated as part of the person’s life business.
[23/2003 wef 01/01/2004]
[Act 11 of 2013 wef 18/04/2013]
(1C)  An insurer licensed to carry on both life business and general business may treat its short-term accident and health policies as part of its life business or its general business.
[23/2003 wef 01/01/2004]
[Act 11 of 2013 wef 18/04/2013]
(2)  Any person who contravenes subsection (1) or (1A) 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]
(3)  [Deleted by Act 11 of 2013 wef 18/04/2013]