Comparison View

Formal Consolidation |  Amended Act 11 of 2013
Disqualification of director or executive officer of licensed insurer
31A.—(1)  Notwithstanding section 31 or the provisions of any other written law —
(a)a licensed insurer shall not, without the prior written consent of the Authority, permit a person to act as its executive officer; and
(b)a licensed insurer which is established or incorporated in Singapore shall not, without the prior written consent of the Authority, permit a person to act as its director,
if the person —
(i)has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after the date of commencement of section 26 of the Insurance (Amendment) Act 2013, being an offence —
(A)involving fraud or dishonesty;
(B)the conviction for which involved a finding that he had acted fraudulently or dishonestly; or
(C)specified in the Third Schedule to the Registration of Criminals Act (Cap. 268);
(ii)is an undischarged bankrupt, whether in Singapore or elsewhere;
(iii)has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
(iv)has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;
(v)has had a prohibition order under section 35V, or under section 59 of the Financial Advisers Act (Cap. 110) or section 101A of the Securities and Futures Act (Cap. 289), made against him that remains in force; or
(vi)has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
(A)which is being or has been, wound up by a court; or
(B)the licence of which has been revoked by the Authority or, in the case of a regulated financial institution in a foreign country, by the regulatory authority in that foreign country.
(2)  Any licensed insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction 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.
(3)  In this section, unless the context otherwise requires —
“regulated financial institution” means a person who carries on a business, the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority” has the same meaning as in section 49A.
[Act 11 of 2013 wef 18/04/2013]
Informal Consolidation | Amended Act 4 of 2017
Disqualification of director or executive officer of licensed insurer
31A.—(1)  Notwithstanding section 31 or the provisions of any other written law —
(a)a licensed insurer shall not, without the prior written consent of the Authority, permit a person to act as its executive officer; and
(b)a licensed insurer which is established or incorporated in Singapore shall not, without the prior written consent of the Authority, permit a person to act as its director,
if the person —
(i)has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after the date of commencement of section 26 of the Insurance (Amendment) Act 2013, being an offence —
(A)involving fraud or dishonesty;
(B)the conviction for which involved a finding that he had acted fraudulently or dishonestly; or
(C)specified in the Third Schedule to the Registration of Criminals Act (Cap. 268);
(ii)is an undischarged bankrupt, whether in Singapore or elsewhere;
(iii)has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
(iv)has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;
(v)has had a prohibition order under section 35V, or under section 59 of the Financial Advisers Act (Cap. 110) or section 101A or 123ZZC of the Securities and Futures Act (Cap. 289), made against him that remains in force; or
[Act 4 of 2017 wef 08/10/2018]
(vi)has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
(A)which is being or has been, wound up by a court; or
(B)the licence of which has been revoked by the Authority or, in the case of a regulated financial institution in a foreign country, by the regulatory authority in that foreign country.
(2)  Any licensed insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction 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.
(3)  In this section, unless the context otherwise requires —
“regulated financial institution” means a person who carries on a business, the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority” has the same meaning as in section 49A.
[Act 11 of 2013 wef 18/04/2013]