Inspection by Authority
40.—(1)  The Authority may, from time to time, inspect under conditions of secrecy, the books, accounts, records and other documents, whether in electronic, print or other form, of —
(a)a licensed insurer;
(b)any branch or subsidiary outside Singapore of a licensed insurer established or incorporated in Singapore; or
(c)an insurance intermediary.
[Act 11 of 2013 wef 18/04/2013]
(2)  For the purpose of an inspection under this section, a licensed insurer or insurance intermediary referred to in subsection (1) shall —
(a)produce his books, accounts, records and other documents, whether in electronic, print or other form, to the Authority and give such information and facilities as may be required by the Authority to conduct the inspection; and
(b)procure that any person who is in possession of such books, accounts, records and other documents referred to in paragraph (a) shall produce such books, accounts, records and other documents and give such information and facilities as may be required by the Authority.
[41/2001]
[Act 11 of 2013 wef 18/04/2013]
(3)  The Authority may make copies of, or take possession of, any of the books, accounts, records and other documents, whether in electronic, print or other form, of a licensed insurer or an insurance intermediary.
[41/2001]
[Act 11 of 2013 wef 18/04/2013]
(4)  [Deleted by Act 11 of 2013 wef 18/04/2013]
(5)  Any person who fails, without reasonable excuse, to produce any book, account, record or other document or furnish any information or facilities in accordance with subsection (2) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction; or
(b)in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]