Use of word “insurance”
5.—(1)  Subject to subsection (1AA) and except with the written consent of the Authority, no person, other than a licensed insurer, an authorised reinsurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, shall —
(a)use the word “insurance” or any of its derivatives in any language, or any other word indicating that that person carries on insurance business in the name, description or title under which it carries on business in Singapore; or
(b)make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[22/73; 11/86]
[Act 11 of 2013 wef 18/04/2013]
(1A)  Subject to subsections (1B) and (1C) and except with the written consent of the Authority, no person shall —
(a)use the word “insurance” or any of its derivatives in any language, or any other word, that indicates that the person carries on business as an insurance intermediary in the name, description or title under which it carries on business in Singapore; or
(b)make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[23/2003 wef 01/01/2004]
[Act 11 of 2013 wef 18/04/2013]
(1AA)  Subsection (1) shall not apply to any registered person as defined in section 6A(9).
[Act 11 of 2013 wef 18/04/2013]
(1B)  Subsection (1A) shall not apply to —
(a)a registered insurance broker;
(b)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;
(c)a licensed financial adviser or an exempt financial adviser, which provides any financial advisory service in respect of life policies;
(d)an insurance agent operating under an agreement in writing pursuant to section 35M;
(e)an insurance agent to whom section 35M does not apply;
(f)an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme; or
[Act 11 of 2013 wef 18/04/2013]
(g)such other person as may be prescribed.
[23/2003 wef 01/01/2004]
(1C)  Any person allowed under subsection (1A) to use any word referred to in that subsection in the name, description or title under which the person carries on business in Singapore shall, when using that word in that name, description or title, indicate that the person carries on business as an insurance intermediary.
[Act 11 of 2013 wef 18/04/2013]
(2)  Nothing in this section shall prohibit an association of insurers from using the word “insurance” or any of its derivatives in any language as part of its name or description of its activities.
[22/73]
(3)  Any person who contravenes subsection (1), (1A) or (1C) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or
(b)in any other case, to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]