Comparison View

Formal Consolidation |  2020 RevEd
Regulations
154.—(1)  The Authority may make regulations for carrying into effect the objects of this Act, and for prescribing anything which under this Act is to be prescribed.
(2)  Without limiting subsection (1), regulations may be made for or with respect to —
(a)the forms for the purposes of this Act;
(b)the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the waiver, refund or remission, whether in whole or in part, of such fees; and
(c)the corporate governance of insurers.
[23/2003; 11/2013]
(3)  Except as otherwise expressly provided in this Act, regulations made under this Act —
(a)may be of general or specific application;
(b)may provide that a contravention of any specified provision thereof shall be an offence; and
(c)may provide —
(i)in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction; or
(ii)in any other case, for penalties not exceeding a fine of $100,000 for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction.
[23/2003; 11/2013]
(4)  The Authority may issue such directions as it may consider necessary for carrying into effect the objects of this Act, and may at any time vary, rescind or revoke any such directions.
[11/2013]
(5)  Without limiting subsection (4), the Authority may issue such directions as it may consider necessary to an authorised reinsurer with respect to the manner and form of the transfer of the whole or part of its business of providing the reinsurance of liabilities under insurance policies, to persons in Singapore.
[23/2003]
(6)  It is not necessary to publish any direction issued under this Act in the Gazette.
[64
[11/2013]
Informal Consolidation | Amended Act 12 of 2024
Regulations
154.—(1)  The Authority may make regulations for carrying into effect the objects of this Act, and for prescribing anything which under this Act is to be prescribed.
(2)  Without limiting subsection (1), regulations may be made for or with respect to —
(a)the forms for the purposes of this Act;
(b)the fees to be paid in respect of any matter or thing required for the purposes of this Act, including the waiver, refund or remission, whether in whole or in part, of such fees;
[Act 12 of 2024 wef 30/08/2024]
(c)the corporate governance of insurers and insurance brokers;
[Act 12 of 2024 wef 30/08/2024]
(d)the risk management of insurers, including the management of financial risk, conduct risk, operational risk and underwriting risk, in relation to the conduct of insurance business in Singapore; and
[Act 12 of 2024 wef 30/08/2024]
(e)the risk management of insurance brokers, including the management of financial risk, conduct risk, operational risk and reputational risk, in relation to the conduct of insurance broking business in Singapore.
[Act 12 of 2024 wef 30/08/2024]
(3)  Except as otherwise expressly provided in this Act, regulations made under this Act —
(a)may be of general or specific application;
(b)may provide that a contravention of any specified provision thereof shall be an offence; and
(c)may provide —
(i)in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction; or
(ii)in any other case, for penalties not exceeding a fine of $100,000 for each offence and, in the case of a continuing offence, for a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction.
[23/2003; 11/2013]
(4)  The Authority may issue such directions as it may consider necessary for carrying into effect the objects of this Act, and may at any time vary, rescind or revoke any such directions.
[11/2013]
(5)  Without limiting subsection (4), the Authority may issue such directions as it may consider necessary to an authorised reinsurer with respect to the manner and form of the transfer of the whole or part of its business of providing the reinsurance of liabilities under insurance policies, to persons in Singapore.
[23/2003]
(6)  It is not necessary to publish any direction issued under this Act in the Gazette.
[64
[11/2013]