Authority may prohibit person from carrying on business as insurance intermediary
74.—(1)  The Authority may, by order, prohibit any person from carrying on business as an insurance intermediary or from taking part, directly or indirectly, in the management of any insurance intermediary —
(a)where the person has been convicted, whether in Singapore or elsewhere, of an offence involving fraud, dishonesty or moral turpitude or the conviction for which involved a finding that the person acted fraudulently or dishonestly; or
(b)where the Authority is satisfied that the person has —
(i)forged policyholders’ signatures;
(ii)misappropriated policyholders’ premiums;
(iii)contravened any provision of this Act;
(iv)given false, misleading or inaccurate information in its application to the insurer;
(v)wilfully misled any policyholder when assisting the policyholder to fill up the proposal form;
(vi)used dishonest means to meet the requirements set up by the insurer; or
(vii)been involved in any activity prejudicial to the public interest.
(2)  Before prohibiting any person from carrying on business as an insurance intermediary or from taking part, directly or indirectly, in the management of any insurance intermediary, the Authority must —
(a)give the person written notice of its intention to do so; and
(b)in the notice referred to in paragraph (a), call upon the person to show cause within such time as may be specified in the notice why the person should not be prohibited from carrying on business as an insurance intermediary or from taking part, directly or indirectly, in the management of any insurance intermediary, as the case may be.
(3)  If the person to whom notice has been given under subsection (2) —
(a)fails to show cause within the time given to the person to do so or within such extended period of time as the Authority may allow; or
(b)fails to show sufficient cause,
the Authority must give written notice to that person of the date on which the prohibition is to take effect.
(4)  Any person who is aggrieved by a decision of the Authority under subsection (1) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B.
(5)  An insurer or insurance intermediary must not employ or otherwise deal with any person who has been issued an order under subsection (1) where any activity to be undertaken by the person pursuant to such employment or dealing is prohibited by the order.
(6)  Any person who —
(a)fails to comply with an order of the Authority made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 2 years or to both;
(b)contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(7)  Where the Authority has, under section 31 of the Insurance Intermediaries Act (Cap. 142A, 2000 Revised Edition) in force before 1 October 2002, by order prohibited any person from carrying on business as an insurance intermediary or from taking part, directly or indirectly, in the management of any insurance intermediary, the order continues in force as if made by the Authority under subsection (1).
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