Control of substantial shareholdings of licensed insurers incorporated in Singapore
27.—(1)  A person must not, on or after 18 April 2013, become a substantial shareholder of a licensed insurer incorporated in Singapore without the prior written approval of the Authority.
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(2)  A person must not, on or after 18 April 2013, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition or holding of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a licensed insurer which is incorporated in Singapore, without the prior written approval of the Authority.
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(3)  The Authority may approve an application made by any person under subsection (1) or (2) if the Authority is satisfied that —
(a)the person is a fit and proper person; and
(b)having regard to the likely influence of the person, the licensed insurer concerned will or will continue to conduct its business prudently and comply with the provisions of this Act.
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(4)  Any approval under this section may be granted to any person subject to such conditions as the Authority may determine, including but not limited to any condition —
(a)restricting the person’s further acquisition of shares or voting power in the licensed insurer concerned; or
(b)restricting the person’s exercise of voting power in the insurer.
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(5)  The Authority may add to, vary or revoke any condition imposed under subsection (4).
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(6)  Any condition imposed under subsection (4) or (5) has effect despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the licensed insurer concerned.
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(7)  Any person who contravenes subsection (1) or (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 $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
(b)in any other case, 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 of a day during which the offence continues after conviction.
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(8)  Any person who fails to comply with any condition imposed under subsection (4) or (5) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
(b)in any other case, 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 of a day during which the offence continues after conviction.
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(9)  For the purposes of this section, a person holds, or has an interest in, a share if —
(a)the person is deemed to have an interest in that share under section 7 of the Companies Act 1967; or
(b)the person otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act 1967.
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