Power of Authority to obtain information from licensed insurer, shareholder or other relevant persons
32.—(1)  The Authority may, by written notice, direct a licensed insurer that is incorporated in Singapore to obtain from any shareholder of the insurer, and to transmit to the Authority, information —
(a)as to whether that shareholder holds any voting shares in the insurer as beneficial owner or as trustee; and
(b)if that shareholder holds those shares as trustee, indicating as far as that shareholder is able to provide the person or persons for whom that shareholder holds those shares (either by name or by other particulars sufficient to enable the person or persons to be identified) and the nature of the interests of the person or persons,
and the insurer must comply with that direction within such time as is specified in the notice.
[11/2013]
(2)  The Authority may, by written notice, require any shareholder of a licensed insurer which is incorporated in Singapore, or any person (called in this subsection the relevant person) who appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in a licensed insurer which is incorporated in Singapore, to provide to the Authority, within such time as may be specified in the notice or within such extended period of time as the Authority may allow, any information relating to the shareholder or the relevant person (as the case may be) which the Authority may require for the purpose of ascertaining or investigating into the control of shareholding or voting power in the insurer, or exercising any power or function under sections 26 to 30, including any information —
(a)as to whether the shareholder holds any share, or the relevant person holds that interest, as beneficial owner or as trustee, and if the shareholder or relevant person holds that share or interest as trustee, indicating as far as the shareholder or relevant person can, the person for whom the shareholder or relevant person holds that share or interest (either by name or by other particulars sufficient to enable that person to be identified) and the nature of that person’s interest; or
(b)as to whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 26(7)(c)(vi) or 27(2), and if so, giving particulars of the agreement or arrangement and the parties to it,
and the shareholder or the relevant person (as the case may be) must comply with that notice within such time as may be specified in the notice.
[11/2013]
(3)  Any person who —
(a)fails to comply with a notice under this section; or
(b)in purported compliance with the notice, knowingly or recklessly provides any information or document that is false or misleading in a material particular,
shall be guilty of an offence.
[11/2013]
(4)  Any person convicted of an offence under subsection (3) 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.
[11/2013]
(5)  Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (2), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under sections 26, 27, 28 and 29.
[30
[11/2013]