Regulations
63.—(1)  The Authority may make such regulations as are necessary or expedient for the purpose of carrying out the provisions of this Part and, in particular, such regulations may —
(a)require the foreign insurers who wish to carry on insurance business in Singapore under any foreign insurer scheme to obtain such undertakings and guarantees by any person acceptable to the Authority as the Authority considers necessary to secure for the benefit of potential claimants the payment of all potential claims that may arise from the carrying on of insurance business in Singapore by the foreign insurers under the scheme;
(b)require the foreign insurers carrying on insurance business in Singapore under any foreign insurer scheme, or the administrator, on behalf of such foreign insurers, to make and maintain on behalf of all the foreign insurers carrying on business in Singapore under the scheme such insurance funds and deposits with the Authority as the Authority considers necessary to secure the payment of claims arising from contracts of insurance entered into by the foreign insurers under the scheme;
(c)require the foreign insurers to authorise the administrator or an agent or both to accept service of notices and legal processes on the foreign insurers’ behalf;
(d)provide for the imposition of a levy or fee in respect of the carrying on of insurance business in Singapore by the foreign insurers under any foreign insurer scheme;
(e)require the administrator of a foreign insurer scheme to keep, in such form as may be prescribed —
(i)a register of foreign insurers carrying on insurance business in Singapore under that scheme;
(ii)a register of the agents of foreign insurers carrying on insurance business in Singapore under that scheme; and
(iii)such other registers relating to or connected with the activities of foreign insurers carrying on insurance business in Singapore under that scheme and their agents as the Authority may determine;
(f)require the administrator of a foreign insurer scheme to provide such accounts, reports and statements in respect of the carrying on of insurance business in Singapore by the foreign insurers under the scheme as may be prescribed;
(g)provide for any other duties not referred to in paragraph (b), (e) or (f) of the administrator of a foreign insurer scheme in respect of the scheme;
(h)require the appointment, and provide for the duties, of such officers of the administrator of any foreign insurer scheme as may be prescribed;
(i)provide for the duties of the agents of foreign insurers carrying on insurance business in Singapore under any foreign insurer scheme, including requiring each agent to keep, in such form as may be prescribed —
(i)a register of foreign insurers carrying on insurance business in Singapore for whom he, she or it is an agent; and
(ii)such other registers relating to or connected with his, her or its activities as the Authority may determine;
(j)prohibit any person from acting as agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme unless it is a company having a prescribed minimum share capital and meets such other requirements as to shareholdings as may be prescribed;
(k)empower the Authority to, and specify the circumstances in which the Authority may, prohibit any person from acting, or continuing to act, as agent for any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme and to specify the effects of a prohibition in respect of contracts of insurance entered into by the foreign insurer under any foreign insurer scheme before the date of prohibition;
(l)provide for the exemption from, or modification of, the operation of the provisions of this Act in relation to any foreign insurer carrying on insurance business in Singapore under any foreign insurer scheme or any of its agents; and
(m)provide for any transitional provisions necessary in the event of the revocation of any foreign insurer scheme.
[23/2003; 11/2013]
(2)  The Authority may, from time to time and in such form or manner as it considers appropriate, publish any information obtained or received by the Authority under regulations made under subsection (1).
[35L
[11/2013]