Use of word “insurance”
6.—(1)  Subject to subsection (3) and except with the written consent of the Authority, a person, other than a licensed insurer, an authorised reinsurer or a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme, must not —
(a)use the word “insurance” or any of its derivatives in any language, or any other word indicating that that person carries on insurance business in the name, description or title under which it carries on business in Singapore; or
(b)make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[23/2003; 11/2013]
(2)  Subject to subsections (4) and (5) and except with the written consent of the Authority, a person must not —
(a)use the word “insurance” or any of its derivatives in any language, or any other word, that indicates that the person carries on business as an insurance intermediary in the name, description or title under which it carries on business in Singapore; or
(b)make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner.
[23/2003; 11/2013]
(3)  Subsection (1) does not apply to any registered person as defined in section 9(9).
[11/2013]
(4)  Subsection (2) does not apply to —
(a)a registered insurance broker;
(b)a person exempt from registration as an insurance broker under section 92(1)(a), (b), (c), (d), (e) or (f) who has notified the Authority, in such manner as may be prescribed under section 154(1), of the person’s commencement of insurance broking business;
(c)a licensed financial adviser or an exempt financial adviser, which provides any financial advisory service in respect of life policies;
(d)an insurance agent operating under a written agreement pursuant to section 64;
(e)an insurance agent to whom section 64 does not apply;
(f)an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme; or
(g)such other person as may be prescribed.
[23/2003; 11/2013]
(5)  Any person allowed under subsection (2) to use any word referred to in that subsection in the name, description or title under which the person carries on business in Singapore must, when using that word in that name, description or title, indicate that the person carries on business as an insurance intermediary.
[11/2013]
(6)  Nothing in this section prohibits an association of insurers from using the word “insurance” or any of its derivatives in any language as part of its name or description of its activities.
(7)  Any person who contravenes subsection (1), (2) 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 $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 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 $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
[5
[11/2013]