Insurance agent not to act for unregistered insurer
7.—(1) No person shall, without the approval of the Authority, act as an insurance agent for an insurer who is not entitled under the Insurance Act (Cap.142) to carry on the business in question in Singapore.
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 increased by a sum not exceeding $1,000 for every day or part thereof on which he is proved to have done so, or to imprisonment for a term not exceeding 2 years or to both.