(2) The requirement mentioned in subsection (1) is that there is in force a contract of insurance or other financial security —
(a)
that is contracted with, or provided by, an approved financial security provider;
(b)
that is adequate to ensure that the shipowner will be able to meet any liabilities the shipowner may have —
(i)
arising from the shipowner’s obligation to repatriate a seafarer; or
(ii)
to provide compensation in the event of death or long‑term disability to seafarers arising from occupational injury, illness or hazard; and
(c)
that contains such terms and conditions, and meets such other requirements, as may be prescribed.
[Act 29 of 2016 wef 18/01/2017]
(3) The liabilities of the shipowner referred to in subsection (2)(b) include liabilities arising under —
(a)
sections 23(9), 24(1), 35, 36 and 37;
(b)
the Work Injury Compensation Act 2019 or the Work Injury Compensation Act repealed by that Act; and
[Act 27 of 2019 wef 01/09/2020]
(c)
the seafarer’s employment agreements of seafarers working on the ship.
[Act 29 of 2016 wef 18/01/2017]
(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.
(5) In this section, “approved financial security provider” means a provider of insurance or other financial security that has been approved by the Director under section 34A for the purposes of this section.