OBS_VALUE: Licensing: Sections 4 and 11 of the Insurance Act indicates that no person to carry on insurance business unless licensed or authorised by the Authority and vests the MAS with respective authority over licensing of insurers, with general powers given by Section 28 of the MAS Act Power to approve financial institutions and control their operations.Prudential measures: Under section 29 of the Insurance Act, MAS has the power to issue directions. Under section 142 of the Act, any person who is guilty of any breach of a duty imposed on him by the Insurance Act or any directions issued by MAS would be guilty of an offence. The MAS also has the power to compound offences under the Insurance Act which is prescribed as compoundable. Please note however that the Authority does not have full authority on composition and prosecution. Composition and prosecution are taken up by the public prosecutor. In addition, in general, MAS has powers under section 102 of the Insurance Act to restrict business activities and measures to reinforce the financial position of an insurer.  