Insurance Brokers

Admission Criteria for Registered Insurance Brokers

In assessing an application for a insurance broker licence, MAS takes the following factors into consideration :

  1. Track Record, Financial Soundness and Reputation
  2. Business Plans - The applicant should have business plans that are well developed and reflect the risk profile of the business
  3. Fitness and Propriety
    The applicant should satisfy MAS that -
    i. it is a fit and proper person to be licensed;
    ii. all of its directors and chief executive officer are fit and proper persons to hold the office; and
    iii. all of its substantial shareholders and broking staff are fit and proper persons.

For more information on the admission criteria, please refer to the Guidelines on Criteria for the Registration of an Insurance Broker.


 

 Application Procedures for Registration as Insurance Brokers

Prospective applicants are encouraged to meet with the Capital Markets Intermediaries Department, MAS to discuss their business plans before submitting a formal application. All applications are to be submitted on prescribed forms.

Application form for registration as insurance broker (PDF, 171KB)


 

 Admission Criteria for Approved MAT Insurance Brokers

An overseas insurance broker in a designated country* may apply for approval in respect of direct marine, aviation and transit (MAT) insurance. In considering an application for approval, MAS takes the following factors into consideration:

  1. Track Record, Financial Soundness and Reputation
    The track record, financial soundness and reputation of the applicant, having regard to the applicant's level of compliance with its home regulations. In assessing this criteria, MAS will consult the applicant's home supervisory authority on matters relating to the applicant.
  2. Domestic and International Rankings
    The applicant's domestic and international rankings by, inter alia, factors such as premiums.
  3. Business Plans
    The applicant should have business plans that are well developed and reflect the risk profile of the business.
  4. Fitness and Propriety
    The applicant should satisfy MAS that - 
    (i) it is fit and proper person to be approved; and 
    (ii) all persons having control of the applicant (Note 1) are fit and proper persons.

Note 1: Person having control in accordance with section 12A(7) of the Insurance Act read with regulation 16(2) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14).

* The list of designated countries may be found in the First Schedule of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations 2003.


 

  Admission Criteria for Approved Reinsurance Brokers

An overseas insurance broker in a designated country* may apply for approval in respect of general reinsurance business, life reinsurance business or both. In considering an application for approval, MAS takes the following factors into consideration:

  1. Track Record, Financial Soundness and Reputation
    The track record, financial soundness and reputation of the applicant, having regard to the applicant's level of compliance with its home regulations. In assessing this criteria, MAS will consult the applicant's home supervisory authority on matters relating to the applicant.
  2. Domestic and International Rankings
    The applicant's domestic and international rankings by, inter alia, factors such as premiums.
  3. Business Plans
    The applicant should have business plans that are well developed and reflect the risk profile of the business.
  4. Fitness and Propriety
    The applicant should satisfy MAS that - 
    (i) it is fit and proper person to be approved; and 
    (ii) all persons having control of the applicant (Note 1) are fit and proper persons.

Note 1: Person having control in accordance with section 12A(7) of the Insurance Act read with regulation 16(2) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14).

* The list of designated countries may be found in the First Schedule of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations 2003.


 

 Application Procedures for Approval as Insurance Brokers

Applications for approval are to be submitted on the prescribed form.

Application form for approved brokers (PDF, 27.5KB) 


 

For more information on MAS' requirements for insurance brokers, please refer to:

Last Modified on 11/03/2013