MAS ISSUES REPRIMAND TO ORIENTAL SPECIAL RISK SERVICES PTE LTD FOR LICENSING BREACHES UNDER THE INSURANCE ACT

1 Oriental Special Risk Services Pte Ltd (“OSRS”) was reprimanded by MAS on   30 May 2008 for carrying on business as a direct insurance broker, without being registered by MAS under the Insurance Act. 

2 OSRS had carried on business as an insurance broker by liasing with several insurers on the terms of renewal of insurance policies for two intending insureds. The company’s application to MAS for registration as an insurance broker was pending at the time of the breach.  The breach was discovered by MAS in January 2008, following a complaint against OSRS. 

3 On being informed of the breach, OSRS immediately stopped acting for the two intending insureds. OSRS was cooperative and prompt in responding to queries raised by MAS.

4 OSRS is owned by Northedge Holding AS, a Norwegian holding company, and its Chief Executive Officer, Mr Tom Helleboe. 

All entities intending to conduct insurance broking activities in Singapore should ensure that they are registered by MAS or otherwise exempted before commencing business as an insurance broker.