Insurance Broker Registration
Companies that wish to carry on insurance broking business in Singapore need to be registered by MAS unless otherwise exempted. Find out about the admission criteria and how to apply.
Exempt Insurance Brokers
When assessing an application for registration as a direct insurance broker, a general reinsurance broker or a life reinsurance broker, MAS takes into account factors such as:
- Track record, financial soundness and reputation.
- Well-developed business plans that reflect the risk profile of the business.
- Fitness and propriety of the applicant, its directors and chief executive officer, and all its substantial shareholders and broking staff.
Who can Apply
Only companies incorporated in Singapore can apply for registration as an insurance broker.
How to Apply
To apply, submit the following forms:
MAS expects to take not more than 4 months to review and process an application if the business model is straightforward, the applicant meets the relevant admission criteria fully, and the application is complete and clear. For more complex cases, or cases where information is assessed to be incomplete or inaccurate, MAS will need a longer time to review the application.
Please ensure that your application is complete, correct and accompanied by the requisite supporting documents.
Validity of the Registration
The registration of an insurance broker does not need to be renewed.
The registration is valid until:
- The insurance broker stops conducting insurance broking activities, and the registration is cancelled by MAS.
- The registration is cancelled by the MAS.
Requirements for Insurance Brokers
For more information on MAS' requirements for insurance brokers, refer to the following: