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

For exemptions from the requirements to be registered as insurance brokers, refer to section 35ZN of the Insurance Act

Admission Criteria

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.

For more information on the admission criteria, please refer to the  Guidelines on Criteria for the Registration of an Insurance Broker (226.9 KB).

Who can Apply

Only companies incorporated in Singapore can apply for registration as an insurance broker. 

How to Apply

Before submitting a formal application, you are encouraged to contact the Capital Markets Intermediaries Department I of MAS about your plans.

To apply, submit the following forms: 

Processing Time

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: