Approved Insurance Brokers: Apply for Approval
When assessing an application for approval, MAS takes into account factors such as:
- Track record, financial soundness and reputation of the applicant with regard to compliance with its home regulations. In assessing this criteria, MAS will consult the applicant's home supervisory authority.
- Domestic and international rankings of the applicant by factors such as premiums, among others.
- Well-developed business plans that reflect the risk profile of the business.
- Fitness and propriety of the applicant, and all persons having control of the applicant.
- Person having control is in accordance with section 12A(7) of the read with regulation 16(2) of the (Rg 14).
- The list of designated countries may be found in the of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations.
How to Apply
MAS expects to take not more than 4 months to review and process an application if the business model is straightfoward, 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 Approval
The approval does not need to be renewed.
The approval is valid until:
- The approved insurance broker stops conducting the insurance broking activities for which it is approved.
- The approval is withdrawn by the MAS.