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 (186 KB). (516 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: 

• Application for Registration as an Insurance Broker (125.9 KB) 
• Application for Appointment of Chief Executive Officer or Director (114.6 KB) 
• Application for Appointment of Broking Staff (55.3 KB) 

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:

• Insurance Act 
• MAS regulations and guidance for insurance brokers 
• Insurance (Intermediaries) Regulations - See regulations 3, 4 and 5 for details on the minimum paid-up capital, professional indemnity insurance and net asset value requirements.