Admission Criteria

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.

Note:

• Person having control is in accordance with section 12A(7) of the Insurance Act read with regulation 16(2) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14).
• The list of designated countries may be found in the First Schedule of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations.

How to Apply

To apply, submit the Application form for approved broker (38.7 KB).

Processing Time

It will take approximately 4 months to process an application. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of the information submitted.

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• The approval is withdrawn by the MAS.

Requirements for Approved Insurance Brokers

• Insurance Act (Cap. 142)
• Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations