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
It will take approximately 4 months to process and approve 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 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.
- The registration is cancelled by the MAS.
Requirements for Insurance Brokers
For more information on MAS' requirements for insurance brokers, refer to the following: