Insurance Broking Licensing in Singapore

Criteria for registration as a Registered Insurance Broker in Singapore

A person who carries on business as any type of insurance broker in Singapore is required to be registered with the Monetary Authority of Singapore (‘MAS”) as either a Registered , an Approved or as an Exempt insurance broker, unless he is exempted from registration under section 35ZN of the Insurance Act.

Type of Registered Broker

As a Registered Insurance Broker the Company may apply to be registered as :

1. a direct insurance broker, to carry on general business and long term accident and health policies;
2. a general reinsurance broker, to carry on general reinsurance business;
3. a life reinsurance broker, to carry on life reinsurance business; or
4. an insurance broker, to carry on any combination of the above.

Criteria to apply as a Registered Insurance Broker

• An applicant must be a company;
• An applicant must satisfy minimum financial requirements;
• a standalone non-Hybrid professional indemnity insurance policy
• Management Expertise;
• Track Record;
• Supervision by Home Authority if applicant is a foreign company;
• Adequate systems and processes;
• Board & Senior Management should meet the Fit & Proper Criteria;
• Letter of Responsibility upon request by the MAS;
• Penetration Testing Report
• Any additional criteria as may be stipulated by the MAS.

Annual License Fees

• Direct Insurance Broker – $7,000
• General Reinsurance Broker – $5,000
• Life Reinsurance Broker – $2,500
• Combination of any of the above – Aggregate of the relevant amounts above.

NIMBL would be happy to advise you on your licensing requirements in Singapore.