Insurance Brokers Singapore

What is an insurance broker?

Insurance broker as per Singapore insurance Act means:

(a ) A businessperson who is or has been in the business of

  • Receiving or issuing policy suggestions in Singapore;
  • In Singapore, collecting or receiving premiums on insurance plans; or
  • negotiating insurance contracts in Singapore

In the capacity of agent for insureds or intending insureds in the context of

(A) other than policies relating to reinsurance business, policies relating to general business and long-term accident and health plans; or

(B) reinsurance of obligations under life or general business insurance policies; or

(b) a person who performs all or some of the activities carried out by the person referred to in paragraph (a) for, or by arrangement with, the person referred to in paragraph (a).

but does not include such persons or class of persons as the Authority may prescribe.

What is the eligibility to become an Insurance broker in Singapore?

MAS considers a variety of considerations when evaluating an application for registration as a direct insurance broker, a general reinsurance broker, or a life reinsurance broker.

  • Reputation, track record, and financial stability
  • Business plans that are well-developed and reflect the company’s risk profile.
  • The applicant’s fitness and propriety, as well as the fitness and propriety of its directors and chief executive officer, as well as all of its substantial shareholders and brokerage personnel.

Where to register?

MAS considers a variety of considerations when evaluating an application for registration as a direct insurance broker, a general reinsurance broker, or a life reinsurance broker.

To apply submit the below forms:

What is the processing time?

If the business model is simple, the applicant completely fits the applicable admission criteria, and the application is complete and unambiguous, MAS intends to assess and process an application in less than four months. MAS will need extra time to review the application in more complex instances, or in cases where the material is judged to be missing or erroneous.

MAS will need extra time to review the application in more complex instances, or in cases where the material is judged to be missing or erroneous.

Make sure that the application is thorough, accurate, and includes all required supporting documentation.

What is the validity?

An insurance broker’s registration does not need to be renewed.

The registration is valid till the following date:

  • The insurance broker’s registration with MAS is revoked if he ceases to perform insurance broking activity.
  • The MAS has canceled the registration.

Top 10 best insurance brokers in Singapore

  1. Peoples Insurance Agency Pte Ltd
  2. Howden Insurance Brokers (Singapore) Pte Ltd
  3. Alco Insurance Brokers Pte. Ltd
  4. Willy Insurance Brokers Pte Ltd.
  5. Windward Insurance Broker Pte. Ltd
  6. Great Eastern Life Assurance
  7. Singapore Insurance Brokers’ Association
  8. Alankit Insurance Brokers Limited
  9. Marsh (Singapore) Pte Ltd
  10. JLT Specialty Pte Ltd

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