Regulatory Alerts2021-10-08
Added
Guidelines on Criteria for the Registration of an Insurance Broker
The Monetary Authority of Singapore issues these guidelines to establish the registration criteria and procedures for insurance brokers under the Insurance Act. Applicants must be companies satisfying minimum paid-up share capital and professional indemnity insurance requirements based on their business scope. Additional requirements include management expertise, a three-year track record, robust internal compliance systems, and adherence to fit and proper criteria for all key personnel.
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