Insurance (Intermediaries) Regulations

Regulations

Last Revised Date: 30 September 2022

Insurance (Intermediaries) Regulations

Sets out the financial and business conduct requirements for registered and exempt insurance brokers.

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Insurance (Intermediaries) Regulations

This set of regulations applies to:

Registered insurance brokers.

Exempt insurance brokers.

It sets out requirements relating to:

Financial requirements and insurance broking premium accounts

Accounts and audit

Register of broking staff

Annual fees

Exemptions

The regulations also set out the following statutory forms under the Schedule.

For registered insurance brokers:

Form A: Balance Sheet

Form B: Insurance broking premium account

Form C: Profit and loss account

Form D: Placement of business handled

Form J: Certification on the accounts of the insurance broking business

Form K: Auditors report

For exempt insurance brokers:

Form E: Notice of commencement of insurance broking business

Form F: Notice of change of particulars

Form G: Notice of intention to cease insurance broking business

Form H: Insurance broking premium account

Form I: Placement of business handled

01 Oct 2022
Insurance (Intermediaries) (Amendment) Regulations 2022

01 Jan 2019
Insurance (Intermediaries) (Amendment) Regulations 2018

31 Dec 2013
Insurance (Intermediaries) (Amendment) Regulations 2013

01 Jan 2008
Insurance (Intermediaries) (Amendment) Regulations 2008

31 Dec 2004
Insurance (Intermediaries) Regulations 2004

This Compliance Toolkit is to guide and facilitate insurance brokers’ compliance with the various MAS approval and reporting requirements and timelines.

Informs insurers, registered and exempt insurance brokers on MAS' response to the feedback on consultation on amendments to the Insurance Act 1966 and the Insurance (Intermediaries) Regulations.

This consultation paper sets out the proposed amendments to the Insurance Act 1966 and the Insurance (Intermediaries) Regulations, which take into account regulatory and market developments, as well as align where appropriate, the regulatory framework for insurance with that of other financial activities regulated by MAS.

Consultation number:

P012 - 2022

Start date:

04 November 2022

Closing date:

13 January 2023

MAS response date:

20 March 2024

Guidelines on the criteria and procedures for registration as an insurance broker.

Sets out the approval criteria and conduct requirements for approved Marine Aviation and Transit (MAT) insurance brokers and approved reinsurance brokers.