Regulatory Alerts2022-09-30
Added
Insurance (Intermediaries) Regulations
The Monetary Authority of Singapore issued the Insurance (Intermediaries) Regulations to establish financial and business conduct requirements for registered and exempt insurance brokers. The regulations mandate specific obligations regarding financial accounts, audits, staff registers, annual fees, and exemptions, while defining statutory forms for balance sheets, premium accounts, and business notices. These rules aim to ensure regulatory compliance and align the insurance intermediary framework with broader financial sector standards.
Regulations
Last Revised Date: 30 September 2022
Insurance (Intermediaries) Regulations
Sets out the financial and business conduct requirements for registered and exempt insurance brokers.
View Document
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.