Regulatory Alerts2025-10-30
Added
Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff
The Monetary Authority of Singapore issued Notice 502 to establish minimum standards and continuing professional development requirements for registered and exempt insurance brokers and their broking staff. The notice mandates specific examination criteria, appointment submission protocols, and ongoing training obligations to ensure competency within the industry. These regulations are enforced under the Insurance Act and apply to all relevant persons conducting regulated insurance broking activities.
Notices
Last Revised Date: 30 October 2025
Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff
Requirements and best practice standards on continuing professional development for insurance brokers and their broking staff.
Training and Competency
Representative-related
Licensing, Authorisation and Registration
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Registered Insurance Broker
,
Exempt Insurance Broker
View Notice
Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff
(381.6 KB)
This notice applies to all registered insurance brokers, exempt insurance brokers and their broking staff.
It sets out:
Minimum standards and examination requirements for broking staff.
Submission requirements for appointment of broking staff.
Continuing professional development for broking staff.
30 Oct 2025 Appendix 1 (Amendment) 2025 (106.2 KB) takes effect.
1 Nov 2021 Appendix 1 (Amendment) 2021 (91 KB) takes effect.
16 Apr 2020 MAS Notice 502 (Amendment) 2020
(1.15 MB) takes effect.
27 Dec 2018 MAS Notice 502 (Amendment) 2018 (1.02 MB) takes effect.
20 Jul 2015 MAS Notice 502 (Amendment) 2015 (71.4 KB) takes effect.
17 May 2013 MAS Notice 502 (Amendment) 2013 (61.3 KB) takes effect.
30 Sep 2009 MAS Notice 502 (Amendment) 2009 takes effect.
12 Dec 2008 MAS Notice 502 (Amendment) 2008 takes effect.
01 Jul 2005 MAS Notice 502 (Amendment) 2005 takes effect.
Appendix 1: Equivalent Qualifications to the Certificate in General Insurance (CGI) qualification (89.3 KB)
Appendix 2: Please refer to the Insurance Broker Registration page for the wor d version of the Application for Appointment of Broking Staff .
This Compliance Toolkit is to guide and facilitate insurance brokers’ compliance with the various MAS approval and reporting requirements and timelines.
Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.
Requirements and best practices for insurers, insurance brokers, financial advisers and their representatives or broking staff on the disclosure and advisory process for accident and health insurance products.
Provides guidance on the relief measures for the General Insurance and Health examinations and Continuing Professional Development requirements under the Insurance Act relating to COVID-19 situation.
Requirements for insurers, insurance brokers, financial advisers and their representatives or broking staff on training and competency in relation to health insurance products.