Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
64. Insurance agent to operate under written agreement
Feedback & supportLast amended by an amending law of 2013. 2 amendments in all.
An insurance agent must not arrange, or hold himself, herself or itself out as entitled to arrange, a contract of insurance as agent for a licensed insurer unless a written agreement between the insurance agent and the insurer authorises the insurance agent to arrange, as agent for that insurer —
insurance agent
“insurance agent” means —(a)a person who, as an agent for one or more insurers (which may include a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme), is or has been carrying on the business of —(i)receiving proposals for, or issuing, policies in Singapore;(ii)collecting or receiving premiums on policies in Singapore; or(iii)arranging contracts of insurance in Singapore; or(b)a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a),but does not include such persons or class of persons as the Authority may prescribe;
that contract;
any contract of insurance; or
any class of contracts of insurance which includes that contract.
A licensed insurer must not cause or permit an insurance agent to arrange, or hold himself, herself or itself out as entitled to arrange, a contract of insurance as agent for that insurer unless a written agreement between the insurer and the insurance agent authorises the insurance agent to arrange, as agent for that insurer —
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
that contract;
any contract of insurance; or
any class of contracts of insurance which includes that contract.
Subsections (1) and (2) do not apply in relation to any act or thing done by an employee of a licensed insurer in the course of performing his or her duties as such an employee.
Subsection (1) does not apply to —
a licensed financial adviser;
a person exempt from holding a financial adviser’s licence in respect of any financial advisory service under section 20(1)(a), (b), (c), (d) or (e) of the Financial Advisers Act 2001, other than a licensed insurer; and
a representative of a person referred to in paragraph (a) or (b),where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for a licensed insurer.
Subsection (1) does not apply to a licensed insurer and any insurance agent acting for that insurer where they arrange, or hold themselves out as entitled to arrange, a contract of insurance in respect of life policies, other than contracts for the reinsurance of liabilities under life policies, as agent for another licensed insurer.
agent
“agent”, in relation to a foreign insurer, means an agent in respect of the carrying on of insurance business in Singapore by the foreign insurer, with authority to enter into contracts of insurance on behalf of the foreign insurer;
Subsection (2) does not apply to a licensed insurer in relation to an insurance agent who is a person specified in subsection (4) or (5).
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[35M