Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
70. Insurance agent to act only for insurers entitled to carry on business in Singapore
Feedback & supportA person must not, without the approval of the Authority, act as an insurance agent for an insurer in respect of any insurance business which the insurer is not entitled to carry on in Singapore under this Act.
Any person who contravenes subsection (1) 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 3 years or to both.
Where the Authority has, under section 7 of the Insurance Intermediaries Act (Cap. 142A, 2000 Revised Edition) in force before 1 October 2002, approved any person to act as an insurance agent for an insurer in respect of any insurance business which the insurer is not entitled to carry on in Singapore, the approval continues in force as if granted by the Authority under subsection (1).[35S
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;