Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
76. Registration of insurance brokers
Feedback & supportLast amended by an amending law of 2013. 2 amendments in all.
A person who desires to carry on business as an insurance broker must apply in writing to the Authority for registration under this section and must provide such information as the Authority may require.
Upon receiving an application under subsection (1), the Authority must consider the application and may, subject to section 77 —
register the applicant with or without conditions; or
refuse to register the applicant.
The Authority may register the applicant as a direct insurance broker, general reinsurance broker, life reinsurance broker or a combination of any of these.
direct insurance broker
“direct insurance broker” means a person who is for the time being registered under section 76 in respect of insurance policies relating to general business and long-term accident and health policies, other than insurance policies relating to reinsurance business;
Subject to subsection (5), any person who has been registered under section 16 of the Insurance Intermediaries Act (Cap. 142A, 2000 Revised Edition) in force before 1 October 2002 as a direct general insurance broker, general reinsurance broker, life reinsurance broker or a combination of any of these is deemed to be registered as such under subsection (2).
insurance broker
“insurance broker” means —(a)a person who 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, as an agent for insureds or intending insureds in respect of —(iv)policies relating to general business and long‑term accident and health policies, other than policies relating to reinsurance business; or(v)reinsurance of liabilities under policies relating to life business or general business; 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;
Any person who is registered or deemed to be registered under this section as a direct general insurance broker immediately before 1 January 2004 is, as from that date, deemed to be registered as a direct insurance broker under subsection (2).
Any applicant who is aggrieved by the refusal of the Authority to register it under this section may, within 30 days after being informed of the decision of the Authority, appeal to the Minister in writing in accordance with Part 3B.[35X