Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
78. Conditions of registration
Feedback & supportThe Authority may at any time add to, vary or revoke any existing condition of registration of an insurance broker or impose any new condition.
Any insurance broker which fails to comply with any of the conditions imposed by the Authority under subsection (1) or section 76(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[35Z
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;