3. Insurance agent to operate under written agreement
Feedback & supportAn insurance agent shall not arrange, or hold himself out as entitled to arrange, a contract of insurance as agent for a registered insurer unless an agreement in writing between the insurance agent and the insurer authorises the insurance agent to arrange —
insurance agent
“insurance agent” means a person who is or has been carrying on insurance business in Singapore as an agent for one or more insurers;
that contract;
any contract of insurance; or
a class of contracts of insurance in which that contract is included, as agent for that insurer.
A registered insurer shall not cause or permit an insurance agent to arrange, or hold himself out as entitled to arrange, a contract of insurance as agent for that insurer unless an agreement in writing between the insurer and the insurance agent authorises the insurance agent to arrange —
registered insurer
“registered insurer” means an insurer who is for the time being registered under section 8 of the Insurance Act.
that contract;
any contract of insurance; or
a class of contracts of insurance in which that contract is included,as agent for that insurer.
Subsections (1) and (2) shall not apply in relation to any act or thing done by an employee of a registered insurer in the course of performing his duties as such an employee.
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 $10,000 or to imprisonment for a term not exceeding 12 months or to both.