Division 1 — General restriction on insurers
Division 2 — Licensed insurers
Division 3 — Authorised reinsurers
Division 1 — General provisions relating to insurance intermediaries
Division 2 — Conduct of insurance broking business
Division 1 Returns
Division 2 Inspections and Investigations
Division 3 Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
Division 1 Voluntary transfer of business
Division 2 Compulsory transfer of business
Division 3 Compulsory transfer of shares
Division 4 Power to restructure capital
Division 5 Winding up
Division 6 Miscellaneous
Division 1 — Administration and enforcement
Division 2 — Miscellaneous amendments of law
Division 3 — Supplementary
[11/2013 wef 18/04/2013] |
| Insurance broker not to carry on business unless registered |
| Registration of insurance brokers |
| 35X.—(1) A person who desires to carry on business as an insurance broker shall apply in writing to the Authority for registration under this section and shall furnish such information as the Authority may require. [41/2001]
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| Registration requirements |
35Y.—(1) The Authority shall not register any applicant under section 35X unless the applicant —
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| Conditions of registration |
| 35Z.—(1) The Authority may at any time add to, vary or revoke any existing condition of registration of an insurance broker or impose any new condition thereto. [41/2001]
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| Annual fees |
| 35ZA.—(1) Every registered insurance broker shall pay to the Authority such annual fees as may be prescribed. [41/2001]
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| Cancellation of registration |
35ZB.—(1) The Authority may by order, at the request of the insurance broker or on any ground specified under subsection (2), cancel the registration of any insurance broker.
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| Duty to maintain net asset value |
| 35ZC. Every registered insurance broker shall maintain a net asset value of such amount as may be prescribed. [41/2001] |
| Insurance broking premium accounts |
35ZD.—(1) Subject to subsection (2), every registered insurance broker which receives any money —
[23/2003 wef 01/01/2004]
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| Negotiation and placement of risk with unlicensed insurer |
| 35ZE.—(1) Subject to sections 35ZF and 35ZG, no registered insurance broker shall, in the course of its business as such, negotiate any contract of insurance with an insurer (directly or indirectly) except with a licensed insurer acting in the course of its business as such. [41/2001] [Act 11 of 2013 wef 18/04/2013]
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| Permission to negotiate and place risk with unlicensed insurer |
35ZF.—(1) Where in any particular case the Authority is satisfied that, by reason of the exceptional nature of the risk or other exceptional circumstances, it is not reasonably practicable to comply with section 35ZE, the Authority may permit any registered insurance broker —
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| Negotiation and placement of risk with foreign insurer |
| 35ZG.—(1) Without prejudice to section 35ZF, a registered insurance broker may negotiate any contract of insurance referred to in section 35ZE with a foreign insurer under a foreign insurer scheme if he is authorised to do so under a licence issued by the Authority. [41/2001] [Act 11 of 2013 wef 18/04/2013]
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| Restriction as to receipt and payment of remuneration |
35ZH.—(1) An insurer shall not pay to a registered insurance broker, and a registered insurance broker shall not receive from an insurer, in respect of the arranging or effecting of contracts of insurance by the insurance broker with the insurer, remuneration at a rate or on a basis that has been varied, having regard solely to all or any of the following:
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| Control of take-over of insurance broker |
| 35ZI.—(1) This section shall apply to and in relation to all individuals whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated or carrying on business in Singapore or not. [41/2001]
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| Approval or removal of chief executive officer and director of insurance broker |
| 35ZJ.—(1) No registered insurance broker shall appoint a person as its chief executive officer or director in Singapore unless it has obtained the approval of the Authority. [41/2001]
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| Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker |
35ZK.—(1) Without prejudice to section 162 of the Companies Act, no registered insurance broker shall, on or after 1st October 2002, in respect of its business in Singapore, grant, directly or indirectly, any unsecured loan or unsecured advance —
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| Holding out as registered insurance broker |
| 35ZL.—(1) No person shall hold himself out to be registered as a direct insurance broker, general reinsurance broker or life reinsurance broker unless he is registered under this Act as such. [23/2003 wef 01/01/2004]
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| Use of words “insurance broking” |
35ZM.—(1) No person, other than a registered insurance broker or an insurance broker who is exempt from registration under section 35ZN(1)(a), (b), (c), (d), (e) or (ea), shall —
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| Exempt insurance brokers |
35ZN.—(1) The following persons (referred to in this section as exempt insurance brokers) shall be exempt from registration as insurance brokers:
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| Registers maintained by Authority |
35ZO.—(1) The Authority shall establish and maintain one or more registers in respect of the following persons:
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