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Division 2 [Repealed by Act 31 of 2017]
Division 3 [Repealed by Act 31 of 2017]
Division 4 [Repealed by Act 31 of 2017]
Division 5 Winding up
Division 6 Miscellaneous
Division 1 Administration and enforcement
Division 2 Miscellaneous amendments of law
Division 3 Supplementary
| Division 2 — Conduct of insurance broking business |
| Insurance broker not to carry on business unless registered |
| Registration of insurance brokers |
76.—(1) 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.
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| Registration requirements |
77.—(1) The Authority must not register any applicant under section 76 unless the applicant —
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| Conditions of registration |
78.—(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.
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| Annual fees |
79.—(1) Every registered insurance broker must pay to the Authority such annual fees as may be prescribed.
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| Cancellation of registration |
80.—(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 |
| 81. Every registered insurance broker must maintain a net asset value of such amount as may be prescribed. [35ZC |
| Insurance broking premium accounts |
82.—(1) Subject to subsection (2), every registered insurance broker which receives any money —
[23/2003]
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| Negotiation and placement of risk with unlicensed insurer |
| 83.—(1) Subject to sections 84 and 85, a registered insurance broker must not, 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. [11/2013]
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| Permission to negotiate and place risk with unlicensed insurer |
84.—(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 83, the Authority may permit any registered insurance broker —
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| Negotiation and placement of risk with foreign insurer |
| 85.—(1) Without affecting section 84, a registered insurance broker may negotiate any contract of insurance referred to in section 83 with a foreign insurer under a foreign insurer scheme if the registered insurance broker is authorised to do so under a licence issued by the Authority. [11/2013]
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| Restriction as to receipt and payment of remuneration |
86.—(1) An insurer must not pay to a registered insurance broker, and a registered insurance broker must 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 |
87.—(1) This section applies 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.
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| Approval or removal of chief executive officer and director of insurance broker |
88.—(1) A registered insurance broker must not appoint a person as its chief executive officer or director in Singapore unless it has obtained the approval of the Authority.
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| Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by registered insurance broker |
89.—(1) Without affecting section 162 of the Companies Act 1967, a registered insurance broker must not, on or after 1 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 |
| 90.—(1) A person must not hold himself, herself or itself out to be registered as a direct insurance broker, general reinsurance broker or life reinsurance broker unless the person is registered under this Act as such. [23/2003]
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| Use of words “insurance broking” |
91.—(1) A person who is not a registered insurance broker or an insurance broker who is exempt from registration under section 92(1)(a), (b), (c), (d), (e) or (f), must not —
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| Exempt insurance brokers |
92.—(1) The following persons (called in this section the exempt insurance brokers) are exempt from registration as insurance brokers:
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| Registers maintained by Authority |
93.—(1) The Authority must establish and maintain one or more registers in respect of the following persons:
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