Negotiation and placement of risk with unregistered insurer
23.—(1)  Subject to subsections (3) and (4), no registered insurance broker shall, in the course of its business as such, negotiate any contract of insurance with an insurer (whether directly or through an insurance intermediary), except with a registered insurer acting in the course of his business as such.
(2)  Any person who contravenes subsection (1) 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.
(3)  The reference in subsection (1) to a contract of insurance shall not apply to reinsurance or business relating to risks outside Singapore or such other risks as may be prescribed.
(4)  For the purpose of subsection (3), “risks outside Singapore” means any risk which would be classified as an offshore policy as defined in the First Schedule to the Insurance Act (Cap. 142) had the risk been underwritten by a registered insurer in Singapore.
(5)  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 effect an insurance for that case with a registered insurer acting in the course of his business as such, the Authority may permit any registered insurance broker to negotiate the insurance with such insurer as the insurance broker sees fit and also, if in the opinion of the Authority the case requires it, to effect the insurance and receive the premium in Singapore on behalf of the insurer.