Returns to be lodged by registered insurance brokers
6. For the purposes of section 28(1) of the Act, a registered insurance broker shall lodge with the Authority within 6 months from the end of each accounting period unless otherwise extended by the Authority —
(a)
a balance sheet as at the end of that accounting period in Form A in the Second Schedule;
(b)
insurance broking premium accounts in Form B in the Second Schedule for each type of registration in respect of which it is registered;
(c)
a profit and loss account in Form C in the Second Schedule; and
(d)
a statement in Form D in the Second Schedule giving particulars as to the type and placement of all of its business handled during that accounting period, and —
(i)
in the case of a direct general insurance broker or direct life insurance broker, a statement in Annex 1 to Form D in the Second Schedule giving particulars on the 5 insurers with whom the largest volumes of its business was placed; or
(ii)
in the case of a general reinsurance broker or life reinsurance broker, a statement in Annex 2 to Form D in the Second Schedule giving further details on the sources and placement of its business.
Lodgment and signatures
7.—(1) Any document required to be lodged with the Authority by a registered insurance broker under regulation 6 shall be lodged by sending to the Authority 2 copies of each document, of which at least one copy shall be signed by —
(a)
2 of its directors; and
(b)
its chief executive officer or such other person in Singapore who is authorised by its chief executive officer and approved by the Authority.
(2) All persons who sign any balance sheet referred to in regulation 6(a) shall sign a certificate in Form E in the Third Schedule and such certificate shall be lodged with the Authority by the registered insurance broker.
(3) A document required to be lodged with the Authority by a registered insurance broker under regulation 6 shall be in English, and may be printed by the registered insurance broker or, with the permission of the Authority, produced by the registered insurance broker using such other means as the Authority may approve.
Auditor’s report
8. A registered insurance broker shall lodge with the Authority within 6 months from the end of each accounting period, unless otherwise extended by the Authority, a report prepared and signed by an auditor in Form F in the Fourth Schedule stating the auditor’s opinion on the balance sheet, insurance broking premium accounts, profit and loss account and statements referred to in regulation 6(a) to (d).
Accounting period
9. The accounting period applicable to a registered insurance broker in its first year of registration shall be for a period of not less than 6 months and not more than 18 months, beginning from the commencement of its business.