PART III
RETURNS
Returns to be lodged by registered insurance brokers
10.  For the purposes of section 94(1) of the Act, a registered insurance broker shall, within 5 months from the end of each financial year or within such longer period as the Authority may allow, lodge the following statements of accounts and other statements:
(a)a balance-sheet as at the end of that financial year in Form A in the Schedule;
(b)insurance broking premium accounts in Form B in the Schedule for each type of insurance broking business in respect of which it is registered;
(c)a profit and loss account in Form C in the Schedule; and
(d)a statement in Form D in the Schedule giving particulars as to the type and placement of all of its business handled during that financial year, and —
(i)in the case of a direct insurance broker, a statement in Annex 1 to Form D in the Schedule giving particulars on the 5 insurers with whom the largest volume of its business was placed; and
(ii)in the case of a general reinsurance broker or a life reinsurance broker, a statement in Annex 2 to Form D in the Schedule giving further details on the sources and placement of its business.
[S 776/2022 wef 31/12/2021]
Documents to be lodged by exempt insurance brokers
11.  An exempt insurance broker shall lodge with the Authority —
(a)a notice of commencement of business in Form E in the Schedule, not later than 14 days after the commencement of its business as a direct insurance broker, a general reinsurance broker or a life reinsurance broker, as the case may be;
(b)a notice of change of particulars in Form F in the Schedule setting out any change in the particulars of the exempt insurance broker provided in the notice referred to in paragraph (a), not later than 14 days after the date of the change;
(c)a notice of intention to cease its business as a direct insurance broker, a general reinsurance broker or a life reinsurance broker, as the case may be, in Form G in the Schedule, at least 14 days before the proposed date of cessation of all of its business as an insurance broker;
(d)an audited statement of the insurance broking premium account in Form H in the Schedule in respect of its business as a direct insurance broker, a general reinsurance broker or a life reinsurance broker, as the case may be, within 5 months from the end of each financial year or within such longer period as the Authority may allow; and
(e)a statement in Form I in the Schedule, within 5 months from the end of each financial year or within such longer period as the Authority may allow, giving particulars as to the type and placement of all its business as an insurance broker handled during that financial year, and —
(i)in the case of an exempt direct insurance broker, a statement in Annex 1 to Form I in the Schedule giving particulars on the 5 insurers with whom the largest volume of its business was placed; and
(ii)in the case of an exempt reinsurance broker, a statement in Annex 2 to Form I in the Schedule giving further details on the sources and placement of its business.
Lodgment and signatures in documents lodged by registered insurance brokers and exempt insurance brokers
12.—(1)  A document to be lodged by a registered insurance broker under regulation 10 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 for that purpose.
(2)  A document to be lodged by an exempt insurance broker under regulation 11 shall be lodged by sending to the Authority one copy of each document which shall be signed by its director, secretary, principal officer or chief executive officer.
(3)  The persons signing any balance-sheet referred to in regulation 10(a) shall sign a certificate in Form J in the Schedule and the certificate shall be lodged with the Authority by the registered insurance broker.
(4)  A document to be lodged by a registered insurance broker under regulation 10, or by an exempt insurance broker under regulation 11, shall be —
(a)in English; and
(b)printed or, with the permission of the Authority, produced by such other means as the Authority may approve.
Auditor’s report for insurance brokers
13.  A registered insurance broker shall lodge with the Authority within 5 months from the end of each financial year, or within such longer period as the Authority may allow, a report prepared and signed by an auditor in Form K in the Schedule stating the auditor’s opinion on the balance-sheet, insurance broking premium accounts, profit and loss account and statements referred to in regulation 10(a) to (d).
Financial year
14.  The financial year for a registered insurance broker in its first year of registration shall be not less than 6 months and not more than 18 months from the date of its registration.