“advisory services” means risk advisory services and other advisory services relating to the insurance sector;
“approved insurance broker” means a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker approved by the Minister or such person as the Minister may appoint;
[S 931/2022 wef 02/12/2019]
“insurance broking” means direct insurance broking or reinsurance broking;
[Deleted by S 8/2019 wef 01/04/2018]
“specified person” means —
(a)
in relation to the provision of insurance broking from which commission and fee income is derived by an approved insurance broker before 1 April 2013, any insured person or person seeking insurance coverage —
(i)
who is not resident in Singapore and who does not have any permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the premiums, brokerage fees and any other fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation;
(b)
in relation to the provision of insurance broking from which commission and fee income is derived by an approved insurance broker on or after 1 April 2013, any insured person or person seeking insurance coverage for offshore risks; and
(c)
in relation to the provision of advisory services from which commission and fee income is derived by an approved insurance broker, whether before, on or after 1 April 2013, any person —
(i)
who is not resident in Singapore and who does not have a permanent establishment in Singapore; or
(ii)
who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to finance the service fees paid or payable to the approved insurance broker are not obtained, directly or indirectly, from the operation.