Insurer and Insurance Broker Licence
The Insurer and Insurance Broker Licence is required by the Monetary Authority of Singapore (MAS) for entities engaging in insurance activities, including insurers and insurance brokers. The validity period is confirmed by the agency, and processing times can be found on the MAS website.
- Processing time
- available on the agency's website
- Issuing authority
- MONETARY AUTHORITY OF SINGAPORE (MAS)
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Who needs the Insurer and Insurance Broker Licence
This licence applies to Singapore businesses registered under the following SSIC industry codes:
- Required to operateDivision 65 — INSURANCE, REINSURANCE, PROVIDENT FUNDING AND PENSION FUNDING
Includes: 65110 Life insurance, 65121 Marine insurance, 65122 Captive insurance, 65123 Import, export and credit insurance
Includes: 66110 Securities and commodities exchange, 66121 Stock, share and bond brokers and dealers, 66122 Foreign exchange brokers and dealers, 66123 Gold bullion brokers and dealers
What's involved in getting the Insurer and Insurance Broker Licence
The scope of the application — what must be in place, how the agency reviews, and where applications typically stall.
What this licence allows the business to do
The Insurer and Insurance Broker Licence enables businesses to operate as licensed insurers or insurance brokers in Singapore. This includes providing insurance products, acting as intermediaries in insurance transactions, and engaging in reinsurance activities.
What must be in place before the licence can be granted
Before the licence can be granted, the business must meet several conditions. This includes having a robust business plan that outlines the insurance products to be offered, compliance with the Insurance Act, and a sound financial structure. Additionally, key personnel must possess the necessary qualifications and experience in the insurance industry, and the business must have adequate risk management and compliance frameworks in place.
How the agency reviews and decides
The Monetary Authority of Singapore (MAS) conducts a thorough review of the application, which includes assessing the business's financial health, governance structure, and operational capabilities. The agency may also require additional documentation and may conduct interviews with key personnel to ensure that the business meets all regulatory requirements.
Common reasons applications stall
Applications for the Insurer and Insurance Broker Licence can stall for various reasons. Common issues include incomplete documentation, lack of clarity in the business plan, and insufficient qualifications of key personnel. Additionally, if the agency identifies potential risks in the proposed business model or if the applicant fails to demonstrate compliance with the Insurance Act, this can lead to delays or rejections. Engaging with experts familiar with the regulatory landscape can help mitigate these risks.
Insurer and Insurance Broker Licence FAQ
Do I need this licence to start operating as an insurer or insurance broker?
Yes, obtaining the Insurer and Insurance Broker Licence is mandatory for any entity wishing to operate as an insurer or insurance broker in Singapore. Without this licence, the business cannot legally provide insurance services.
What can my business do once licensed?
Once licensed, your business can offer a range of insurance products, act as an intermediary in insurance transactions, and engage in reinsurance activities. This opens up opportunities to serve clients in various sectors, including personal, commercial, and specialty insurance.
What happens if I operate without this licence?
Operating without the Insurer and Insurance Broker Licence is illegal and can result in severe penalties, including fines and legal action. Additionally, unlicensed operations can damage your business's reputation and hinder future licensing opportunities.
How does this fit relative to incorporating my company?
The Insurer and Insurance Broker Licence is a separate requirement from company incorporation. While you can incorporate your company first, you must obtain this specific licence before commencing any insurance-related activities.
What's the most common reason applications get rejected?
The most common reason for rejection is the failure to demonstrate compliance with the Insurance Act or insufficient qualifications of key personnel. A poorly defined business plan that does not align with regulatory expectations can also lead to rejection.
Can a foreign-owned company hold this licence?
Yes, foreign-owned companies can hold the Insurer and Insurance Broker Licence in Singapore, provided they meet all regulatory requirements set by the Monetary Authority of Singapore (MAS) and demonstrate a sound business model.
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Other MAS licences
Application for Bank Representative Office
The Application for Bank Representative Office is required by the Monetary Authority of Singapore (MAS) for foreign banks wishing to establish a liaison office in Singapore. This office can conduct market research and feasibility studies but cannot engage in any business transactions. Validity is agency-confirmed, with processing times available on the MAS website.
Approved Clearing House (ACH) or Recognised Clearing House (RCH)
The Approved Clearing House (ACH) or Recognised Clearing House (RCH) licence is issued by the Monetary Authority of Singapore (MAS) for companies wishing to operate a clearing facility under the Securities and Futures Act 2001. Validity is confirmed by the agency, with processing times available on the MAS website.
Approved Exchange (AE) or Recognised Market Operator (RMO)
The Approved Exchange (AE) or Recognised Market Operator (RMO) licence is issued by the Monetary Authority of Singapore (MAS) for entities operating as exchanges or market operators. The validity is confirmed by the agency, and processing times can be found on the MAS website.
Capital Markets Services Licence
The Capital Markets Services Licence is issued by the Monetary Authority of Singapore (MAS) for businesses engaging in regulated activities such as dealing in securities, fund management, and providing custodial services. Validity is agency-confirmed, with processing times available on the MAS website.
Financial Adviser's Licence
The Financial Adviser's Licence is required by the Monetary Authority of Singapore (MAS) for companies wishing to conduct regulated activities under the Financial Advisers Act 2001 (FAA). The validity period is confirmed by the agency, and processing time details can be found on the MAS website.
Licensing and Authorisation for Banking Business
The Licensing and Authorisation for Banking Business is required by the Monetary Authority of Singapore (MAS) for financial institutions wishing to conduct banking business in Singapore, including setting up wholesale or merchant banks. Validity is agency-confirmed, with processing time available on the MAS website.