become an agent
The insurance law regulates the distribution of insurance. section 1a of the law establishes the interpretation of the insurance agent.
If you do any of these things, you may be considered an insurance agent:
Reading: How to become car insurance broker
me. receive proposals or issue policies in singapore; ii. collect or receive insurance premiums in singapore; oiii. brokerage of insurance contracts in singapore; origin earn a commission or fee that is linked to the value of the negotiated premium; orv. provide insurance sales or product advice.
Prior to acting as an insurance agent for the distribution of P&C insurance products, the person or company must register with the Agent Registration Board (ARB) through the major insurers they wish to represent.
Prospective applicants should discuss their business plans with the insurers they wish to work with and form an opinion as to whether they are likely to act as an insurance agent. you should seek your own legal advice if you are unclear.
Persons acting as unregistered insurance agents will be referred to the Monetary Authority of Singapore for action under the Insurance Act.
types of agents
- individual agent – one person
- corporate agent: a business entity, i.e. sole proprietorship, partnership or company registered in acra, society/cooperative society registered in the register of companies.
- trade specific agent (tsa) – a business entity that is engaged in a business where insurance is not its main activity. may act on behalf of your major insurers to sell specific insurance products related to your core business only.
- nominal agents: a person who acts for the above types of agents. corporate agents and tsas must have at least 1 designated agent at all times.
- general insurance agent registration regulations
- insurance law
- more notice 211
Applicants are advised to read and understand the rules and regulations before registering. registered agents will have to comply with the rules at all times. see the relevant information as follows (click the link):
Applicants or agents who have questions about agent requirements or regulations can talk to their major insurers.
The license of registered agents is valid for the calendar year. All registered agents (except non-automotive specific trade agents) must meet continuing professional development (CPD) requirements to be qualified for license renewal. Agents can refer to this link on cpd requirements.
Applicants applying to be agents are subject to a registration fee for principal representation. the fee will be paid directly to the principal. this will also apply to all additional nominees.
A principal representation renewal fee will be imposed on all agents (including nominee agents) who have met the requirements when renewing their license at the end of the year. you can consult the table of rates in this link:
search for agents
The public can check if a general insurance agent is registered with arb, and the insurers the agent is authorized to represent, using the agent search module at this link.
When searching for an individual agent or nominal agent, you must have the nric/fin/passport number or gia nominal number.
When searching for a specific corporate agent or commercial agent, you must have the gia number, company name, or commercial registration number.
registered agents can also use the above link to display their registration status to customers using their mobile devices.