How to check an insurance broker is MAS-registered in Singapore
Why registration matters to a buyer
A broker acts for the buyer. An agent acts for the insurer. That difference is the reason MAS regulates brokers as a separate class of financial institution, with their own capital, insurance and conduct rules.
Registration gives the buyer 3 protections. The broker has passed MAS's fit-and-proper test on its directors, chief executive, substantial shareholders and broking staff. The broker holds minimum capital and professional indemnity insurance set by regulation. The broker must keep client premiums in a separate account rather than in its own cash. An unregistered intermediary offers none of these.
The buyer's exposure is real. Domestic general insurance premiums reached S$6.09 billion in 2025. A business paying S$80,000 a year across 6 policies routes that money through its broker. If the broker fails to pass it to the insurer, the policies are not in force.
The 4-step directory check
- Open the MAS Financial Institutions Directory at eservices.mas.gov.sg/fid.
- Type the broker's registered company name, not its trading name. Check the name against the UEN on the broker's letterhead or invoice.
- Open the entry and read the registration class. For general business insurance it should read "Direct Insurance Broker".
- Note the registration date and confirm the registered address matches the office the broker gives.
A broker that cannot be found under its legal name has either changed name, is operating under exemption, or is not registered. Ask for the exact registered entity name and search again before any premium is paid.
Insurers can be checked on the same directory. A licensed general insurer appears as a "Direct Insurer (General)" or a composite. The General Insurance Association's members are MAS-licensed insurers, and a policy from a company not on the directory is not a Singapore-regulated contract.
The 3 registration classes
MAS registers brokers in 3 classes. Only the first deals with businesses buying their own cover.
| Class | What it does | Relevance to a buyer |
|---|---|---|
| Direct insurance broker | Arranges insurance between a Singapore client and an insurer | The class a business appoints |
| General reinsurance broker | Arranges reinsurance for general insurers | Insurer-to-insurer; not client-facing |
| Life reinsurance broker | Arranges reinsurance for life insurers | Insurer-to-insurer; not client-facing |
Only a company incorporated in Singapore can apply. MAS assesses track record, financial soundness, reputation and a business plan that reflects the risk profile of the business. It expects to process a straightforward application within 6 months. The registration is of the company, not of individual staff; the company is responsible for the fitness of each broking employee.
Where a business buys cover through a bank or a telco package, the seller is usually acting as an agent or an exempt entity, not a registered broker. The buyer then has no one acting for it at claim time.
Capital, professional indemnity and the premium account
The Insurance (Intermediaries) Regulations set the financial requirements. Regulation 3 sets the minimum paid-up capital. Regulation 4 requires the broker to hold professional indemnity insurance. Regulation 5 sets the minimum net asset value the broker must maintain at all times. MAS can withdraw registration if a broker falls below these.
The same regulations require a registered broker to hold client premiums in a separate insurance broking premium account. Money a client pays for insurance is held on trust until it reaches the insurer. It cannot be used to pay the broker's rent or salaries. A broker's invoice should show the insurer, the policy number and the premium, so the client can trace payment through to the insurer's receipt or policy schedule.
A buyer can ask the broker for 3 documents. The MAS registration letter or directory extract. Confirmation that professional indemnity insurance is in force. The premium account details to which payment is made. A registered broker produces all 3 without delay.
Registered insurance broker in Singapore versus insurer's agent
The commercial difference shows at 3 points: placement, wording and claims.
| Stage | Registered broker | Insurer's agent |
|---|---|---|
| Placement | Approaches several insurers and compares terms | Offers the products of one insurer |
| Wording | Negotiates endorsements and deletes exclusions | Sells the standard wording |
| Claims | Prepares and argues the claim for the client | Passes the form to the insurer |
| Duty owed | To the client | To the insurer |
| Remuneration | Commission from the insurer, or a fee from the client | Commission from the insurer |
Neither route is free. In both, commission is built into the premium. The difference is who the intermediary answers to when the insurer declines a claim. The existing article on brokers and agents in Singapore sets out the duty in more detail.
Questions to ask before appointing a broker
The directory check confirms the broker is lawful. These questions test whether it is suitable.
- Which insurers have quoted your clients' work injury, property and liability programmes in the past 12 months? A broker with access to 2 insurers cannot test the market.
- Who handles claims, and how many open claims is that person carrying?
- How is the broker paid on this account, and will commission be disclosed on request?
- What is the renewal timeline, and when does the data request arrive?
- Which of your clients are in the same trade, by sector and size, without names?
- Has MAS taken any regulatory action against the firm or its officers?
The answers should be specific. A broker that can describe the designated WICA insurers it works with, and the turnaround on a certificate of insurance, is doing the work. The TRS claims history page shows the kind of record a buyer can ask any broker to produce.
Frequently asked questions
How do I search the MAS directory for a broker?
Go to eservices.mas.gov.sg/fid and enter the broker's registered company name. The result shows the registration class, address and registration date. Search by the legal entity name on the invoice, not the brand name on the website. If nothing appears, ask the broker for its exact registered name before paying any premium.
What is the difference between a registered broker and an insurer's agent?
A registered broker is appointed by the client and owes its duty to the client. An agent is appointed by the insurer and sells that insurer's products. Both are paid by commission, but only the broker approaches several insurers and acts for the client when a claim is disputed.
Does a broker charge me a fee?
Most general insurance brokers are paid commission by the insurer, built into the premium. Some accounts, particularly large or complex programmes, are placed on a fee basis agreed with the client and net of commission. A registered broker will disclose the basis on request.
What questions should I ask a broker before appointing them?
Ask which insurers quoted similar accounts in the past year, who handles claims, how the broker is paid, when the renewal process starts and whether MAS has taken any action against the firm. Ask for the MAS directory extract and confirmation of professional indemnity insurance. Specific answers indicate a working broker.
Sources
General information only, not advice on any particular policy. Cover depends on the policy wording and the insurer's terms.