Who are You Dealing With

There are several ways to buy insurance whether life, health, accident or general insurance. You can go directly to an office of an insurance company or meet its agents. You can also contact a representative from a financial adviser firm or broking staff from an insurance broking firm. You may also buy insurance products from a bank.

Make sure the party you are dealing with is authorised by MAS. MAS’ regulations require financial institutions and entities which act as their intermediaries to disclose product information clearly when they offer life, accident and health insurance policies. Intermediaries are also required to have a reasonable basis for such insurance products that they recommend to you.

Look up the Financial Institutions Directory on the MAS website to see if the entity you intend to deal with is a regulated entity in Singapore and also to view the activities it is authorised to conduct in Singapore. MAS only regulates entities with a presence in Singapore.

Find out more about the individual you are dealing with.

a) For life insurance policies, ask for his / her unique representative number and check the MAS Register of Representatives to verify if he / she is authorised to provide financial advice or arrange life policies under the Financial Advisers Act (FAA). All representatives of insurance companies and any other financial institutions who conduct FAA activities will have a Financial Advisers representative number if they are authorised to conduct Financial Advisory activities under the FAA.

b) For general insurance products, ask for his or her nominee number. General insurance products may be sold by Agents Registration Board (ARB) - registered general insurance agents or broking staff of registered or exempt insurance brokers. The ARB is part of the General Insurance Association (GIA) of Singapore. After you obtain the agent’s nominee number, you can check the ARB website to verify if the individual is authorised to sell general insurance products.

General insurance agents are required to be registered with ARB and be equipped with minimum qualifications. They are also required to fulfil GIA’s Fit and Proper Criteria, which is adapted from MAS’ Fit and Proper Criteria.