What should I include in the annual income calculation for the capital resources requirement?
Only annual income from your insurance mediation activities, mortgage mediation activities or both – (according to your most recent annual financial statement) counts towards the capital resources requirement. You should not include income from any other sources in the calculation. So, for example, a motor dealer authorised to carry on insurance mediation activities would not need to include income from selling cars, only income from selling insurance. Annual income includes all brokerages, fees, commissions and other related income earned by your firm. You must include commissions and other earnings that your firm pays out of its own income to other firms involved in a transaction (known as ‘shared commissions’). However, your firm’s income does not include any amounts due to another person (e.g. the product provider) that you have collected on its behalf. If your firm has appointed representatives, you should include the share of your income that you have paid out to them or that the
Related Questions
- Why was my application rejected even though I have met the minimum annual income requirement set by the Monetary Authority of Singapore (MAS)?
- How is the money entrusted to the Foundation invested to guarantee the annual income of 10%? How secure is my capital?
- What should I include in the annual income calculation for the capital resources requirement?
