For almost 20 years, the Reinsurance Brokers’ Association (Singapore) (RBAS) has represented the professional body for reinsurance brokers licensed in Singapore.
Since its inauguration, the Association has supported the professional efforts of its members and the overlying development of Singapore as the leading regional reinsurance center in Asia. The Association enjoys and promotes close dialogue between regulators, competitors, suppliers and markets, always mindful of our regional and international role and the responsibilities of its membership as leaders of industry practice.
RBAS requires its membership to conform to its rules and regulations regarding accounting, compliance, contract certainty, ethics, professional indemnity coverage and code of conduct.
Between 2009-2015, RBAS expensed over S$350,000 through its membership for the sole benefit of staff training and bringing talented young graduates into the industry. In 2010, the Association approved a Lloyd’s Asia TOBA wording specifically designed for RBAS members to work within the Lloyd’s Asia structure.
Throughout 2012 and to date, encouraged by the Monetary Authority of Singapore, a RBAS working committee has led the industry development of a ‘contract certainty initiative’ which raises the professional bar and brings the reinsurance industry in Singapore together on a web-based platform for reporting a record of qualitative monthly compliance of contract certainty.
With an education focus in 2015 the Association is planning two new initiatives in promoting an ASEAN award for young industry executives and an industry internship project for Singaporeans.
Reinsurance brokers are the cement between the bricks. We hold a great responsibility in binding the industry, its exposures and its products ethically together and at the core is the composition of our talent base. As advisors, innovators and market makers we must be enlightened and informed so that we are constantly thinking ahead of the change cure. Education and developing trusted quality professionals are key pillars for the future success of our membership and the industry at large.______________________________________________________________________________
Note: Only members of RBA(S) are accredited by and comply with the rules of the Reinsurance Brokers Association (Singapore).