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Qualifying Criteria

By completing this application form, you confirm that the Proposer fulfilled the Qualifying Criteria stated below.

Proposer is domiciled in Singapore
80% Singapore exposure only
No more than SGD 4 million annual fee income
No exposure in the following works:
1. Services pertaining to USA/Canada/Australia
2. US GAAP Audit
3. Audit works for listed companies is more than 25% of total fee income,
4. More than 35% of total income is involved in Insolvency, Liquidation, Receiverships, M&A, Corporate Finance, Investment Management, work provided for Financial Institutions and Forensic Accounting
No claims and/or circumstances that may lead to one to date
Statement pursuant to the Insurance Act (Cap 142) or any amendments thereof: You are to disclose in this application, fully and faithfully, all the facts which you know or ought to know, otherwise the policy issued may be void

The Accountants Act 2004, at Section 28, sets out the required Limit of Liability coverage under Professional Indemnity Insurance.

28.—(1) Every accounting corporation and every accounting LLP registered under this Act must be covered by professional indemnity insurance of at least one of the following amounts, whichever is the highest:

$1 million;
a sum equal to the total of $500,000 for every corporate practitioner in the accounting corporation or accounting LLP;
where applicable, a sum equal to two and a half times the gross income of the accounting corporation or accounting LLP in the last completed financial year of the accounting corporation or accounting LLP subject to a maximum sum of $50 million. [11/2006]

(2) The Authority may, by rules, vary the amount of coverage under a professional indemnity insurance required by subsection (1).

For assistance on completing this portal, please contact Allied World’s customer service team at:+65 6423 0888 during regular office hours (8.30am – 5.30am, Mondays to Fridays, excluding Public Holidays) or email us atsg.customerservice@awac.com. For enquiries on insurance coverage, please contact Marsh at+65 6411 9050 or ISCA-PI@marsh.com