To shape the perception
of the financial services industry

Membership Categories

  • Provisional Membership shall be opened to Practitioner having residence or place of business in Singapore.
  • Provisional Members may participate in all the Association's activities but shall not vote at any meetings of the Association or hold any office in the Council.
  • Provisional Members shall not use any designator’s letterings.
  • Ordinary Membership is restricted to Practitioner having residence or place of business in Singapore.
  • A Practitioner shall be admitted as an Ordinary Member if he has been a Provisional Member for at least one year (12 months) provided if he has maintained his Provisional Membership at least one year (12 months) proceeding the time of admission to Ordinary Member.
  • Ordinary Members shall be entitled to all the privileges of the Association's including the rights to vote and hold office in the Association.

Fellow Membership serves as an enhancement to recognise the contribution and/or achievement made by active practitioner. A Practitioner with at least five (5) years Active Membership status may apply for admission as a Fellow Member if he is an Associate/Fellow of any of the professional qualifications:

  • Certified Financial Planner (CFP)
  • Charter Financial Consultant (ChFC)
  • Fellow Chartered Financial Practitioner (FChFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Life Underwriters (CLU)
  • MBA (Wealth & Financial Services)
  • Australian Institute of Insurance (AAll)
  • Life Underwriter Training Council Fellow (LUTCF)
  • Agency Management Training Course (AMTC)
  • any other professional or academic qualifications as deemed equivalent by the Council;

Or

  • has served at least two terms in the Council or any of its officially constituted sub-committees and holds a Diploma in:
  • Diploma in Financial Planning
  • Diploma in Life Insurance
  • and any other professional or academic qualifications deemed to be equivalent by the Council,
  • Fellow Members who continue to be active Practitioner shall be entitled to all the privilege of the Association's including the rights to vote and hold office in the Council.
  • Fellow Members who are non-resident or no longer has his place of business in Singapore may be allowed to retain the membership status provided if he continues to pay the annual membership fees/dues as may be determined by the Council but shall have no voting rights nor hold office in the Council. 
  • Fellow Members may use the designation of IFPAS (Fellow) after their names.

A person who has performed distinguished services in the field of life insurance and financial services and has contributed significantly to the community may be considered for nomination and election as an Honorary Member. Three (3) categories of Honorary Membership may be conferred upon:

 

  • Past President – Past Presidents shall be invited for admission as Honorary Members and be conferred such membership status upon his acceptance unless for reasons when there may be in any way so as to be ineligible for such invitation or admission. Past Presidents who ceased to be an active Practitioner or no longer deemed eligible to be a member of the Association shall have his Honorary Membership suspended or revoked pending review by the Council.
  • Practitioner – Any active Practitioner other than Past Presidents who has performed distinguished services to the life insurance and financial services industry and has contributed significantly to the community may be duly nominated and upon acceptance by him, be conferred such membership upon approval by three-fourth (3/4) of the full Council.
  • Non-Practitioner – Any non-Practitioner who has performed highly distinguished services and contributed significantly to the well-being of the Association and/or community in relation to the life insurance industry may be duly nominated and upon acceptance by him, be conferred such membership upon approval by three-fourth (3/4) of the full Council. Honorary Member Honorary membership shall be renewed annually unless for reasons as stipulated in this Constitution or for any other legitimate and justifiable reasons, and such renewal is not approved by not less than three-fourth (3/4) vote of the full Council. The Council shall, upon written request by the person so affected, to provide the reasons and justification for the decision made within fourteen (14) days of such request.
  • Honorary Members shall be exempted from paying annual dues and be entitled to the privileges of the Association including those of voting and holding office only if they still maintain their Active Membership Practitioner status and had such rights prior to being made an Honorary Member.
  • Honorary Membership shall be reviewed by the Council annually or when the Council deems that the Honorary member(s) no longer qualify to be conferred such title. Past Presidents who are conferred such title shall be exempted from such annual review unless for reasons or conditions reflected in article 6.1 that warrants the review of such title. Decision to withdraw such title from any individual other than Past Presidents shall be passed by vote of a three-fourth (3/4) majority of a full Council. Decision to withdraw such title from Past Presidents shall require a vote of minimum ninth-tenth (9/10) of a full Council.

A person who is employed in the insurance and financial services industry but who is not a Practitioner or a person who is not in the industry but has attained sixteen (16) years of age and above may apply for admission as an Associate Member. Applicants who are below eighteen (18) years of age shall need to obtain the official consent from their parents/guardians before their application can be considered

 

  • Associate Members shall pay the annual dues as may be determined by the Council and may participate in all the Association's activities but shall not vote at any meetings of the Association or hold any office in the Council.
  • Affiliate Membership is opened to any institution or organization that are regularly constituted and registered in Singapore.
  • Employees of Affiliate Members shall be eligible to participate in courses/seminars conducted by the Association.
  • Affiliate Members shall pay the annual dues as may be determined by the Council but not vote at any meetings of the Association or hold any office in the Council.