Insurance

Insurers are licensed and governed under the Insurance Act (Cap. 142) ("IA").

Insurers may carry on insurance business in Singapore as licensed insurers or foreign insurers. Licensed insurers can carry on direct life and/or general business, life and/or general reinsurance business or captive insurance. Foreign insurers carry on insurance business in Singapore under a foreign insurer scheme established under Part IIA of the IA. Currently there are two foreign insurer schemes in Singapore: The Lloyd's Scheme and the Lloyd’s Asia Scheme.

Authorised reinsurers and Approved Marine, Aviation and Transit ("MAT") insurers do not have a physical presence in Singapore. Authorised reinsurers can carry on the business of providing the reinsurance of liabilities under insurance policies to persons in Singapore. They can be authorised as general reinsurers and/or life reinsurers. MAT insurers do not write insurance business, other than the collection or receipt of premiums in relation to MAT insurance business.
 
Here, you will find the legislation governing these insurers. Please refer to Insurance Licensing for the admission criteria for these insurers. For the latest number of these insurers, please refer to the Financial Institution Directory. 

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Date Title
13 May 2019 Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)Insurance Companies
06 May 2019 ID 07/19 Issuance of Technical Specifications for RBC 2 Parallel Run for Year Ended 31 December 2018Insurance Companies
12 Apr 2019 ID 06/19 Clarification on MAS 113 – Notice on Securities Borrowing and Lending ActivityInsurance Companies
01 Apr 2019 ID 05/19 Deposit Insurance and Policy Owner's Protection Schemes (“DI-PPF”) – (a) Commencement of DI-PPF (Amendment) Act 2018;(b) Issuance of DI-PPF (Policy Owners' Protection) (Maximum Compensation) Regulations 2019;(c) Amendments to Notice DIPOP-N02 (Policy Owners' Protection Scheme Returns)Insurance Companies
13 Mar 2019 ID 03/19 Consultation on Proposed Enhancements to Disclosure Requirements for Sale of Investment-Linked Policies - Response to Feedback ReceivedInsurance Companies
13 Mar 2019 ID 02/19 Disclosure Requirements for the Policy Owner's Protection (“PPF”) FundInsurance Companies
27 Dec 2018 ID 15/18 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) RegulationsInsurance Companies
27 Dec 2018 Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2018Subsidiary Legislation
27 Dec 2018 Insurance (Approved Marine, Aviation And Transit Brokers and Approved Reinsurance Brokers)(Amendment) Regulations 2018Subsidiary Legislation
27 Dec 2018 MAS 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking StaffInsurance Brokers
19 Dec 2018 MAS Notice 121 (Cancellation) 2018Insurance Companies
19 Dec 2018 MAS 121 Captive Insurance - Writing of In-House and Non In-House RisksInsurance Companies
19 Dec 2018 ID 14/18 Review of Insurance Returns and Amendments to Insurance (Valuation and Capital) Regulations 2004Insurance Companies
19 Dec 2018 Forms and Annexes and Notes to the Forms Used for the Purposes of the Insurance (Lloyd's Asia Scheme) RegulationsForms
19 Dec 2018 Insurance (Corporate Governance) (Amendment) Regulations 2018Subsidiary Legislation

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Last Modified on 23/08/2018