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
16 Aug 2018 ID 08/18 Approval of External AuditorsInsurance Companies
05 Jul 2018 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Insurance Companies
05 Jul 2018 MAS 128 Computation of Total Debt Servicing Ratio for Property LoansInsurance Companies
05 Jul 2018 MAS 115 Residential Property LoansInsurance Companies
29 Jun 2018 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 322 Information to be Submitted Relating to the Web Aggregator [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 320 Management of Participating Life Insurance Business [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 302 PRODUCT DEVELOPMENT AND PRICING [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 ID 01/17 Guidelines on the Online Distribution of Life Policies with No Advice [Last revised on 29 June 2018]Insurance Companies
29 Jun 2018 ID 05/18 Amendments to (i) MAS Notices 302, 318, 320 and 322, and (ii) Guidelines on the Online Distribution of Life Policies with no Advice (Guideline ID 01/17)Insurance Companies
15 Dec 2017 ID 13/17 Review of Insurance Returns - Implementation TimelineInsurance Companies
12 Dec 2017 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
19 Jul 2017 ID 09/17 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
30 May 2017 Notice 118 Unsecured Credit Facilities to IndividualsInsurance Companies

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Last Modified on 22/06/2017