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
08 Oct 2018 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
08 Oct 2018 MAS 307 Investment - Linked Policies [Last Revised on 8 Oct 2018]Insurance Companies
08 Oct 2018 Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)Forms
08 Oct 2018 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Insurance Brokers
28 Sep 2018 MAS 213 Notice on Insurance Returns (Accounts and Statements) for Financial Guarantee InsurersInsurance Companies
28 Sep 2018 MAS 212 Notice on Insurance Returns (Accounts and Statements) for Marine Mutual InsurersInsurance Companies
28 Sep 2018 MAS 131 Notice on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance VehiclesInsurance Companies
28 Sep 2018 MAS 130 Notice on Insurance Returns (Accounts and Statements) for Captive InsurersInsurance Companies
28 Sep 2018 MAS 129 Notice on Insurance Returns (Accounts and Statements)Insurance Companies
28 Sep 2018 ID11/18 Review of Insurance ReturnsInsurance Companies
28 Aug 2018 ID 09/18 Consultation on Review of MAS 105 on Insurers’ Appointment of Custodians and Fund Managers - Response to FeedbackInsurance Companies
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

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Last Modified on 23/08/2018