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
25 Apr 2013 MAS 126 Enterprise Risk Management for Insurers [Cancelled with effect from 7 Dec 2015]Insurance Companies
25 Apr 2013 MAS 125 Notice on Investments of InsurersInsurance Companies
25 Apr 2013 MAS 124 Public Disclosure RequirementsInsurance Companies
25 Apr 2013 MAS 114 Reinsurance ManagementInsurance Companies
25 Apr 2013 MAS Notice 100 Registration of InsurersInsurance Companies
25 Apr 2013 IA/PP-N02.1a Bank Covenants in Lieu of DepositsInsurance Companies
25 Apr 2013 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related CorporationsInsurance Companies
25 Apr 2013 MAS 319 (Amendment) 2013Insurance Companies
25 Apr 2013 MAS 313 (Cancellation) 2013Insurance Companies
25 Apr 2013 MAS 312 (Amendment) 2013Insurance Companies
25 Apr 2013 MAS 211 (Amendment No. 2) 2013Insurance Companies
25 Apr 2013 MAS 125 (Amendment) 2013Insurance Companies
24 Apr 2013 MAS 124 (Amendment) 2013Insurance Companies
24 Apr 2013 MAS 114 (Amendment) 2013Insurance Companies
24 Apr 2013 MAS 100 (Amendment) 2013Insurance Companies
24 Apr 2013 IA/PP-N02.1a (Amendment) 2013Insurance Companies
22 Apr 2013 IA/PP-N02.1 (Amendment) 2013 Insurance Companies
22 Apr 2013 ID 20/13 Consequential Amendments to MAS Notices Insurance Companies
18 Apr 2013 Insurance (Actuaries) Regulations 2013Subsidiary Legislation
18 Apr 2013 MAS 106 Appointment of Director, Chairman and Key Executive PersonInsurance Companies
18 Apr 2013 MAS 106 (Amendment) 2013Insurance Companies
18 Apr 2013 ID 18/13 Insurance (Actuaries) Regulations 2013 and Amendments to MAS Notice 106Insurance Companies
18 Apr 2013 ID 17/13 Amendment of the Insurance Act (Chapter 142) and Consequential Amendments to Subsidiary LegislationInsurance Companies
18 Apr 2013 Insurance (Valuation and Capital) Regulations 2004Subsidiary Legislation
18 Apr 2013 Insurance (Lloyd's Scheme) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Lloyd's Asia Scheme) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (General Provisions) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007Subsidiary Legislation
18 Apr 2013 Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004Subsidiary Legislation
18 Apr 2013 Insurance (Financial Guarantee Insurance) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Authorised Reinsurers) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Approved Marine, Aviation and Transit Insurers) RegulationsSubsidiary Legislation
04 Apr 2013 Insurance (Corporate Governance) Regulations 2013Subsidiary Legislation
03 Apr 2013 Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are Incorporated in SingaporeInsurance Companies
03 Apr 2013 ID 16/13 Insurance (Corporate Governance) Regulations 2013 and Revised Guidelines on Corporate GovernanceInsurance Companies
03 Apr 2013 ID 15/13 Re-issuance of MAS 106Insurance Companies
02 Apr 2013 ID14/13 Consultation on Review of Requirements on Investments Activities of Insurers and Enterprise Risk Management for Insurers - Response to Feedback and Issuance of MAS Notice 125 and MAS Notice 126Insurance Companies
02 Apr 2013 MAS 126 Enterprise Risk Management for Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
02 Apr 2013 MAS 125 Notice on Investments of Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
02 Apr 2013 MAS 106 Appointment of Directors and Key Executive Persons [Cancelled with effect from 18 Apr 2013]Insurance Companies
02 Apr 2013 ID 13/13 Revised MAS Guidelines on Risk Management Practices Insurance Companies
01 Apr 2013 MAS Notice 100 Registration of Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
01 Apr 2013 ID 12/13 Revision Of MAS Notice 100Insurance Companies
01 Apr 2013 ID 11/13 Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products Containing Investment Guarantees with Non-Linear PayoutsInsurance Companies
01 Apr 2013 ID 01/13 Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products Containing Investment Guarantees with Non-Linear PayoutsInsurance Companies
01 Apr 2013 MAS 124 Public Disclosure Requirements [Cancelled with effect from 22 Apr 2013]Insurance Companies
01 Apr 2013 ID 10/13 Consultation on Proposed Public Disclosure Requirements for Insurers - Response to Feedback and Issuance of MAS Notice 124Insurance Companies
01 Feb 2013 ID 08/13 Consultation on Proposed Public Disclosure Requirements for InsurersInsurance Companies
29 Jan 2013 ID07/13 Response to Feedback on Consultation on Proposed Revision to the Definition of "Singapore Policy" and "Trade Credit Insurer"Insurance Companies
23 Jan 2013 ID 05/13 Public Consultation on (a) The Review of Requirements on Investment Activities of Insurers and (b) Enterprise Risk Management for InsurersInsurance Companies
23 Jan 2013 MAS 314 (Amendment) 2013Insurance Companies
23 Jan 2013 MAS 123 Reporting of Suspicious Activities and Incidents of FraudInsurance Companies
23 Jan 2013 ID04/13 Issue of Amendments to Notices on Prevention of Money Laundering and Countering the Financing of TerrorismInsurance Companies
23 Jan 2013 ID03/13 Issue of Notices on Reporting of Suspicious Activities and Incidents of FraudInsurance Companies
23 Jan 2013 Notice on Reporting of Suspicious Activities & Incidents of Fraud [Notice No. MAS 505]Insurance Brokers
04 Jan 2013 ID 01/13 Consultation Paper on Draft Insurance (Corporate Governance) Regulations and Guidelines on Corporate GovernanceInsurance Companies
31 Dec 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General InsurersInsurance Companies
31 Dec 2012 MAS 211 (Amendment) 2013Insurance Companies
31 Dec 2012 ID 27/12 Revision of MAS Notice 211Insurance Companies
31 Dec 2012 Insurance (Exemption from Annual Fees) Notification 2012Subsidiary Legislation
28 Dec 2012 MAS 312 (Amendment No. 2) 2012Insurance Companies
28 Dec 2012 MAS 312 Stress Testing on Financial Condition of Direct Life Insurer [Cancelled with effect from 22 Apr 2013]Insurance Companies
11 Dec 2012 ID23/12 Notification on the Revisions to MAS Notice 307 on Investment-Linked PoliciesInsurance Companies
11 Dec 2012 MAS 307 Amendment 2012Insurance Companies
11 Dec 2012 MAS 307 Investment-Linked PoliciesInsurance Companies
03 Dec 2012 MAS 122 Notice on Asset & Liability Exposures for InsurersInsurance Companies
19 Nov 2012 ID 21/12 Enhancements to MAS Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud RiskInsurance Companies
30 Oct 2012 MAS 318 Market Conduct Standards for Direct Life Insurers as a Product Provider [Cancelled with effect from 1 Apr 2015]Insurance Companies
30 Oct 2012 MAS 318 (Amendment) 2012Insurance Companies
30 Oct 2012 ID 20/12 Amendment of MAS Notices 318Insurance Companies
21 Sep 2012 ID 17/12 Consultation on Insurance (Amendment) BillInsurance Companies
19 Sep 2012 ID 16/12 Consultation on Proposed Revision to the Definition of "Singapore Policy" and "Trade Credit Insurer"Insurance Companies
24 Aug 2012 ID 14/12 Consultation on Corporate Governance for Insurers - Response to FeedbackInsurance Companies
08 Aug 2012 ID 13/12 Consultation Paper on Legislative Changes Relating to Requirements on Key Executive Persons and Directors for InsurersInsurance Companies
29 Jun 2012 ID 12/12 Public Consultation on Treatment of Settlement Options in Life PoliciesInsurance Companies
22 Jun 2012 ID 11/12 Consultation on Review of Risk-Based Capital FrameworkInsurance Companies
07 Jun 2012 Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)Forms
07 Jun 2012 Application for Permission under Section 35ZF of the Insurance Act (CAP 142) to Negotiate and Place Insurance Risk with Unregistered InsurersForms
07 Jun 2012 Form J - Certificate on the Accounts of the Insurance Broking Business of (Name of Insurance Broker)Forms
17 May 2012 ID 10/12 Amendment to MAS Notice 319 - Notice on Valuation of Policy Liabilities of Life BusinessInsurance Companies
17 May 2012 MAS 319 Valuation of Policy Liabilities of Life BusinessInsurance Companies
17 May 2012 MAS 319 (Amendment) 2012Insurance Companies
08 May 2012 MAS 121 Captive Insurance - Writing of In-House and Non In-House RisksInsurance Companies
12 Apr 2012 ID 08/12 Revision of MAS Notice 211Insurance Companies
12 Apr 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 1 Jan 2013]Insurance Companies
12 Apr 2012 MAS 211 (Amendment No. 2) 2012Insurance Companies
05 Apr 2012 ID 06/12 Deposit Insurance and Policy Owners' Protection Schemes (Policy Owners' Protection Scheme) (Amendment) Regulations 2012Insurance Companies
27 Mar 2012 ID 05/12 Insurance (Valuation and Capital) Regulations 2004 Insurance Companies
22 Feb 2012 ID 03/12 Consultation on Corporate Governance for InsurersInsurance Companies
30 Jan 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 12 Apr 2012]Insurance Companies
30 Jan 2012 MAS 211 (Amendment) 2012Insurance Companies
27 Jan 2012 ID 02/12 Revision of MAS Notice 211Insurance Companies
16 Jan 2012 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 28 Dec 2012]Insurance Companies
16 Jan 2012 MAS 312 (Amendment) 2012 [Cancelled with effect from 28 Dec 2012]Insurance Companies
31 Dec 2011 Insurance (Exemption from Annual Fees) Notification 2011Subsidiary Legislation
31 Dec 2011 Insurance (Exemption from Annual Fees) (No. 2) Notification 2011Subsidiary Legislation
30 Nov 2011 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
04 Nov 2011 ID 18/11 Response to Feedback Received - Review of Section 21 of the Insurance Act (CAP. 142)("IA")Insurance Companies
21 Oct 2011 ID 15/11 Maintenance of Insurance FundsInsurance Companies
21 Oct 2011 MAS 101 Maintenance of Insurance FundsInsurance Companies

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Last Modified on 22/06/2017