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
11 Apr 2006 ID 14/06 Electronic Submission of Form 11 via MASNET WebsiteInsurance Companies
31 Mar 2006 Insurance (Exemption from Annual Fees) Notification 2006Subsidiary Legislation
31 Mar 2006 ID 13/06 Amendment of MAS Notice 211Insurance Companies
24 Mar 2006 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Subsidiary Legislation
24 Mar 2006 ID 12/06 Amendment of Insurance (General Provisions And Exemptions For Captive Insurers) Regulations 2004Insurance Companies
24 Mar 2006 ID 11/06 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Insurance Companies
23 Mar 2006 ID 10/06 Shareholding Interest of Insurers in Other CompaniesInsurance Companies
21 Mar 2006 ID 09/06 Electronic Submission of Quarterly Returns via MASNET WebsiteInsurance Companies
21 Mar 2006 ID 08/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
07 Mar 2006 ID 07/06 Documents Lodged in respect of Life Actuarial Investigation under Section 37 of the Insurance Act (Cap. 142)Insurance Companies
01 Mar 2006 ID 06/06 Electronic Submission of Annual Audited Insurance Returns via MASNET WebsiteInsurance Companies
01 Mar 2006 ID 05/06 Electronic Submission of Annual Unaudited Insurance Returns via MASNET WebsiteInsurance Companies
10 Feb 2006 ID 04/06 Documents Lodged in respect of General Actuarial Investigation under Setion 37 of the Insurance Act (Cap. 142)Insurance Companies
25 Jan 2006 ID 03/06 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
16 Jan 2006 Amendment of MAS Notice 103 and MAS Notice IA/PP-N02.1aInsurance Companies

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Last Modified on 22/06/2017