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 Jan 2006 MAS 103 Statutory Deposits and Bank Covenants [Cancelled with effect from 26 May 2011]Insurance Companies
16 Jan 2006 IA/PP-N02.1a Bank Covenants in Lieu of Deposits [Cancelled with effect from 22 Apr 2013]Insurance Companies
06 Jan 2006 SRD BCM 01/2006 - Further Guidance on Business Continuity ManagementInsurance Companies
05 Jan 2006 ID 02/06 Amendment of MAS Notice 104 - Use of Derivatives for Investment of Insurance Fund AssetsInsurance Companies
05 Jan 2006 MAS 104 Use of Derivatives for Investment of Insurance Fund Assets [Cancelled with effect from 1 Jan 2014]Insurance Companies
03 Jan 2006 ID 01/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
31 Dec 2005 Insurance (Exemption from Annual Fees) (No. 3) Notification 2005Subsidiary Legislation
31 Dec 2005 Insurance (Exemption from Annual Fees) (No. 2) Notification 2005Subsidiary Legislation
30 Dec 2005 ID 15/05 Amendment of Insurance (Valuation and Capital) Regulations 2004 and Insurance (Actuaries) Regulations 2004Insurance Companies
15 Dec 2005 ID 14/05 Amendment of MAS Notices 302 and 307Insurance Companies
15 Dec 2005 MAS 302 Product Development and Pricing [Amended with effect from 30 Sep 2013]Insurance Companies
09 Dec 2005 Insurance (Appeals) Regulations 2005Subsidiary Legislation
09 Sep 2005 ID 11/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
08 Sep 2005 ID 10/05 Issuance of Insurance (Corporate Governance) Regulations 2005 and Guidelines on Corporate GovernanceInsurance Companies
08 Sep 2005 ID 1/05 Corporate Governace [Cancelled with effect from 9 Dec 2010]Insurance Companies

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Last Modified on 22/06/2017