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
15 Dec 1992 MAS 309 Mortality Tables for Minimum Reserves Calculation [Cancelled with effect from 1 Sep 2004]Insurance Companies
28 Dec 2012 MAS 312 (Amendment No. 2) 2012Insurance Companies
29 Jan 2010 MAS 312 (Amendment) 2010Insurance Companies
07 Feb 2011 MAS 312 (Amendment) 2011Insurance Companies
16 Jan 2012 MAS 312 (Amendment) 2012 [Cancelled with effect from 28 Dec 2012]Insurance Companies
25 Apr 2013 MAS 312 (Amendment) 2013Insurance Companies
20 Jan 2014 MAS 312 (Cancellation) 2014Insurance Companies
28 Dec 2012 MAS 312 Stress Testing on Financial Condition of Direct Life Insurer [Cancelled with effect from 22 Apr 2013]Insurance Companies
07 Feb 2011 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 16 Jan 2012]Insurance Companies
08 May 2007 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 29 Jan 2010]Insurance Companies
29 Jan 2010 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 7 Feb 2011]Insurance Companies
16 Jan 2012 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 28 Dec 2012]Insurance Companies
25 Apr 2013 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 29 Jan 2014]Insurance Companies
20 Jun 2005 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 8 May 2007]Insurance Companies
25 Apr 2013 MAS 313 (Cancellation) 2013Insurance Companies

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Last Modified on 22/06/2017