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
28 May 2004 MAS 109 Lending of Singapore Dollar to Non-Resident Financial InstitutionsInsurance Companies
04 Mar 2004 Insurance (Exemption from Annual Fees) Notification 2004Subsidiary Legislation
29 Feb 2004 Insurance (Exemption) RegulationsSubsidiary Legislation
30 Jan 2004 MAS 120 Disclosure and Advisory Process Requirements for Accident and Health Insurance Products [Cancelled with effect from 1 Nov 2015]Insurance Companies
26 Jan 2004 MAS 301 Quarterly and Other Returns [Cancelled with effect from 28 Aug 2004]Insurance Companies
26 Jan 2004 MAS 201 Quarterly and Other Returns [Cancelled with effect from 28 Aug 2004]Insurance Companies
26 Jan 2004 MAS 117 Training and Competency Requirement: Health Insurance Module [Cancelled with effect from 1 Jan 2016]Insurance Companies
26 Jan 2004 MAS 105 Appointment of Custodians and Fund Manager [Amended with effect from 30 Jun 2010]Insurance Companies
01 Jan 2004 Insurance (Transitional and Savings Provisions) Regulations 2003Subsidiary Legislation
01 Jan 2004 Insurance (Exemption from Annual Fees) Notification 2003Subsidiary Legislation
30 Jun 2003 MCD 5/2003 - Business Continuity Management (BCM) GuidelinesInsurance Brokers
22 Jan 2003 ID 2/03 Lifting of Limits on Car LoansInsurance Companies
22 Jan 2003 ID 1/03 Lifting of Limits on Car LoansInsurance Companies
31 Dec 2002 ID 26/02 Training and Competency Requirement: Health Insurance ModuleInsurance Companies
23 Dec 2002 MAS 210 Actuarial Investigation of General Insurance Policy Liabilities [Cancelled with effect from 28 Aug 2004]Insurance Companies

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Last Modified on 22/06/2017