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 Aug 2004 MAS 210 Actuarial Investigation of General Insurance Policy LiabilitiesInsurance Companies
28 Aug 2004 MAS 208 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
28 Aug 2004 MAS 201 Quarterly and Other ReturnsInsurance Companies
28 Aug 2004 MAS 104 Use of Derivatives for Investment of Insurance Fund Assets [Cancelled with effect from 5 Jan 2006]Insurance Companies
28 Aug 2004 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
24 Aug 2004 MAS 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 17 May 2012]Insurance Companies
23 Aug 2004 Insurance (Transitional and Savings Provisions) Regulations 2004Subsidiary Legislation
30 Jul 2004 IA/PP-N03.1 Insurance DepositsInsurance Companies
30 Jul 2004 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations [Cancelled with effect from 22 Apr 2013]Insurance Companies
30 Jul 2004 IA/PP-N01.1 Reinsurance Deposits [Cancelled with effect from 26 Oct 2005]Insurance Companies
28 May 2004 RMD 29/04 MAS Notice 109 - Lending of Singapore Dollar to Non-Resident Financial InsitutionsInsurance Companies
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

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Last Modified on 23/08/2018