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
13 May 2016 MAS 321 Direct Purchase Insurance ProductsInsurance Companies
13 May 2016 ID 01/16 Cancellation and Re-Issuance of MAS Notice 321Insurance Companies
31 Dec 2015 ID 27/15 Cancellation and Re-issuance of MAS Notice 322Insurance Companies
31 Dec 2015 ID 26/15 Legislation and Legislative Amendments to effect the Policy Proposals under the Financial Advisory Industry Review (“FAIR”)Insurance Companies
31 Dec 2015 Insurance (Web Aggregator Fees) Regulations 2015Subsidiary Legislation
31 Dec 2015 Insurance (Remuneration) Regulations 2015Subsidiary Legislation
28 Dec 2015 MAS 117 Training and Competency Requirement: Health InsuranceInsurance Companies
28 Dec 2015 MAS 117 (Amendment) 2015Insurance Companies
28 Dec 2015 ID 24/15 Amendment of MAS Notice 117Insurance Companies
07 Dec 2015 MAS 126 (Amendment) 2015Insurance Companies
07 Dec 2015 MAS 126 Enterprise Risk Management (“ERM”) for InsurersInsurance Companies
03 Dec 2015 Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers Insurance Companies
03 Dec 2015 MAS Notice 314 (Amendment) 2015Insurance Companies
03 Dec 2015 MAS 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life InsurersInsurance Companies
30 Oct 2015 MAS 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance ProductsInsurance Companies

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Last Modified on 23/08/2018