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
11 Apr 2006 ID 14/06 Electronic Submission of Form 11 via MASNET WebsiteInsurance Companies
31 Mar 2006 Insurance (Exemption from Annual Fees) Notification 2006Subsidiary Legislation
31 Mar 2006 ID 13/06 Amendment of MAS Notice 211Insurance Companies
24 Mar 2006 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Subsidiary Legislation
24 Mar 2006 ID 12/06 Amendment of Insurance (General Provisions And Exemptions For Captive Insurers) Regulations 2004Insurance Companies
24 Mar 2006 ID 11/06 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Insurance Companies
23 Mar 2006 ID 10/06 Shareholding Interest of Insurers in Other CompaniesInsurance Companies
21 Mar 2006 ID 09/06 Electronic Submission of Quarterly Returns via MASNET WebsiteInsurance Companies
21 Mar 2006 ID 08/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
07 Mar 2006 ID 07/06 Documents Lodged in respect of Life Actuarial Investigation under Section 37 of the Insurance Act (Cap. 142)Insurance Companies
01 Mar 2006 ID 06/06 Electronic Submission of Annual Audited Insurance Returns via MASNET WebsiteInsurance Companies
01 Mar 2006 ID 05/06 Electronic Submission of Annual Unaudited Insurance Returns via MASNET WebsiteInsurance Companies
10 Feb 2006 ID 04/06 Documents Lodged in respect of General Actuarial Investigation under Setion 37 of the Insurance Act (Cap. 142)Insurance Companies
25 Jan 2006 ID 03/06 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
16 Jan 2006 Amendment of MAS Notice 103 and MAS Notice IA/PP-N02.1aInsurance Companies
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
01 Aug 2005 ID 09/05 Amendment of MAS Notice 113 on Securities Lending ActivitiesInsurance Companies
01 Aug 2005 MAS 113 Securities Lending Activities [Cancelled with effect from 31 Aug 2011]Insurance Companies
01 Jul 2005 IA/II-G01 Standards of ConductInsurance Brokers
01 Jul 2005 IA/II-G02 Market Conduct and Service Standards for Insurance BrokersInsurance Brokers
20 Jun 2005 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 8 May 2007]Insurance Companies
26 Apr 2005 ID 06/05 MAS Circular (Cancellation) 2005Insurance Companies
15 Apr 2005 ID 04/05 Submission Of Returns Under the Risk-Based Capital (RBC) Framework in respect of the 2004 Accounting PeriodInsurance Companies
15 Mar 2005 ID 03/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
01 Mar 2005 ID 02/05 Central Provident Fund Board's Measures to Address Cashback Transactions for Resale HDB FlatsInsurance Companies
31 Jan 2005 Insurance (Exemption from Annual Fees) Notification 2005Subsidiary Legislation
01 Jan 2005 Insurance (Exemption from Annual Fees) (No.2) Notification 2004Subsidiary Legislation
31 Dec 2004 Insurance (Approved Marine Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) RegulationsSubsidiary Legislation
30 Dec 2004 ID 4/04 Cash Rebates Offered for Housing LoansInsurance Companies
09 Dec 2004 ID 2/04 Applications for Exemptions - Insurance Act (Cap. 142)Insurance Companies
02 Sep 2004 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 20 Aug 2007]Insurance Companies
01 Sep 2004 MAS 309 Mortality Tables for Minimum Reserves CalculationInsurance Companies
01 Sep 2004 MAS 102 Margins of SolvencyInsurance Companies
28 Aug 2004 MAS 316 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
28 Aug 2004 MAS 301 Quarterly and Other ReturnsInsurance Companies
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
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
11 Dec 2002 ID 22/02 Wireless Local Area Network Security AdvisoryInsurance Companies
01 Oct 2002 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Cancelled with effect from 30 Oct 2012]Insurance Companies
01 Oct 2002 MAS 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act (Cap. 110) [Amended with effect from 30 Jun 2010]Insurance Companies
31 Jul 2002 ID 10/02 Revision of MAS Notice 103 - Statutory Deposits and Bank CovenantsInsurance Companies
16 Apr 2002 ID 2/02 Survey On Reinsurance Management StrategyInsurance Companies
28 Mar 2002 MAS 114 Reinsurance Management Strategy [Cancelled with effect from 1 Apr 2011]Insurance Companies
30 Jan 2002 FSG 18/2002: Amendment of MAS Notice 303 - Mortality Studies on Assured LivesInsurance Companies
11 Oct 2001 FSG 49/2001: Asset Management of Life Insurance FundsInsurance Companies
11 Oct 2001 MAS 317 Asset Management of Life Insurance Funds [Cancelled with effect from 1 Jan 2014]Insurance Companies
18 May 2001 FSG 28/2001: Training and Competency Requirements for Insurance Intermediaries: Phase Two of New Modular Training ProgrammeInsurance Companies
11 May 2001 FSG 26/2001: Training and Competency for Life Insurance Advisers: Phase 1 of Modular Training ProgrammesInsurance Companies
26 Apr 2001 FSG 22/2001: Training & Competence for Specialised ProductsInsurance Companies
06 Jan 2001 FSG 01/2001: Insurance Regulatory Framework on Securities Lending ActivitiesInsurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
06 Dec 2000 MAS 109: Internationalisation of the Singapore Dollar (S$)Insurance Companies
03 Jan 2000 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
18 Aug 1999 MAS 316 Financial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
18 Aug 1999 MAS 208 FInancial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
23 May 1998 MAS 102 Margins of Solvency [Cancelled with effect from 1 Sep 2004]Insurance Companies
31 Jan 1995 MAS 108 Staff Agency BusinessInsurance Companies
20 Jul 1994 MAS 313 Basis for Establishing Separate Funds for Participating and Non-Participating Policies [Cancelled with effect from 22 Apr 2013]Insurance Companies
15 Dec 1992 MAS 309 Mortality Tables for Minimum Reserves Calculation [Cancelled with effect from 1 Sep 2004]Insurance Companies
15 Dec 1992 MAS 303 Mortality Studies of Assured Lives [Cancelled with effect from 27 Jun 2008]Insurance Companies
15 Dec 1992 MAS 100 Registration of Insurers [Cancelled with effect from 1 April 2013]Insurance Companies
15 Oct 1991 MAS 302 New Policies and Proposal Forms, and Rates of Premium [Cancelled with effect from 15 Dec 2005]Insurance Companies

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Last Modified on 22/06/2017