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
03 Jan 2017 ID 01/17 Insurance (Accounts and Statements) Regulations 2004Insurance Companies
01 Mar 2005 ID 02/05 Central Provident Fund Board's Measures to Address Cashback Transactions for Resale HDB FlatsInsurance Companies
05 Jan 2006 ID 02/06 Amendment of MAS Notice 104 - Use of Derivatives for Investment of Insurance Fund AssetsInsurance Companies
10 Jan 2007 ID 02/07 Amendment of MAS Notice 319Insurance Companies
18 Feb 2008 ID 02/08 Classification of Tax Liabilities Arising from Non-Guaranteed Benefits of Participating PoliciesInsurance Companies
11 Feb 2011 ID 02/11 Response to Feedback Received - Public Consultation on the Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
27 Jan 2012 ID 02/12 Revision of MAS Notice 211Insurance Companies
29 Jan 2015 ID 02/15 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
15 Mar 2005 ID 03/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
25 Jan 2006 ID 03/06 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
19 Feb 2008 ID 03/08 MAS Circular (Cancellation)Insurance Companies
20 Feb 2009 ID 03/09 Amendment of MAS Notice 320Insurance Companies
18 Mar 2011 ID 03/11 Submission of Annual ReturnsInsurance Companies
22 Feb 2012 ID 03/12 Consultation on Corporate Governance for InsurersInsurance Companies

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Last Modified on 22/06/2017