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
20 Jan 2014 ID 03/14 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
31 Dec 2013 MAS 317 (Cancellation) 2013Insurance Companies
31 Dec 2013 MAS 104 (Cancellation) 2013Insurance Companies
31 Dec 2013 Insurance (Intermediaries) RegulationsSubsidiary Legislation
31 Dec 2013 ID 39/13 Cancellation of MAS Notice 104 and MAS Notice 317Insurance Companies
30 Dec 2013 ID 38/13 Insurance (Accounts and Statements) Regulations 2004; Insurance (Lloyd's Asia Scheme) Regulations; Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008Insurance Companies
30 Dec 2013 Form K - Report of the Auditors Appointed under Section 36 of the Insurance ActForms
23 Dec 2013 ID 37/13 Amendment of First Schedule to the Insurance Act (Chapter 142)Insurance Companies
29 Nov 2013 Notice 116 Bridging Loans for the Purchase of Immovable PropertiesInsurance Companies
18 Nov 2013 ID35/13 MAS Notice 122: Asset and Liability Exposures for Insurers - Implementation of MASNET SubmissionInsurance Companies
30 Sep 2013 MAS 302 (Amendment) 2013Insurance Companies
30 Sep 2013 ID 34/13 Amendment to MAS 302Insurance Companies
25 Jul 2013 ID 30/13 Response to Consultation on Settlement Options in Life PoliciesInsurance Companies
26 Jun 2013 ID 26/13 Approval of External AuditorsInsurance Companies
21 Jun 2013 MAS 127 Notice on Technology Risk ManagementInsurance Companies

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Last Modified on 22/06/2017