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
17 Jun 2013 ID 25/13 Response to Consultation Paper on the Insurance (Amendment) BillInsurance Companies
21 May 2013 ID 21/13 Response to Consultation Paper on Legislative Changes Relating to Key Executive Persons and Directors for InsurersInsurance Companies
17 May 2013 IA/II-G04 Criteria for the Registration of an Insurance BrokerInsurance Brokers
17 May 2013 MAS 504 Reporting of Misconduct of Broking Staff by Insurance BrokersInsurance Brokers
17 May 2013 MAS 504 (Amendment) 2013 Insurance Brokers
17 May 2013 MAS 502 (Amendment) 2013 Insurance Brokers
17 May 2013 MAS 501 Quarterly Statement on Ageing of Premiums Owing to InsurersInsurance Brokers
17 May 2013 MAS 501 (Amendment) 2013 Insurance Brokers
25 Apr 2013 MAS 319 Valuation of Policy Liabilities of Life BusinessInsurance Companies
25 Apr 2013 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 29 Jan 2014]Insurance Companies
25 Apr 2013 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 20 Jul 2015]Insurance Companies
25 Apr 2013 MAS 126 Enterprise Risk Management for Insurers [Cancelled with effect from 7 Dec 2015]Insurance Companies
25 Apr 2013 MAS 125 Notice on Investments of InsurersInsurance Companies
25 Apr 2013 MAS 124 Public Disclosure RequirementsInsurance Companies
25 Apr 2013 MAS 114 Reinsurance ManagementInsurance Companies

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Last Modified on 22/06/2017