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
27 Dec 2018 ID 15/18 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) RegulationsInsurance Companies
27 Dec 2018 Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2018Subsidiary Legislation
27 Dec 2018 Insurance (Approved Marine, Aviation And Transit Brokers and Approved Reinsurance Brokers)(Amendment) Regulations 2018Subsidiary Legislation
27 Dec 2018 MAS 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking StaffInsurance Brokers
19 Dec 2018 MAS Notice 121 (Cancellation) 2018Insurance Companies
19 Dec 2018 MAS 121 Captive Insurance - Writing of In-House and Non In-House RisksInsurance Companies
19 Dec 2018 ID 14/18 Review of Insurance Returns and Amendments to Insurance (Valuation and Capital) Regulations 2004Insurance Companies
19 Dec 2018 Forms and Annexes and Notes to the Forms Used for the Purposes of the Insurance (Lloyd's Asia Scheme) Regulations 2018Forms
19 Dec 2018 Insurance (Corporate Governance) (Amendment) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (General Provisions) (Amendment) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (Valuation and Capital) (Amendment) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (Lloyds Asia Scheme) (Amendment) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (Financial Guarantee Insurance) (Amendment) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018Subsidiary Legislation
19 Dec 2018 Insurance (Accounts and Statements) Regulations 2018Subsidiary Legislation
18 Dec 2018 Insurance (Intermediaries) (Amendment) Regulations 2018Subsidiary Legislation
06 Nov 2018 ID 12/18 Submission of Annual ReturnsInsurance Companies
08 Oct 2018 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
08 Oct 2018 MAS 307 Investment - Linked Policies [Last Revised on 8 Oct 2018]Insurance Companies
08 Oct 2018 Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)Forms
08 Oct 2018 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Insurance Brokers
28 Sep 2018 MAS 213 Notice on Insurance Returns (Accounts and Statements) for Financial Guarantee InsurersInsurance Companies
28 Sep 2018 MAS 212 Notice on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers [Last revised on 19 December 2018]Insurance Companies
28 Sep 2018 MAS 131 Notice on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance VehiclesInsurance Companies
28 Sep 2018 MAS 130 Notice on Insurance Returns (Accounts and Statements) for Captive Insurers [Last revised on 19 December 2018]Insurance Companies
28 Sep 2018 MAS 129 Notice on Insurance Returns (Accounts and Statements) [Last revised on 19 December 2018]Insurance Companies
28 Sep 2018 ID11/18 Review of Insurance ReturnsInsurance Companies
28 Aug 2018 ID 09/18 Consultation on Review of MAS 105 on Insurers’ Appointment of Custodians and Fund Managers - Response to FeedbackInsurance Companies
16 Aug 2018 ID 08/18 Approval of External AuditorsInsurance Companies
05 Jul 2018 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Insurance Companies
05 Jul 2018 MAS 128 Computation of Total Debt Servicing Ratio for Property LoansInsurance Companies
05 Jul 2018 MAS 115 Residential Property LoansInsurance Companies
29 Jun 2018 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 322 Information to be Submitted Relating to the Web Aggregator [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 320 Management of Participating Life Insurance Business [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 MAS 302 PRODUCT DEVELOPMENT AND PRICING [Last Revised on 29 Jun 2018]Insurance Companies
29 Jun 2018 ID 01/17 Guidelines on the Online Distribution of Life Policies with No Advice [Last revised on 29 June 2018]Insurance Companies
29 Jun 2018 ID 05/18 Amendments to (i) MAS Notices 302, 318, 320 and 322, and (ii) Guidelines on the Online Distribution of Life Policies with no Advice (Guideline ID 01/17)Insurance Companies
15 Dec 2017 ID 13/17 Review of Insurance Returns - Implementation TimelineInsurance Companies
12 Dec 2017 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
19 Jul 2017 ID 09/17 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
30 May 2017 Notice 118 Unsecured Credit Facilities to IndividualsInsurance Companies
19 Apr 2017 ID 04/17 FAQs on Spreading and Capping of Commission RulesInsurance Companies
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
03 Jan 2017 ID 01/17 Insurance (Accounts and Statements) Regulations 2004Insurance Companies
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution Activities [Guideline No. FSG-G02]Insurance Brokers
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution ActivitiesInsurance Companies
16 Dec 2016 ID 10/16 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) RegulationsInsurance Companies
10 Nov 2016 ID 08/16 Consultation on Review of MAS 105 on Insurers' Appointment of Custodians and Fund ManagersInsurance Companies
29 Sep 2016 MAS Notice 115A (Amendment) 2016Notices
15 Aug 2016 ID 05/16 Third Consultation on RBC 2 Review – Supplementary Technical Specifications for QIS 2Insurance Companies
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Companies
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Brokers
15 Jul 2016 ID 04/16 Third Consultation on RBC 2 ReviewInsurance Companies
28 Jun 2016 ID 03/16 Consultation on Review of Insurance Returns - Response to FeedbackInsurance Companies
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
30 Oct 2015 MAS 120 (Amendment) 2015Insurance Companies
30 Oct 2015 ID 20/15 Response to Consultation on Review of Accident and Health Regulatory FrameworkInsurance Companies
28 Oct 2015 CMI 06/2015 Circular to Insurance Brokers on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business ConductInsurance Brokers
20 Jul 2015 MAS 502 (Amendment) 2015Insurance Brokers
06 Jul 2015 ID 13/15 Revision of MAS Notice 211Insurance Companies
06 Jul 2015 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General InsurersInsurance Companies
26 Jun 2015 ID12/15 Consultation on Proposed Enhancements to Disclosure Requirements for Sale of Investment-Linked PoliciesInsurance Companies
12 May 2015 ID 09/15 Consultation on Review of Accident and Health Regulatory FrameworkInsurance Companies
24 Apr 2015 MAS Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Direct Life Insurers [Cancelled with effect from 30 Nov 2015]Insurance Companies
24 Apr 2015 Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled with effect from 30 Nov 2015]Insurance Companies
06 Apr 2015 ID 06/15 Issuance of MAS Notice 322Insurance Companies
06 Apr 2015 MAS 322 Information to be Submitted Relating to the Web-Aggregator [Cancelled with effect from 1 Jan 2016]Insurance Companies
01 Apr 2015 Insurance (Appointment of Officers to Exercise Powers to Grant Exemption) Notification 2015Notifications
30 Mar 2015 MAS 302 Product Development and Pricing [Last Revised on 30 Mar 2015]Insurance Companies
30 Mar 2015 MAS 321 Direct Purchase Insurance Products [Cancelled with effect from 13 May 2016]Insurance Companies
30 Mar 2015 ID 05/15 Issuance of MAS Notice 321 and Amendment of MAS Notice 302Insurance Companies
25 Feb 2015 MAS 318 (Amendment) 2015Insurance Companies
25 Feb 2015 ID 03/15 Amendment of MAS Notice 318Insurance Companies
29 Jan 2015 ID 02/15 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
20 Jan 2015 Insurance (Appointment of Officers to Exercise Power to Grant Exemption) Notification 2014Notifications
13 Oct 2014 ID 18/14 Consultation on Review of Insurance ReturnsInsurance Companies
13 Oct 2014 ID 17/14 Survey on Derivative TransactionsInsurance Companies
30 Sep 2014 ID 10/14 Notification to The Monetary Authority of Singapore on Events of Significant ImpactInsurance Companies
26 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Companies
26 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Brokers
01 Jul 2014 MAS 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Life Insurers (July 2014) [Cancelled with effect from 24 May 2015]Insurance Companies
26 May 2014 SRD TR 01/2014 System Vulnerability Assessments and Penetration TestingInsurance Brokers

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Last Modified on 23/08/2018