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
15 Dec 2017 ID 13/17 Review of Insurance Returns - Implementation TimelineInsurance Companies
12 Dec 2017 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
12 Dec 2017 MAS 115 Residential Property LoansInsurance 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 Insurance (Remuneration) (Amendment) Regulations 2017Subsidiary Legislation
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
31 Mar 2017 ID 01/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
10 Mar 2017 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Insurance Companies
10 Mar 2017 MAS 128 Computation of Total Debt Servicing Ratio for Property LoansInsurance Companies
03 Jan 2017 ID 01/17 Insurance (Accounts and Statements) Regulations 2004Insurance Companies
03 Jan 2017 Insurance (Accounts and Statements) (Amendment) Regulations 2016Subsidiary Legislation
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
16 Dec 2016 Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2016Subsidiary Legislation
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 MAS 322 Information to be Submitted Relating to the Web AggregatorInsurance 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
03 Sep 2015 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Insurance Brokers
20 Jul 2015 MAS 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking StaffInsurance 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
01 Apr 2015 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last revised on 1 Apr 2015]Insurance Companies
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
03 Dec 2014 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
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
26 May 2014 SRD TR 01/2014 System Vulnerability Assessments and Penetration TestingInsurance Companies
26 Mar 2014 ID 04/14 Second Consultation on RBC 2 ReviewInsurance Companies
20 Jan 2014 MAS 312 (Cancellation) 2014Insurance Companies
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
21 Jun 2013 MAS 506 Notice on Technology Risk ManagementInsurance Brokers
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

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Last Modified on 22/06/2017