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
02 May 2006 ID 15/06 Issue of Practice Note ID 1/06Insurance Companies
02 May 2006 ID 01/06 Administration Procedures for UCITS III Scheme ConversionPractice Notes
10 Jul 2006 ID 18/06 Risk Management Guidelines for Insurance BusinessInsurance Companies
10 Jul 2006 ID 17/06 Internal Audit/Compliance Function and Head Office OversightInsurance Companies
20 Jul 2006 ID 19/06 Amendment of MAS Notice 119Insurance Companies
20 Jul 2006 MAS 119 Electronic Submission of Annual ReturnsInsurance Companies
01 Jan 2007 Insurance (Exemption from Annual Fees) (No. 2) Notification 2006Subsidiary Legislation
10 Jan 2007 ID 02/07 Amendment of MAS Notice 319Insurance Companies
08 May 2007 ID 05/07 Amendment of MAS Notice 312Insurance Companies
08 May 2007 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 29 Jan 2010]Insurance Companies
07 Jun 2007 ID 06/07 Consultation Paper on the Proposed Risk Management Guidelines for Insurance BusinessInsurance Companies
22 Jun 2007 ID 08/07 Amendment of MAS Notice 211Insurance Companies
29 Jun 2007 MAS 320 Management of Participating Life Insurance Business [Amended with effect from 20 Feb 2009]Insurance Companies
02 Jul 2007 MAS 314 Notice to Life Insurers on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled with effect from 02 Dec 2009]Insurance Companies
20 Aug 2007 ID 10/07 Amendment of MAS Notices 302 and 307Insurance Companies
20 Aug 2007 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 27 Dec 2010]Insurance Companies
20 Aug 2007 MAS 307 (Amendment) 2007Insurance Companies
20 Aug 2007 MAS 302 (Amendment) 2007Insurance Companies
15 Oct 2007 ID 11/07 Amendment of the Insurance (Valuation & Capital) Regulations 2004Insurance Companies
28 Nov 2007 ID 12/07 Risk Management Guidelines for Insurance BusinessInsurance Companies
28 Dec 2007 ID 13/07 Amendment of Insurance (Valuation and Capital) Regulations 2004 and Insurance (Accounts and Statements) Regulations 2004Insurance Companies
31 Dec 2007 Insurance (Exemption from Annual Fees) Notification 2007Subsidiary Legislation
03 Jan 2008 ID 1/04 Valuation of Policy Liabilities of General BusinessInsurance Companies
03 Jan 2008 ID 1/03 Market Conduct Standards and Service Standards for Direct General InsurersInsurance Companies
03 Jan 2008 MAS 211 (Amendment) 2008Insurance Companies
03 Jan 2008 MAS 119 (Amendment) 2008Insurance Companies
10 Jan 2008 ID 01/08 Approval of Insurers' External AuditorsInsurance Companies
18 Feb 2008 ID 02/08 Classification of Tax Liabilities Arising from Non-Guaranteed Benefits of Participating PoliciesInsurance Companies
19 Feb 2008 ID 03/08 MAS Circular (Cancellation)Insurance Companies
07 Apr 2008 ID 04/08 MAS Notice 312: Stress Testing of Life Direct InsurersInsurance Companies
30 Apr 2008 ID 05/08 MAS Notice 106 (Amendment)Insurance Companies
30 Apr 2008 MAS 106 Appointment of Principal Officers and Directors [Cancelled with effect from 2 April 2013]Insurance Companies
30 Apr 2008 MAS 106 (Amendment) 2008 [Cancelled with effect from 2 April 2013]Insurance Companies
27 Jun 2008 ID 06/08 Cancellation of MAS Notice 303 on Mortality Studies of Assured LivesInsurance Companies
27 Jun 2008 MAS 303 Mortality Studies of Assured LivesInsurance Companies
01 Dec 2008 ID 09/08 Consultation Paper on Proposed Revisions to the RBC Risk Requirements on Outstanding Premiums from Brokers, Agents and Other Counter-PartiesInsurance Companies
02 Dec 2008 Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008Subsidiary Legislation
03 Dec 2008 ID 10/08 Issuance of Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008 and Insurance (General Provisions) (Amendment) Regulations 2008Insurance Companies
12 Dec 2008 ID 11/08 Amendment of MAS Notice 211Insurance Companies
31 Dec 2008 Insurance (Exemption from Annual Fees) Notification 2008Subsidiary Legislation
20 Feb 2009 ID 03/09 Amendment of MAS Notice 320Insurance Companies
20 Feb 2009 MAS 320 Management of Participating Life Insurance BusinessInsurance Companies
20 Feb 2009 MAS 320 (Amendment) 2009Insurance Companies
17 Mar 2009 ID 04/09 Guidelines on Implementation of Insurance Fund ConceptInsurance Companies
17 Mar 2009 ID 1/09 Guidelines on Implementation of Insurance Fund ConceptInsurance Companies
31 Mar 2009 ID 06/09 Amendment of First Schedule to the Insurance Act (Cap. 142)Insurance Companies
22 May 2009 ID 09/09 MAS Notice 312: Stress Testing of Direct Life Insurers - Short Term Flu Pandemic Stress Test ScenarioInsurance Companies
03 Jul 2009 MAS 314 (Amendment) 2009Insurance Companies
04 Aug 2009 ID 12/09 Insurance (Nomination of Beneficiaries) Regulations 2009Insurance Companies
04 Sep 2009 ID14/09 Amendment of MAS Notice 211Insurance Companies
04 Sep 2009 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 30 Jan 2012]Insurance Companies
04 Sep 2009 MAS 211 (Amendment) 2009Insurance Companies
18 Sep 2009 ID 15/09 Insurance (Nomination of Beneficiaries) Regulations 2009Insurance Companies
02 Dec 2009 Guidelines on MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism (December 2009) [Cancelled with effect from 01 Jul 2014]Insurance Companies
02 Dec 2009 MAS 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Life Insurers (December 2009) [Cancelled with effect from 01 Jul 2014]Insurance Companies
31 Dec 2009 Insurance (Exemption from Annual Fees) Notification 2009Subsidiary Legislation
06 Jan 2010 ID 01/10 Consultation Paper - Review of the Age of Capacity to Enter into an Insurance ContractInsurance Companies
29 Jan 2010 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 7 Feb 2011]Insurance Companies
29 Jan 2010 MAS 312 (Amendment) 2010Insurance Companies
03 Feb 2010 ID 05/10 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
05 Feb 2010 Insurance (Accounts and Statements) Regulations 2004Subsidiary Legislation
01 Mar 2010 Insurance (Nomination of Beneficiaries) Regulations 2009Subsidiary Legislation
30 Jun 2010 ID 14/10 Amendment of MAS Notices 105 & 306 and Circular No. ID 05/10Insurance Companies
30 Jun 2010 MAS 306 (Amendment) 2010Insurance Companies
30 Jun 2010 MAS 105 (Amendment) 2010Insurance Companies
20 Jul 2010 ID 15/10 Consultation Paper on Proposed Revisions to the Regulatory Framework for Trade Credit Insurance Political Risk Insurance and Mortgage InsuranceInsurance Companies
11 Aug 2010 ID 17/10 Amendment of MAS Notice 117Insurance Companies
11 Aug 2010 MAS 117 (Amendment) 2010Insurance Companies
08 Sep 2010 ID 18/10 Public Consultation on the Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
14 Sep 2010 ID 19/10 Public Consultation on the Review of Section 21 of the Insurance Act (Cap. 142)Insurance Companies
26 Nov 2010 ID 24/10 Amendment of MAS Notices 306 & 318Insurance Companies
26 Nov 2010 ID 23/10 Amendment of MAS Notice 117Insurance Companies
26 Nov 2010 MAS 318 (Amendment) 2010Insurance Companies
26 Nov 2010 MAS 306 (Amendment) 2010Insurance Companies
26 Nov 2010 MAS 117 (Amendment) 2010Insurance Companies
09 Dec 2010 Guidelines on Corporate Governance for Banks, Financial Holding Companies and Direct Insurers which are Incorporated in Singapore [Cancelled with effect from 3 Apr 2013]Insurance Companies
27 Dec 2010 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 30 Sep 2011]Insurance Companies
27 Dec 2010 MAS 307 (Amendment) 2010Insurance Companies
30 Dec 2010 ID 29/10 Consultation on Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
30 Dec 2010 ID 28/10 Consultation on Deposit Insurance and Policy Owners' Protection SchemeInsurance Companies
07 Feb 2011 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 16 Jan 2012]Insurance Companies
07 Feb 2011 MAS 312 (Amendment) 2011Insurance 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
18 Mar 2011 ID 03/11 Submission of Annual ReturnsInsurance Companies
01 Apr 2011 ID 04/11 Feedback to Response Received - Public Consultation for Reinsurance Management and Revised Notice MAS 114 on Reinsurance ManagementInsurance Companies
01 Apr 2011 MAS 316 (Cancellation) 2011Insurance Companies
01 Apr 2011 MAS 208 (Cancellation) 2011Insurance Companies
01 Apr 2011 MAS 114 Reinsurance Management [Cancelled with effect from 22 Apr 2013]Insurance Companies
12 May 2011 ID 05/11 Third Public Consultation on Policy Owners' Protection FundInsurance Companies
26 May 2011 MAS 103 Statutory Deposits and Bank CovenantsInsurance Companies
11 Jul 2011 ID 08/11 Public Consultation Paper on the Proposed Revisions to the Risk Based Capital Framework - Financial Resources Adjustment, Reinsurance Adjustment, C2 Risk RequirementsInsurance Companies
21 Jul 2011 ID 09/11 Response to Feedback Received - Third Public Consultation for Policy Owners' Protection FundInsurance Companies
26 Jul 2011 ID 10/11 Harmonisation of Securities Borrowing and Lending RulesInsurance Companies
02 Aug 2011 ID 11/11 Allocation of Foreign Tax Credit to the Various Funds Held by an InsurerInsurance Companies
31 Aug 2011 MAS 113 Notice on Securities Borrowing and Lending ActivitiesInsurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Brokers
23 Sep 2011 ID 12/11 MAS NOTICE 307: Investment-Linked Life Insurance PoliciesInsurance Companies
23 Sep 2011 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 11 Dec 2012]Insurance Companies
04 Oct 2011 ID 13/11 Response to Feedback Received - Consultation Paper on Proposed Revisions to the Regulatory Framework for Trade Credit Insurance Political Risk Insurance and Mortgage InsuranceInsurance Companies

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Last Modified on 22/06/2017