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 Oct 1991 MAS 302 New Policies and Proposal Forms, and Rates of Premium [Cancelled with effect from 15 Dec 2005]Insurance Companies
15 Dec 1992 MAS 309 Mortality Tables for Minimum Reserves Calculation [Cancelled with effect from 1 Sep 2004]Insurance Companies
15 Dec 1992 MAS 303 Mortality Studies of Assured Lives [Cancelled with effect from 27 Jun 2008]Insurance Companies
15 Dec 1992 MAS 100 Registration of Insurers [Cancelled with effect from 1 April 2013]Insurance Companies
20 Jul 1994 MAS 313 Basis for Establishing Separate Funds for Participating and Non-Participating Policies [Cancelled with effect from 22 Apr 2013]Insurance Companies
31 Jan 1995 MAS 108 Staff Agency BusinessInsurance Companies
23 May 1998 MAS 102 Margins of Solvency [Cancelled with effect from 1 Sep 2004]Insurance Companies
18 Aug 1999 MAS 316 Financial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
18 Aug 1999 MAS 208 FInancial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
03 Jan 2000 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
06 Dec 2000 MAS 109: Internationalisation of the Singapore Dollar (S$)Insurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
06 Jan 2001 FSG 01/2001: Insurance Regulatory Framework on Securities Lending ActivitiesInsurance Companies
26 Apr 2001 FSG 22/2001: Training & Competence for Specialised ProductsInsurance Companies
11 May 2001 FSG 26/2001: Training and Competency for Life Insurance Advisers: Phase 1 of Modular Training ProgrammesInsurance Companies

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Last Modified on 22/06/2017