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
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 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Brokers
26 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Companies
30 Sep 2014 ID 10/14 Notification to The Monetary Authority of Singapore on Events of Significant ImpactInsurance Companies
13 Oct 2014 ID 17/14 Survey on Derivative TransactionsInsurance Companies
13 Oct 2014 ID 18/14 Consultation on Review of Insurance ReturnsInsurance Companies
03 Dec 2014 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
20 Jan 2015 Insurance (Appointment of Officers to Exercise Power to Grant Exemption) Notification 2014Notifications
29 Jan 2015 ID 02/15 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
25 Feb 2015 ID 03/15 Amendment of MAS Notice 318Insurance Companies
25 Feb 2015 MAS 318 (Amendment) 2015Insurance Companies
30 Mar 2015 ID 05/15 Issuance of MAS Notice 321 and Amendment of MAS Notice 302Insurance Companies
30 Mar 2015 MAS 321 Direct Purchase Insurance Products [Cancelled with effect from 13 May 2016]Insurance Companies
30 Mar 2015 MAS 302 Product Development and Pricing [Last Revised on 30 Mar 2015]Insurance Companies
01 Apr 2015 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last revised on 1 Apr 2015]Insurance Companies

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Last Modified on 22/06/2017