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
24 Aug 2004 MAS 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 17 May 2012]Insurance Companies
28 Aug 2004 MAS 316 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
28 Aug 2004 MAS 301 Quarterly and Other ReturnsInsurance Companies
28 Aug 2004 MAS 210 Actuarial Investigation of General Insurance Policy LiabilitiesInsurance Companies
28 Aug 2004 MAS 208 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
28 Aug 2004 MAS 201 Quarterly and Other ReturnsInsurance Companies
28 Aug 2004 MAS 104 Use of Derivatives for Investment of Insurance Fund Assets [Cancelled with effect from 5 Jan 2006]Insurance Companies
28 Aug 2004 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
01 Sep 2004 MAS 309 Mortality Tables for Minimum Reserves CalculationInsurance Companies
01 Sep 2004 MAS 102 Margins of SolvencyInsurance Companies
02 Sep 2004 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 20 Aug 2007]Insurance Companies
09 Dec 2004 ID 2/04 Applications for Exemptions - Insurance Act (Cap. 142)Insurance Companies
30 Dec 2004 ID 4/04 Cash Rebates Offered for Housing LoansInsurance Companies
31 Dec 2004 Insurance (Approved Marine Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) RegulationsSubsidiary Legislation
01 Jan 2005 Insurance (Exemption from Annual Fees) (No.2) Notification 2004Subsidiary Legislation

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Last Modified on 22/06/2017