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
31 Jan 2005 Insurance (Exemption from Annual Fees) Notification 2005Subsidiary Legislation
01 Mar 2005 ID 02/05 Central Provident Fund Board's Measures to Address Cashback Transactions for Resale HDB FlatsInsurance Companies
15 Mar 2005 ID 03/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
15 Apr 2005 ID 04/05 Submission Of Returns Under the Risk-Based Capital (RBC) Framework in respect of the 2004 Accounting PeriodInsurance Companies
26 Apr 2005 ID 06/05 MAS Circular (Cancellation) 2005Insurance Companies
20 Jun 2005 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 8 May 2007]Insurance Companies
01 Jul 2005 IA/II-G01 Standards of ConductInsurance Brokers
01 Jul 2005 IA/II-G02 Market Conduct and Service Standards for Insurance BrokersInsurance Brokers
01 Aug 2005 ID 09/05 Amendment of MAS Notice 113 on Securities Lending ActivitiesInsurance Companies
01 Aug 2005 MAS 113 Securities Lending Activities [Cancelled with effect from 31 Aug 2011]Insurance Companies
08 Sep 2005 ID 10/05 Issuance of Insurance (Corporate Governance) Regulations 2005 and Guidelines on Corporate GovernanceInsurance Companies
08 Sep 2005 ID 1/05 Corporate Governace [Cancelled with effect from 9 Dec 2010]Insurance Companies
09 Sep 2005 ID 11/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
09 Dec 2005 Insurance (Appeals) Regulations 2005Subsidiary Legislation
15 Dec 2005 ID 14/05 Amendment of MAS Notices 302 and 307Insurance Companies

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Last Modified on 22/06/2017