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
30 May 2017 Notice 118 Unsecured Credit Facilities to IndividualsInsurance Companies
19 Apr 2017 ID 04/17 FAQs on Spreading and Capping of Commission RulesInsurance Companies
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
03 Jan 2017 ID 01/17 Insurance (Accounts and Statements) Regulations 2004Insurance Companies
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution Activities [Guideline No. FSG-G02]Insurance Brokers
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution ActivitiesInsurance Companies
16 Dec 2016 ID 10/16 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) RegulationsInsurance Companies
16 Dec 2016 Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2016Subsidiary Legislation
10 Nov 2016 ID 08/16 Consultation on Review of MAS 105 on Insurers' Appointment of Custodians and Fund ManagersInsurance Companies
29 Sep 2016 MAS Notice 115A (Amendment) 2016Notices
15 Aug 2016 ID 05/16 Third Consultation on RBC 2 Review – Supplementary Technical Specifications for QIS 2Insurance Companies
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Companies
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Brokers
15 Jul 2016 ID 04/16 Third Consultation on RBC 2 ReviewInsurance Companies
28 Jun 2016 ID 03/16 Consultation on Review of Insurance Returns - Response to FeedbackInsurance Companies

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Last Modified on 23/08/2018