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
11 Dec 2002 ID 22/02 Wireless Local Area Network Security AdvisoryInsurance Companies
01 Oct 2002 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Cancelled with effect from 30 Oct 2012]Insurance Companies
01 Oct 2002 MAS 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act (Cap. 110) [Amended with effect from 30 Jun 2010]Insurance Companies
31 Jul 2002 ID 10/02 Revision of MAS Notice 103 - Statutory Deposits and Bank CovenantsInsurance Companies
16 Apr 2002 ID 2/02 Survey On Reinsurance Management StrategyInsurance Companies
28 Mar 2002 MAS 114 Reinsurance Management Strategy [Cancelled with effect from 1 Apr 2011]Insurance Companies
30 Jan 2002 FSG 18/2002: Amendment of MAS Notice 303 - Mortality Studies on Assured LivesInsurance Companies
11 Oct 2001 FSG 49/2001: Asset Management of Life Insurance FundsInsurance Companies
11 Oct 2001 MAS 317 Asset Management of Life Insurance Funds [Cancelled with effect from 1 Jan 2014]Insurance Companies
18 May 2001 FSG 28/2001: Training and Competency Requirements for Insurance Intermediaries: Phase Two of New Modular Training ProgrammeInsurance Companies
11 May 2001 FSG 26/2001: Training and Competency for Life Insurance Advisers: Phase 1 of Modular Training ProgrammesInsurance Companies
26 Apr 2001 FSG 22/2001: Training & Competence for Specialised ProductsInsurance Companies
06 Jan 2001 FSG 01/2001: Insurance Regulatory Framework on Securities Lending ActivitiesInsurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
06 Dec 2000 MAS 109: Internationalisation of the Singapore Dollar (S$)Insurance Companies

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Last Modified on 22/06/2017