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
16 Jan 2006 Amendment of MAS Notice 103 and MAS Notice IA/PP-N02.1aInsurance Companies
07 Jun 2012 Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)Forms
07 Jun 2012 Application for Permission under Section 35ZF of the Insurance Act (CAP 142) to Negotiate and Place Insurance Risk with Unregistered InsurersForms
28 Oct 2015 CMI 06/2015 Circular to Insurance Brokers on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business ConductInsurance Brokers
07 Jun 2012 Form J - Certificate on the Accounts of the Insurance Broking Business of (Name of Insurance Broker)Forms
30 Dec 2013 Form K - Report of the Auditors Appointed under Section 36 of the Insurance ActForms
06 Jan 2001 FSG 01/2001: Insurance Regulatory Framework on Securities Lending ActivitiesInsurance Companies
30 Jan 2002 FSG 18/2002: Amendment of MAS Notice 303 - Mortality Studies on Assured LivesInsurance Companies
26 Apr 2001 FSG 22/2001: Training & Competence for Specialised ProductsInsurance Companies
11 May 2001 FSG 26/2001: Training and Competency for Life Insurance Advisers: Phase 1 of Modular Training ProgrammesInsurance Companies
18 May 2001 FSG 28/2001: Training and Competency Requirements for Insurance Intermediaries: Phase Two of New Modular Training ProgrammeInsurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
11 Oct 2001 FSG 49/2001: Asset Management of Life Insurance FundsInsurance Companies
03 Dec 2014 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Brokers
09 Dec 2010 Guidelines on Corporate Governance for Banks, Financial Holding Companies and Direct Insurers which are Incorporated in Singapore [Cancelled with effect from 3 Apr 2013]Insurance Companies
03 Apr 2013 Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are Incorporated in SingaporeInsurance Companies
03 Sep 2015 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Insurance Brokers
02 Dec 2009 Guidelines on MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism (December 2009) [Cancelled with effect from 01 Jul 2014]Insurance Companies
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution ActivitiesInsurance Companies
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution Activities [Guideline No. FSG-G02]Insurance Brokers
10 Mar 2017 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Insurance Companies
03 Dec 2015 Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers Insurance Companies
24 Apr 2015 Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled with effect from 30 Nov 2015]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
17 May 2013 IA/II-G04 Criteria for the Registration of an Insurance BrokerInsurance Brokers
30 Jul 2004 IA/PP-N01.1 Reinsurance Deposits [Cancelled with effect from 26 Oct 2005]Insurance Companies
22 Apr 2013 IA/PP-N02.1 (Amendment) 2013 Insurance Companies
25 Apr 2013 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related CorporationsInsurance Companies
30 Jul 2004 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations [Cancelled with effect from 22 Apr 2013]Insurance Companies
24 Apr 2013 IA/PP-N02.1a (Amendment) 2013Insurance Companies
25 Apr 2013 IA/PP-N02.1a Bank Covenants in Lieu of DepositsInsurance Companies
16 Jan 2006 IA/PP-N02.1a Bank Covenants in Lieu of Deposits [Cancelled with effect from 22 Apr 2013]Insurance Companies
30 Jul 2004 IA/PP-N03.1 Insurance DepositsInsurance Companies
02 May 2006 ID 01/06 Administration Procedures for UCITS III Scheme ConversionPractice Notes
03 Jan 2006 ID 01/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
10 Jan 2008 ID 01/08 Approval of Insurers' External AuditorsInsurance Companies
06 Jan 2010 ID 01/10 Consultation Paper - Review of the Age of Capacity to Enter into an Insurance ContractInsurance Companies
04 Jan 2013 ID 01/13 Consultation Paper on Draft Insurance (Corporate Governance) Regulations and Guidelines on Corporate GovernanceInsurance Companies
01 Apr 2013 ID 01/13 Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products Containing Investment Guarantees with Non-Linear PayoutsInsurance Companies
13 May 2016 ID 01/16 Cancellation and Re-Issuance of MAS Notice 321Insurance Companies
31 Mar 2017 ID 01/17 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
01 Mar 2005 ID 02/05 Central Provident Fund Board's Measures to Address Cashback Transactions for Resale HDB FlatsInsurance Companies
05 Jan 2006 ID 02/06 Amendment of MAS Notice 104 - Use of Derivatives for Investment of Insurance Fund AssetsInsurance Companies
10 Jan 2007 ID 02/07 Amendment of MAS Notice 319Insurance Companies
18 Feb 2008 ID 02/08 Classification of Tax Liabilities Arising from Non-Guaranteed Benefits of Participating PoliciesInsurance Companies
11 Feb 2011 ID 02/11 Response to Feedback Received - Public Consultation on the Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
27 Jan 2012 ID 02/12 Revision of MAS Notice 211Insurance Companies
29 Jan 2015 ID 02/15 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
15 Mar 2005 ID 03/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
25 Jan 2006 ID 03/06 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
19 Feb 2008 ID 03/08 MAS Circular (Cancellation)Insurance Companies
20 Feb 2009 ID 03/09 Amendment of MAS Notice 320Insurance Companies
18 Mar 2011 ID 03/11 Submission of Annual ReturnsInsurance Companies
22 Feb 2012 ID 03/12 Consultation on Corporate Governance for InsurersInsurance Companies
20 Jan 2014 ID 03/14 Stress Testing on Financial Condition of Direct Insurers (Circular)Insurance Companies
25 Feb 2015 ID 03/15 Amendment of MAS Notice 318Insurance Companies
28 Jun 2016 ID 03/16 Consultation on Review of Insurance Returns - Response to FeedbackInsurance 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
10 Feb 2006 ID 04/06 Documents Lodged in respect of General Actuarial Investigation under Setion 37 of the Insurance Act (Cap. 142)Insurance Companies
07 Apr 2008 ID 04/08 MAS Notice 312: Stress Testing of Life Direct InsurersInsurance Companies
17 Mar 2009 ID 04/09 Guidelines on Implementation of Insurance Fund ConceptInsurance Companies
01 Apr 2011 ID 04/11 Feedback to Response Received - Public Consultation for Reinsurance Management and Revised Notice MAS 114 on Reinsurance ManagementInsurance Companies
26 Mar 2014 ID 04/14 Second Consultation on RBC 2 ReviewInsurance Companies
15 Jul 2016 ID 04/16 Third Consultation on RBC 2 ReviewInsurance Companies
19 Apr 2017 ID 04/17 FAQs on Spreading and Capping of Commission RulesInsurance Companies
01 Mar 2006 ID 05/06 Electronic Submission of Annual Unaudited Insurance Returns via MASNET WebsiteInsurance Companies
08 May 2007 ID 05/07 Amendment of MAS Notice 312Insurance Companies
30 Apr 2008 ID 05/08 MAS Notice 106 (Amendment)Insurance Companies
03 Feb 2010 ID 05/10 Amendment of Insurance (Accounts and Statements) Regulations 2004Insurance Companies
12 May 2011 ID 05/11 Third Public Consultation on Policy Owners' Protection FundInsurance Companies
27 Mar 2012 ID 05/12 Insurance (Valuation and Capital) Regulations 2004 Insurance Companies
23 Jan 2013 ID 05/13 Public Consultation on (a) The Review of Requirements on Investment Activities of Insurers and (b) Enterprise Risk Management for InsurersInsurance Companies
30 Mar 2015 ID 05/15 Issuance of MAS Notice 321 and Amendment of MAS Notice 302Insurance Companies
15 Aug 2016 ID 05/16 Third Consultation on RBC 2 Review – Supplementary Technical Specifications for QIS 2Insurance Companies
26 Apr 2005 ID 06/05 MAS Circular (Cancellation) 2005Insurance Companies
01 Mar 2006 ID 06/06 Electronic Submission of Annual Audited Insurance Returns via MASNET WebsiteInsurance Companies
07 Jun 2007 ID 06/07 Consultation Paper on the Proposed Risk Management Guidelines for Insurance BusinessInsurance Companies
27 Jun 2008 ID 06/08 Cancellation of MAS Notice 303 on Mortality Studies of Assured LivesInsurance Companies
31 Mar 2009 ID 06/09 Amendment of First Schedule to the Insurance Act (Cap. 142)Insurance Companies
05 Apr 2012 ID 06/12 Deposit Insurance and Policy Owners' Protection Schemes (Policy Owners' Protection Scheme) (Amendment) Regulations 2012Insurance Companies
06 Apr 2015 ID 06/15 Issuance of MAS Notice 322Insurance Companies
07 Mar 2006 ID 07/06 Documents Lodged in respect of Life Actuarial Investigation under Section 37 of the Insurance Act (Cap. 142)Insurance Companies
21 Mar 2006 ID 08/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
22 Jun 2007 ID 08/07 Amendment of MAS Notice 211Insurance Companies
11 Jul 2011 ID 08/11 Public Consultation Paper on the Proposed Revisions to the Risk Based Capital Framework - Financial Resources Adjustment, Reinsurance Adjustment, C2 Risk RequirementsInsurance Companies
12 Apr 2012 ID 08/12 Revision of MAS Notice 211Insurance Companies
01 Feb 2013 ID 08/13 Consultation on Proposed Public Disclosure Requirements for InsurersInsurance Companies
10 Nov 2016 ID 08/16 Consultation on Review of MAS 105 on Insurers' Appointment of Custodians and Fund ManagersInsurance Companies
01 Aug 2005 ID 09/05 Amendment of MAS Notice 113 on Securities Lending ActivitiesInsurance Companies
21 Mar 2006 ID 09/06 Electronic Submission of Quarterly Returns via MASNET WebsiteInsurance Companies
01 Dec 2008 ID 09/08 Consultation Paper on Proposed Revisions to the RBC Risk Requirements on Outstanding Premiums from Brokers, Agents and Other Counter-PartiesInsurance Companies
22 May 2009 ID 09/09 MAS Notice 312: Stress Testing of Direct Life Insurers - Short Term Flu Pandemic Stress Test ScenarioInsurance Companies
21 Jul 2011 ID 09/11 Response to Feedback Received - Third Public Consultation for Policy Owners' Protection FundInsurance Companies
12 May 2015 ID 09/15 Consultation on Review of Accident and Health Regulatory FrameworkInsurance Companies

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Last Modified on 22/06/2017