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
20 Jul 1994 MAS 313 Basis for Establishing Separate Funds for Participating and Non-Participating Policies [Cancelled with effect from 22 Apr 2013]Insurance Companies
03 Jul 2009 MAS 314 (Amendment) 2009Insurance Companies
23 Jan 2013 MAS 314 (Amendment) 2013Insurance Companies
03 Dec 2015 MAS 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life InsurersInsurance Companies
02 Jul 2007 MAS 314 Notice to Life Insurers on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled with effect from 02 Dec 2009]Insurance Companies
02 Dec 2009 MAS 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Life Insurers (December 2009) [Cancelled with effect from 01 Jul 2014]Insurance Companies
01 Jul 2014 MAS 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Life Insurers (July 2014) [Cancelled with effect from 24 May 2015]Insurance Companies
01 Apr 2011 MAS 316 (Cancellation) 2011Insurance Companies
18 Aug 1999 MAS 316 Financial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
28 Aug 2004 MAS 316 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
31 Dec 2013 MAS 317 (Cancellation) 2013Insurance Companies
11 Oct 2001 MAS 317 Asset Management of Life Insurance Funds [Cancelled with effect from 1 Jan 2014]Insurance Companies
26 Nov 2010 MAS 318 (Amendment) 2010Insurance Companies
30 Oct 2012 MAS 318 (Amendment) 2012Insurance Companies
25 Feb 2015 MAS 318 (Amendment) 2015Insurance Companies

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Last Modified on 22/06/2017