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 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

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Last Modified on 22/06/2017