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
19 Jul 2017 ID 09/17 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
22 Jan 2003 ID 1/03 Lifting of Limits on Car LoansInsurance Companies
03 Jan 2008 ID 1/03 Market Conduct Standards and Service Standards for Direct General InsurersInsurance Companies
03 Jan 2008 ID 1/04 Valuation of Policy Liabilities of General BusinessInsurance Companies
08 Sep 2005 ID 1/05 Corporate Governace [Cancelled with effect from 9 Dec 2010]Insurance Companies
17 Mar 2009 ID 1/09 Guidelines on Implementation of Insurance Fund ConceptInsurance Companies
31 Jul 2002 ID 10/02 Revision of MAS Notice 103 - Statutory Deposits and Bank CovenantsInsurance Companies
08 Sep 2005 ID 10/05 Issuance of Insurance (Corporate Governance) Regulations 2005 and Guidelines on Corporate GovernanceInsurance Companies
23 Mar 2006 ID 10/06 Shareholding Interest of Insurers in Other CompaniesInsurance Companies
20 Aug 2007 ID 10/07 Amendment of MAS Notices 302 and 307Insurance Companies
03 Dec 2008 ID 10/08 Issuance of Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008 and Insurance (General Provisions) (Amendment) Regulations 2008Insurance Companies
26 Jul 2011 ID 10/11 Harmonisation of Securities Borrowing and Lending RulesInsurance Companies
17 May 2012 ID 10/12 Amendment to MAS Notice 319 - Notice on Valuation of Policy Liabilities of Life BusinessInsurance Companies
01 Apr 2013 ID 10/13 Consultation on Proposed Public Disclosure Requirements for Insurers - Response to Feedback and Issuance of MAS Notice 124Insurance Companies
30 Sep 2014 ID 10/14 Notification to The Monetary Authority of Singapore on Events of Significant ImpactInsurance Companies
16 Dec 2016 ID 10/16 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) RegulationsInsurance Companies
09 Sep 2005 ID 11/05 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
24 Mar 2006 ID 11/06 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Insurance Companies
15 Oct 2007 ID 11/07 Amendment of the Insurance (Valuation & Capital) Regulations 2004Insurance Companies
12 Dec 2008 ID 11/08 Amendment of MAS Notice 211Insurance Companies
02 Aug 2011 ID 11/11 Allocation of Foreign Tax Credit to the Various Funds Held by an InsurerInsurance Companies
22 Jun 2012 ID 11/12 Consultation on Review of Risk-Based Capital FrameworkInsurance Companies
01 Apr 2013 ID 11/13 Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products Containing Investment Guarantees with Non-Linear PayoutsInsurance Companies
24 Mar 2006 ID 12/06 Amendment of Insurance (General Provisions And Exemptions For Captive Insurers) Regulations 2004Insurance Companies
28 Nov 2007 ID 12/07 Risk Management Guidelines for Insurance BusinessInsurance Companies
04 Aug 2009 ID 12/09 Insurance (Nomination of Beneficiaries) Regulations 2009Insurance Companies
23 Sep 2011 ID 12/11 MAS NOTICE 307: Investment-Linked Life Insurance PoliciesInsurance Companies
29 Jun 2012 ID 12/12 Public Consultation on Treatment of Settlement Options in Life PoliciesInsurance Companies
01 Apr 2013 ID 12/13 Revision Of MAS Notice 100Insurance Companies
31 Mar 2006 ID 13/06 Amendment of MAS Notice 211Insurance Companies
28 Dec 2007 ID 13/07 Amendment of Insurance (Valuation and Capital) Regulations 2004 and Insurance (Accounts and Statements) Regulations 2004Insurance Companies
04 Oct 2011 ID 13/11 Response to Feedback Received - Consultation Paper on Proposed Revisions to the Regulatory Framework for Trade Credit Insurance Political Risk Insurance and Mortgage InsuranceInsurance Companies
08 Aug 2012 ID 13/12 Consultation Paper on Legislative Changes Relating to Requirements on Key Executive Persons and Directors for InsurersInsurance Companies
02 Apr 2013 ID 13/13 Revised MAS Guidelines on Risk Management Practices Insurance Companies
06 Jul 2015 ID 13/15 Revision of MAS Notice 211Insurance Companies
15 Dec 2005 ID 14/05 Amendment of MAS Notices 302 and 307Insurance Companies
11 Apr 2006 ID 14/06 Electronic Submission of Form 11 via MASNET WebsiteInsurance Companies
30 Jun 2010 ID 14/10 Amendment of MAS Notices 105 & 306 and Circular No. ID 05/10Insurance Companies
24 Aug 2012 ID 14/12 Consultation on Corporate Governance for Insurers - Response to FeedbackInsurance Companies
30 Dec 2005 ID 15/05 Amendment of Insurance (Valuation and Capital) Regulations 2004 and Insurance (Actuaries) Regulations 2004Insurance Companies
02 May 2006 ID 15/06 Issue of Practice Note ID 1/06Insurance Companies
18 Sep 2009 ID 15/09 Insurance (Nomination of Beneficiaries) Regulations 2009Insurance Companies
20 Jul 2010 ID 15/10 Consultation Paper on Proposed Revisions to the Regulatory Framework for Trade Credit Insurance Political Risk Insurance and Mortgage InsuranceInsurance Companies
21 Oct 2011 ID 15/11 Maintenance of Insurance FundsInsurance Companies
03 Apr 2013 ID 15/13 Re-issuance of MAS 106Insurance Companies
19 Sep 2012 ID 16/12 Consultation on Proposed Revision to the Definition of "Singapore Policy" and "Trade Credit Insurer"Insurance Companies
03 Apr 2013 ID 16/13 Insurance (Corporate Governance) Regulations 2013 and Revised Guidelines on Corporate GovernanceInsurance Companies
10 Jul 2006 ID 17/06 Internal Audit/Compliance Function and Head Office OversightInsurance Companies
11 Aug 2010 ID 17/10 Amendment of MAS Notice 117Insurance Companies
21 Sep 2012 ID 17/12 Consultation on Insurance (Amendment) BillInsurance Companies
18 Apr 2013 ID 17/13 Amendment of the Insurance Act (Chapter 142) and Consequential Amendments to Subsidiary LegislationInsurance Companies
13 Oct 2014 ID 17/14 Survey on Derivative TransactionsInsurance Companies
10 Jul 2006 ID 18/06 Risk Management Guidelines for Insurance BusinessInsurance Companies
08 Sep 2010 ID 18/10 Public Consultation on the Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
04 Nov 2011 ID 18/11 Response to Feedback Received - Review of Section 21 of the Insurance Act (CAP. 142)("IA")Insurance Companies
18 Apr 2013 ID 18/13 Insurance (Actuaries) Regulations 2013 and Amendments to MAS Notice 106Insurance Companies
13 Oct 2014 ID 18/14 Consultation on Review of Insurance ReturnsInsurance Companies
20 Jul 2006 ID 19/06 Amendment of MAS Notice 119Insurance Companies
14 Sep 2010 ID 19/10 Public Consultation on the Review of Section 21 of the Insurance Act (Cap. 142)Insurance Companies
16 Apr 2002 ID 2/02 Survey On Reinsurance Management StrategyInsurance Companies
22 Jan 2003 ID 2/03 Lifting of Limits on Car LoansInsurance Companies
09 Dec 2004 ID 2/04 Applications for Exemptions - Insurance Act (Cap. 142)Insurance Companies
30 Oct 2012 ID 20/12 Amendment of MAS Notices 318Insurance Companies
22 Apr 2013 ID 20/13 Consequential Amendments to MAS Notices Insurance Companies
30 Oct 2015 ID 20/15 Response to Consultation on Review of Accident and Health Regulatory FrameworkInsurance Companies
19 Nov 2012 ID 21/12 Enhancements to MAS Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud RiskInsurance Companies
21 May 2013 ID 21/13 Response to Consultation Paper on Legislative Changes Relating to Key Executive Persons and Directors for InsurersInsurance Companies
11 Dec 2002 ID 22/02 Wireless Local Area Network Security AdvisoryInsurance Companies
26 Nov 2010 ID 23/10 Amendment of MAS Notice 117Insurance Companies
26 Nov 2010 ID 24/10 Amendment of MAS Notices 306 & 318Insurance Companies
28 Dec 2015 ID 24/15 Amendment of MAS Notice 117Insurance Companies
17 Jun 2013 ID 25/13 Response to Consultation Paper on the Insurance (Amendment) BillInsurance Companies
31 Dec 2002 ID 26/02 Training and Competency Requirement: Health Insurance ModuleInsurance Companies
26 Jun 2013 ID 26/13 Approval of External AuditorsInsurance Companies
31 Dec 2015 ID 26/15 Legislation and Legislative Amendments to effect the Policy Proposals under the Financial Advisory Industry Review (“FAIR”)Insurance Companies
31 Dec 2012 ID 27/12 Revision of MAS Notice 211Insurance Companies
31 Dec 2015 ID 27/15 Cancellation and Re-issuance of MAS Notice 322Insurance Companies
30 Dec 2010 ID 28/10 Consultation on Deposit Insurance and Policy Owners' Protection SchemeInsurance Companies
30 Dec 2010 ID 29/10 Consultation on Proposed Amendments to the Insurance Act (Cap. 142)Insurance Companies
25 Jul 2013 ID 30/13 Response to Consultation on Settlement Options in Life PoliciesInsurance Companies
30 Sep 2013 ID 34/13 Amendment to MAS 302Insurance Companies
23 Dec 2013 ID 37/13 Amendment of First Schedule to the Insurance Act (Chapter 142)Insurance Companies
30 Dec 2013 ID 38/13 Insurance (Accounts and Statements) Regulations 2004; Insurance (Lloyd's Asia Scheme) Regulations; Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008Insurance Companies
31 Dec 2013 ID 39/13 Cancellation of MAS Notice 104 and MAS Notice 317Insurance Companies
30 Dec 2004 ID 4/04 Cash Rebates Offered for Housing LoansInsurance Companies
23 Jan 2013 ID03/13 Issue of Notices on Reporting of Suspicious Activities and Incidents of FraudInsurance Companies
23 Jan 2013 ID04/13 Issue of Amendments to Notices on Prevention of Money Laundering and Countering the Financing of TerrorismInsurance Companies
29 Jan 2013 ID07/13 Response to Feedback on Consultation on Proposed Revision to the Definition of "Singapore Policy" and "Trade Credit Insurer"Insurance Companies
26 Jun 2015 ID12/15 Consultation on Proposed Enhancements to Disclosure Requirements for Sale of Investment-Linked PoliciesInsurance Companies
04 Sep 2009 ID14/09 Amendment of MAS Notice 211Insurance Companies
02 Apr 2013 ID14/13 Consultation on Review of Requirements on Investments Activities of Insurers and Enterprise Risk Management for Insurers - Response to Feedback and Issuance of MAS Notice 125 and MAS Notice 126Insurance Companies
11 Dec 2012 ID23/12 Notification on the Revisions to MAS Notice 307 on Investment-Linked PoliciesInsurance Companies
18 Nov 2013 ID35/13 MAS Notice 122: Asset and Liability Exposures for Insurers - Implementation of MASNET SubmissionInsurance Companies
03 Jan 2017 Insurance (Accounts and Statements) (Amendment) Regulations 2016Subsidiary Legislation
05 Feb 2010 Insurance (Accounts and Statements) Regulations 2004Subsidiary Legislation
18 Apr 2013 Insurance (Actuaries) Regulations 2013Subsidiary Legislation
09 Dec 2005 Insurance (Appeals) Regulations 2005Subsidiary Legislation
20 Jan 2015 Insurance (Appointment of Officers to Exercise Power to Grant Exemption) Notification 2014Notifications
01 Apr 2015 Insurance (Appointment of Officers to Exercise Powers to Grant Exemption) Notification 2015Notifications
31 Dec 2004 Insurance (Approved Marine Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) RegulationsSubsidiary Legislation

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Last Modified on 22/06/2017