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 Dec 2016 Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2016Subsidiary Legislation
18 Apr 2013 Insurance (Approved Marine, Aviation and Transit Insurers) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Authorised Reinsurers) RegulationsSubsidiary Legislation
04 Apr 2013 Insurance (Corporate Governance) Regulations 2013Subsidiary Legislation
31 Dec 2005 Insurance (Exemption from Annual Fees) (No. 2) Notification 2005Subsidiary Legislation
01 Jan 2007 Insurance (Exemption from Annual Fees) (No. 2) Notification 2006Subsidiary Legislation
31 Dec 2011 Insurance (Exemption from Annual Fees) (No. 2) Notification 2011Subsidiary Legislation
31 Dec 2005 Insurance (Exemption from Annual Fees) (No. 3) Notification 2005Subsidiary Legislation
01 Jan 2005 Insurance (Exemption from Annual Fees) (No.2) Notification 2004Subsidiary Legislation
01 Jan 2004 Insurance (Exemption from Annual Fees) Notification 2003Subsidiary Legislation
04 Mar 2004 Insurance (Exemption from Annual Fees) Notification 2004Subsidiary Legislation
31 Jan 2005 Insurance (Exemption from Annual Fees) Notification 2005Subsidiary Legislation
31 Mar 2006 Insurance (Exemption from Annual Fees) Notification 2006Subsidiary Legislation
31 Dec 2007 Insurance (Exemption from Annual Fees) Notification 2007Subsidiary Legislation
31 Dec 2008 Insurance (Exemption from Annual Fees) Notification 2008Subsidiary Legislation
31 Dec 2009 Insurance (Exemption from Annual Fees) Notification 2009Subsidiary Legislation
31 Dec 2011 Insurance (Exemption from Annual Fees) Notification 2011Subsidiary Legislation
31 Dec 2012 Insurance (Exemption from Annual Fees) Notification 2012Subsidiary Legislation
24 Mar 2006 Insurance (Exemption from Deadlines for Submission of Returns) Regulations 2006Subsidiary Legislation
29 Feb 2004 Insurance (Exemption) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Financial Guarantee Insurance) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004Subsidiary Legislation
18 Apr 2013 Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2007Subsidiary Legislation
02 Dec 2008 Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2008Subsidiary Legislation
18 Apr 2013 Insurance (General Provisions) RegulationsSubsidiary Legislation
31 Dec 2013 Insurance (Intermediaries) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Lloyd's Asia Scheme) RegulationsSubsidiary Legislation
18 Apr 2013 Insurance (Lloyd's Scheme) RegulationsSubsidiary Legislation
01 Mar 2010 Insurance (Nomination of Beneficiaries) Regulations 2009Subsidiary Legislation
31 Mar 2017 Insurance (Remuneration) (Amendment) Regulations 2017Subsidiary Legislation
31 Dec 2015 Insurance (Remuneration) Regulations 2015Subsidiary Legislation
01 Jan 2004 Insurance (Transitional and Savings Provisions) Regulations 2003Subsidiary Legislation
23 Aug 2004 Insurance (Transitional and Savings Provisions) Regulations 2004Subsidiary Legislation
18 Apr 2013 Insurance (Valuation and Capital) Regulations 2004Subsidiary Legislation
31 Dec 2015 Insurance (Web Aggregator Fees) Regulations 2015Subsidiary Legislation
24 Apr 2013 MAS 100 (Amendment) 2013Insurance Companies
15 Dec 1992 MAS 100 Registration of Insurers [Cancelled with effect from 1 April 2013]Insurance Companies
21 Oct 2011 MAS 101 Maintenance of Insurance FundsInsurance Companies
03 Jan 2000 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
28 Aug 2004 MAS 101 Maintenance of Insurance Funds [Cancelled with effect from 21 Oct 2011]Insurance Companies
01 Sep 2004 MAS 102 Margins of SolvencyInsurance Companies
23 May 1998 MAS 102 Margins of Solvency [Cancelled with effect from 1 Sep 2004]Insurance Companies
26 May 2011 MAS 103 Statutory Deposits and Bank CovenantsInsurance Companies
16 Jan 2006 MAS 103 Statutory Deposits and Bank Covenants [Cancelled with effect from 26 May 2011]Insurance Companies
31 Dec 2013 MAS 104 (Cancellation) 2013Insurance Companies
05 Jan 2006 MAS 104 Use of Derivatives for Investment of Insurance Fund Assets [Cancelled with effect from 1 Jan 2014]Insurance Companies
28 Aug 2004 MAS 104 Use of Derivatives for Investment of Insurance Fund Assets [Cancelled with effect from 5 Jan 2006]Insurance Companies
30 Jun 2010 MAS 105 (Amendment) 2010Insurance Companies
26 Jan 2004 MAS 105 Appointment of Custodians and Fund Manager [Amended with effect from 30 Jun 2010]Insurance Companies
30 Apr 2008 MAS 106 (Amendment) 2008 [Cancelled with effect from 2 April 2013]Insurance Companies
18 Apr 2013 MAS 106 (Amendment) 2013Insurance Companies
18 Apr 2013 MAS 106 Appointment of Director, Chairman and Key Executive PersonInsurance Companies
02 Apr 2013 MAS 106 Appointment of Directors and Key Executive Persons [Cancelled with effect from 18 Apr 2013]Insurance Companies
30 Apr 2008 MAS 106 Appointment of Principal Officers and Directors [Cancelled with effect from 2 April 2013]Insurance Companies
31 Jan 1995 MAS 108 Staff Agency BusinessInsurance Companies
28 May 2004 MAS 109 Lending of Singapore Dollar to Non-Resident Financial InstitutionsInsurance Companies
06 Dec 2000 MAS 109: Internationalisation of the Singapore Dollar (S$)Insurance Companies
31 Aug 2011 MAS 113 Notice on Securities Borrowing and Lending ActivitiesInsurance Companies
01 Aug 2005 MAS 113 Securities Lending Activities [Cancelled with effect from 31 Aug 2011]Insurance Companies
24 Apr 2013 MAS 114 (Amendment) 2013Insurance Companies
25 Apr 2013 MAS 114 Reinsurance ManagementInsurance Companies
01 Apr 2011 MAS 114 Reinsurance Management [Cancelled with effect from 22 Apr 2013]Insurance Companies
28 Mar 2002 MAS 114 Reinsurance Management Strategy [Cancelled with effect from 1 Apr 2011]Insurance Companies
10 Mar 2017 MAS 115 Residential Property LoansInsurance Companies
30 Nov 2011 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
26 Nov 2010 MAS 117 (Amendment) 2010Insurance Companies
11 Aug 2010 MAS 117 (Amendment) 2010Insurance Companies
28 Dec 2015 MAS 117 (Amendment) 2015Insurance Companies
28 Dec 2015 MAS 117 Training and Competency Requirement: Health InsuranceInsurance Companies
26 Jan 2004 MAS 117 Training and Competency Requirement: Health Insurance Module [Cancelled with effect from 1 Jan 2016]Insurance Companies
03 Jan 2008 MAS 119 (Amendment) 2008Insurance Companies
20 Jul 2006 MAS 119 Electronic Submission of Annual ReturnsInsurance Companies
30 Oct 2015 MAS 120 (Amendment) 2015Insurance Companies
30 Oct 2015 MAS 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance ProductsInsurance Companies
30 Jan 2004 MAS 120 Disclosure and Advisory Process Requirements for Accident and Health Insurance Products [Cancelled with effect from 1 Nov 2015]Insurance Companies
08 May 2012 MAS 121 Captive Insurance - Writing of In-House and Non In-House RisksInsurance Companies
03 Dec 2012 MAS 122 Notice on Asset & Liability Exposures for InsurersInsurance Companies
23 Jan 2013 MAS 123 Reporting of Suspicious Activities and Incidents of FraudInsurance Companies
24 Apr 2013 MAS 124 (Amendment) 2013Insurance Companies
25 Apr 2013 MAS 124 Public Disclosure RequirementsInsurance Companies
01 Apr 2013 MAS 124 Public Disclosure Requirements [Cancelled with effect from 22 Apr 2013]Insurance Companies
25 Apr 2013 MAS 125 (Amendment) 2013Insurance Companies
25 Apr 2013 MAS 125 Notice on Investments of InsurersInsurance Companies
02 Apr 2013 MAS 125 Notice on Investments of Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
07 Dec 2015 MAS 126 (Amendment) 2015Insurance Companies
07 Dec 2015 MAS 126 Enterprise Risk Management (“ERM”) for InsurersInsurance Companies
02 Apr 2013 MAS 126 Enterprise Risk Management for Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
25 Apr 2013 MAS 126 Enterprise Risk Management for Insurers [Cancelled with effect from 7 Dec 2015]Insurance Companies
21 Jun 2013 MAS 127 Notice on Technology Risk ManagementInsurance Companies
10 Mar 2017 MAS 128 Computation of Total Debt Servicing Ratio for Property LoansInsurance Companies
28 Aug 2004 MAS 201 Quarterly and Other ReturnsInsurance Companies
26 Jan 2004 MAS 201 Quarterly and Other Returns [Cancelled with effect from 28 Aug 2004]Insurance Companies
01 Apr 2011 MAS 208 (Cancellation) 2011Insurance Companies
18 Aug 1999 MAS 208 FInancial Reinsurance [Amended with effect from 28 Aug 2004]Insurance Companies
28 Aug 2004 MAS 208 Financial Reinsurance [Cancelled with effect from 1 Apr 2011]Insurance Companies
28 Aug 2004 MAS 210 Actuarial Investigation of General Insurance Policy LiabilitiesInsurance Companies
23 Dec 2002 MAS 210 Actuarial Investigation of General Insurance Policy Liabilities [Cancelled with effect from 28 Aug 2004]Insurance Companies
12 Apr 2012 MAS 211 (Amendment No. 2) 2012Insurance Companies
25 Apr 2013 MAS 211 (Amendment No. 2) 2013Insurance Companies
03 Jan 2008 MAS 211 (Amendment) 2008Insurance Companies

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Last Modified on 22/06/2017