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
04 Sep 2009 MAS 211 (Amendment) 2009Insurance Companies
30 Jan 2012 MAS 211 (Amendment) 2012Insurance Companies
31 Dec 2012 MAS 211 (Amendment) 2013Insurance Companies
31 Dec 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General InsurersInsurance Companies
06 Jul 2015 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General InsurersInsurance Companies
12 Apr 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 1 Jan 2013]Insurance Companies
30 Jan 2012 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 12 Apr 2012]Insurance Companies
25 Apr 2013 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 20 Jul 2015]Insurance Companies
04 Sep 2009 MAS 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers [Cancelled with effect from 30 Jan 2012]Insurance Companies
28 Aug 2004 MAS 301 Quarterly and Other ReturnsInsurance Companies
26 Jan 2004 MAS 301 Quarterly and Other Returns [Cancelled with effect from 28 Aug 2004]Insurance Companies
20 Aug 2007 MAS 302 (Amendment) 2007Insurance Companies
30 Sep 2013 MAS 302 (Amendment) 2013Insurance Companies
15 Oct 1991 MAS 302 New Policies and Proposal Forms, and Rates of Premium [Cancelled with effect from 15 Dec 2005]Insurance Companies
15 Dec 2005 MAS 302 Product Development and Pricing [Amended with effect from 30 Sep 2013]Insurance Companies
30 Mar 2015 MAS 302 Product Development and Pricing [Last Revised on 30 Mar 2015]Insurance Companies
27 Jun 2008 MAS 303 Mortality Studies of Assured LivesInsurance Companies
15 Dec 1992 MAS 303 Mortality Studies of Assured Lives [Cancelled with effect from 27 Jun 2008]Insurance Companies
26 Nov 2010 MAS 306 (Amendment) 2010Insurance Companies
30 Jun 2010 MAS 306 (Amendment) 2010Insurance Companies
01 Oct 2002 MAS 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act (Cap. 110) [Amended with effect from 30 Jun 2010]Insurance Companies
20 Aug 2007 MAS 307 (Amendment) 2007Insurance Companies
27 Dec 2010 MAS 307 (Amendment) 2010Insurance Companies
11 Dec 2012 MAS 307 Amendment 2012Insurance Companies
23 Sep 2011 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 11 Dec 2012]Insurance Companies
02 Sep 2004 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 20 Aug 2007]Insurance Companies
20 Aug 2007 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 27 Dec 2010]Insurance Companies
27 Dec 2010 MAS 307 Investment-Linked Life Insurance Policies [Cancelled with effect from 30 Sep 2011]Insurance Companies
11 Dec 2012 MAS 307 Investment-Linked PoliciesInsurance Companies
01 Sep 2004 MAS 309 Mortality Tables for Minimum Reserves CalculationInsurance Companies
15 Dec 1992 MAS 309 Mortality Tables for Minimum Reserves Calculation [Cancelled with effect from 1 Sep 2004]Insurance Companies
28 Dec 2012 MAS 312 (Amendment No. 2) 2012Insurance Companies
29 Jan 2010 MAS 312 (Amendment) 2010Insurance Companies
07 Feb 2011 MAS 312 (Amendment) 2011Insurance Companies
16 Jan 2012 MAS 312 (Amendment) 2012 [Cancelled with effect from 28 Dec 2012]Insurance Companies
25 Apr 2013 MAS 312 (Amendment) 2013Insurance Companies
20 Jan 2014 MAS 312 (Cancellation) 2014Insurance Companies
28 Dec 2012 MAS 312 Stress Testing on Financial Condition of Direct Life Insurer [Cancelled with effect from 22 Apr 2013]Insurance Companies
07 Feb 2011 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 16 Jan 2012]Insurance Companies
08 May 2007 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 29 Jan 2010]Insurance Companies
29 Jan 2010 MAS 312 Stress Testing on Financial Condition of Life Direct Insurer [Cancelled with effect from 7 Feb 2011]Insurance Companies
16 Jan 2012 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 28 Dec 2012]Insurance Companies
25 Apr 2013 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 29 Jan 2014]Insurance Companies
20 Jun 2005 MAS 312 Stress Testing on Financial Condition of Life Direct Insurers [Cancelled with effect from 8 May 2007]Insurance Companies
25 Apr 2013 MAS 313 (Cancellation) 2013Insurance Companies
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
01 Oct 2002 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Cancelled with effect from 30 Oct 2012]Insurance Companies
01 Apr 2015 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last revised on 1 Apr 2015]Insurance Companies
30 Oct 2012 MAS 318 Market Conduct Standards for Direct Life Insurers as a Product Provider [Cancelled with effect from 1 Apr 2015]Insurance Companies
17 May 2012 MAS 319 (Amendment) 2012Insurance Companies
25 Apr 2013 MAS 319 (Amendment) 2013Insurance Companies
17 May 2012 MAS 319 Valuation of Policy Liabilities of Life BusinessInsurance Companies
25 Apr 2013 MAS 319 Valuation of Policy Liabilities of Life BusinessInsurance Companies
24 Aug 2004 MAS 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 17 May 2012]Insurance Companies
20 Feb 2009 MAS 320 (Amendment) 2009Insurance Companies
20 Feb 2009 MAS 320 Management of Participating Life Insurance BusinessInsurance Companies
29 Jun 2007 MAS 320 Management of Participating Life Insurance Business [Amended with effect from 20 Feb 2009]Insurance Companies
13 May 2016 MAS 321 Direct Purchase Insurance ProductsInsurance Companies
30 Mar 2015 MAS 321 Direct Purchase Insurance Products [Cancelled with effect from 13 May 2016]Insurance Companies
31 Dec 2015 MAS 322 Information to be Submitted Relating to the Web AggregatorInsurance Companies
06 Apr 2015 MAS 322 Information to be Submitted Relating to the Web-Aggregator [Cancelled with effect from 1 Jan 2016]Insurance Companies
17 May 2013 MAS 501 (Amendment) 2013 Insurance Brokers
17 May 2013 MAS 501 Quarterly Statement on Ageing of Premiums Owing to InsurersInsurance Brokers
17 May 2013 MAS 502 (Amendment) 2013 Insurance Brokers
20 Jul 2015 MAS 502 (Amendment) 2015Insurance Brokers
20 Jul 2015 MAS 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking StaffInsurance Brokers
17 May 2013 MAS 504 (Amendment) 2013 Insurance Brokers
17 May 2013 MAS 504 Reporting of Misconduct of Broking Staff by Insurance BrokersInsurance Brokers
21 Jun 2013 MAS 506 Notice on Technology Risk ManagementInsurance Brokers
25 Apr 2013 MAS Notice 100 Registration of InsurersInsurance Companies
01 Apr 2013 MAS Notice 100 Registration of Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
29 Sep 2016 MAS Notice 115A (Amendment) 2016Notices
03 Dec 2015 MAS Notice 314 (Amendment) 2015Insurance Companies
24 Apr 2015 MAS Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism - Direct Life Insurers [Cancelled with effect from 30 Nov 2015]Insurance Companies
30 Jun 2003 MCD 5/2003 - Business Continuity Management (BCM) GuidelinesInsurance Brokers
29 Nov 2013 Notice 116 Bridging Loans for the Purchase of Immovable PropertiesInsurance Companies
30 May 2017 Notice 118 Unsecured Credit Facilities to IndividualsInsurance Companies
23 Jan 2013 Notice on Reporting of Suspicious Activities & Incidents of Fraud [Notice No. MAS 505]Insurance Brokers
28 May 2004 RMD 29/04 MAS Notice 109 - Lending of Singapore Dollar to Non-Resident Financial InsitutionsInsurance Companies
06 Jan 2006 SRD BCM 01/2006 - Further Guidance on Business Continuity ManagementInsurance Companies
26 May 2014 SRD TR 01/2014 System Vulnerability Assessments and Penetration TestingInsurance Companies
26 May 2014 SRD TR 01/2014 System Vulnerability Assessments and Penetration TestingInsurance Brokers
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Companies
27 Jul 2016 SRD TR 01/2016 - MAS Circular (Cancellation) 2016Insurance Brokers
26 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Companies
26 Sep 2014 SRD TR02/2014 IT Security Risks Posed By Personal Mobile DevicesInsurance Brokers

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Last Modified on 22/06/2017