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 Jan 2006 Amendment of MAS Notice 103 and MAS Notice IA/PP-N02.1aInsurance Companies
07 Jun 2012 Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)Forms
07 Jun 2012 Application for Permission under Section 35ZF of the Insurance Act (CAP 142) to Negotiate and Place Insurance Risk with Unregistered InsurersForms
28 Oct 2015 CMI 06/2015 Circular to Insurance Brokers on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business ConductInsurance Brokers
07 Jun 2012 Form J - Certificate on the Accounts of the Insurance Broking Business of (Name of Insurance Broker)Forms
30 Dec 2013 Form K - Report of the Auditors Appointed under Section 36 of the Insurance ActForms
06 Jan 2001 FSG 01/2001: Insurance Regulatory Framework on Securities Lending ActivitiesInsurance Companies
30 Jan 2002 FSG 18/2002: Amendment of MAS Notice 303 - Mortality Studies on Assured LivesInsurance Companies
26 Apr 2001 FSG 22/2001: Training & Competence for Specialised ProductsInsurance Companies
11 May 2001 FSG 26/2001: Training and Competency for Life Insurance Advisers: Phase 1 of Modular Training ProgrammesInsurance Companies
18 May 2001 FSG 28/2001: Training and Competency Requirements for Insurance Intermediaries: Phase Two of New Modular Training ProgrammeInsurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
11 Oct 2001 FSG 49/2001: Asset Management of Life Insurance FundsInsurance Companies
03 Dec 2014 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies

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Last Modified on 22/06/2017