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
01 Apr 2013 MAS Notice 100 Registration of Insurers [Cancelled with effect from 22 Apr 2013]Insurance Companies
25 Apr 2013 MAS Notice 100 Registration of InsurersInsurance Companies
21 Jun 2013 MAS 506 Notice on Technology Risk ManagementInsurance Brokers
17 May 2013 MAS 504 Reporting of Misconduct of Broking Staff by Insurance BrokersInsurance Brokers
17 May 2013 MAS 504 (Amendment) 2013 Insurance Brokers
20 Jul 2015 MAS 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking StaffInsurance Brokers
20 Jul 2015 MAS 502 (Amendment) 2015Insurance Brokers
17 May 2013 MAS 502 (Amendment) 2013 Insurance Brokers
17 May 2013 MAS 501 Quarterly Statement on Ageing of Premiums Owing to InsurersInsurance Brokers
17 May 2013 MAS 501 (Amendment) 2013 Insurance Brokers
06 Apr 2015 MAS 322 Information to be Submitted Relating to the Web-Aggregator [Cancelled with effect from 1 Jan 2016]Insurance Companies
31 Dec 2015 MAS 322 Information to be Submitted Relating to the Web AggregatorInsurance Companies
30 Mar 2015 MAS 321 Direct Purchase Insurance Products [Cancelled with effect from 13 May 2016]Insurance Companies
13 May 2016 MAS 321 Direct Purchase Insurance ProductsInsurance Companies
29 Jun 2007 MAS 320 Management of Participating Life Insurance Business [Amended with effect from 20 Feb 2009]Insurance Companies

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Last Modified on 22/06/2017