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
10 Jan 2008 ID 01/08 Approval of Insurers' External AuditorsInsurance Companies
03 Jan 2006 ID 01/06 Electronic Submission of Insurance Returns via MASNET WebsiteInsurance Companies
02 May 2006 ID 01/06 Administration Procedures for UCITS III Scheme ConversionPractice Notes
30 Jul 2004 IA/PP-N03.1 Insurance DepositsInsurance Companies
16 Jan 2006 IA/PP-N02.1a Bank Covenants in Lieu of Deposits [Cancelled with effect from 22 Apr 2013]Insurance Companies
25 Apr 2013 IA/PP-N02.1a Bank Covenants in Lieu of DepositsInsurance Companies
24 Apr 2013 IA/PP-N02.1a (Amendment) 2013Insurance Companies
30 Jul 2004 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations [Cancelled with effect from 22 Apr 2013]Insurance Companies
25 Apr 2013 IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related CorporationsInsurance Companies
22 Apr 2013 IA/PP-N02.1 (Amendment) 2013 Insurance Companies
30 Jul 2004 IA/PP-N01.1 Reinsurance Deposits [Cancelled with effect from 26 Oct 2005]Insurance Companies
17 May 2013 IA/II-G04 Criteria for the Registration of an Insurance BrokerInsurance Brokers
01 Jul 2005 IA/II-G02 Market Conduct and Service Standards for Insurance BrokersInsurance Brokers
01 Jul 2005 IA/II-G01 Standards of ConductInsurance Brokers
24 Apr 2015 Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled with effect from 30 Nov 2015]Insurance Companies

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Last Modified on 22/06/2017