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
03 Dec 2015 Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers Insurance Companies
10 Mar 2017 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Insurance Companies
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution Activities [Guideline No. FSG-G02]Insurance Brokers
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution ActivitiesInsurance Companies
02 Dec 2009 Guidelines on MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism (December 2009) [Cancelled with effect from 01 Jul 2014]Insurance Companies
03 Sep 2015 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Insurance Brokers
03 Apr 2013 Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are Incorporated in SingaporeInsurance Companies
09 Dec 2010 Guidelines on Corporate Governance for Banks, Financial Holding Companies and Direct Insurers which are Incorporated in Singapore [Cancelled with effect from 3 Apr 2013]Insurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Companies
06 Sep 2011 Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial SystemInsurance Brokers
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
03 Dec 2014 FSG-G01 Guidelines on Fit and Proper CriteriaInsurance Companies
11 Oct 2001 FSG 49/2001: Asset Management of Life Insurance FundsInsurance Companies
22 Dec 2000 FSG 45/2000: Survey Of Medical Insurance ProductsInsurance Companies
18 May 2001 FSG 28/2001: Training and Competency Requirements for Insurance Intermediaries: Phase Two of New Modular Training ProgrammeInsurance Companies

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Last Modified on 22/06/2017