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
20 Feb 2009 MAS 320 Management of Participating Life Insurance BusinessInsurance Companies
20 Feb 2009 MAS 320 (Amendment) 2009Insurance Companies
24 Aug 2004 MAS 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 17 May 2012]Insurance 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
25 Apr 2013 MAS 319 (Amendment) 2013Insurance Companies
17 May 2012 MAS 319 (Amendment) 2012Insurance 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
01 Apr 2015 MAS 318 Market Conduct Standards for Direct Life Insurer as a Product Provider [Last revised on 1 Apr 2015]Insurance 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
25 Feb 2015 MAS 318 (Amendment) 2015Insurance Companies
30 Oct 2012 MAS 318 (Amendment) 2012Insurance Companies
26 Nov 2010 MAS 318 (Amendment) 2010Insurance Companies
11 Oct 2001 MAS 317 Asset Management of Life Insurance Funds [Cancelled with effect from 1 Jan 2014]Insurance Companies
31 Dec 2013 MAS 317 (Cancellation) 2013Insurance Companies

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Last Modified on 22/06/2017