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
12 Dec 2017 MAS 115A Residential Property Loans - Fact SheetInsurance Companies
12 Dec 2017 MAS 115 Residential Property LoansInsurance Companies
19 Jul 2017 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
19 Jul 2017 ID 09/17 Guidance on Insurers' Own Risk and Solvency AssessmentsInsurance Companies
30 May 2017 Notice 118 Unsecured Credit Facilities to IndividualsInsurance Companies
19 Apr 2017 ID 04/17 FAQs on Spreading and Capping of Commission RulesInsurance Companies
31 Mar 2017 Insurance (Remuneration) (Amendment) Regulations 2017Subsidiary Legislation
31 Mar 2017 ID 02/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance Companies
31 Mar 2017 ID 01/17 Guidelines on the Online Distribution of Life Policies with No AdviceInsurance 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
10 Mar 2017 MAS 128 Computation of Total Debt Servicing Ratio for Property LoansInsurance Companies
03 Jan 2017 ID 01/17 Insurance (Accounts and Statements) Regulations 2004Insurance Companies
03 Jan 2017 Insurance (Accounts and Statements) (Amendment) Regulations 2016Subsidiary Legislation
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

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Last Modified on 22/06/2017