Insurance Licensing

Insurers may carry on insurance business in Singapore as licensed insurers or foreign insurers:

  • Licensed insurers are approved under section 8 of the Insurance Act (Cap 142) (“IA”). They can be licensed as direct insurers, reinsurers or captive insurers.
  • Foreign insurers are approved under the law of another country/territory to carry on insurance business in that country/territory. These insurers carry on business in Singapore under a foreign insurer scheme established under Part IIA of the IA.

The following insurers do not have a physical presence in Singapore:

  • Authorised reinsurers are approved under section 34 of the IA. They 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.
  • Approved Marine, Aviation and Transit ("MAT") insurers are approved under regulation 5 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003 (“MAT Regulations”) and like authorised reinsurers, do not have any physical presence in Singapore. They do not write insurance business, other than the collection or receipt of premiums in relation to MAT insurance business (as defined in regulation 2 of the MAT Regulations).

Lastly, representative offices are registered under section 6A of the IA. They are not allowed to carry on or solicit insurance business in Singapore and can only carry on activities approved by MAS.

Last Modified on 22/06/2017