Authorised Reinsurers & Approved MAT Insurers

A person carrying on reinsurance business outside Singapore may apply in writing to MAS for authorisiation in section 34 of the Insurance Act (Cap. 142) (“IA”).  Authorised reinsurers can carry on life reinsurance and/or general insurance business.

A person who is licensed, registered, approved or otherwise regulated under the law of any designated country to carry on the business of providing MAT insurance in that country may apply in writing to MAS to be an approved MAT insurer under regulation 5 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003 (“MAT Regulations”).  Approved MAT insurers 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.

Authorised reinsurers and approved MAT insurers do not have any physical presence in Singapore.  They are established outside Singapore and provide insurance services from outside Singapore to persons in Singapore.  Authorised reinsurers and approved MAT insurers are subject to limited oversight by MAS as compared to an insurer which has a physical or commercial presence in Singapore and is licensed with MAS to carry on insurance business pursuant to the IA.  Among others, authorised reinsurers and approved MAT insurers are not required to set up and maintain separate insurance funds for policies taken out by persons in Singapore or comply with solvency margin requirements.

All applications are to be submitted on prescribed forms, which are available in the relevant sections.

For further clarifications or enquiries on the licensing requirement, please send them to id_registry@mas.gov.sg

For more information on MAS’ requirements for all insurers, please refer to the pages under Insurance.

Last Modified on 08/09/2017