Admission Criteria for Approved MAT Insurers

An overseas insurer in a designated country* may apply for approval in respect of direct marine, aviation and transit ("MAT") insurance. In considering an application for approval, MAS takes the following factors into consideration:

a. Domestic and International Rankings
The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.

b. Past and Present Credit Ratings
The applicant's credit ratings by international rating agencies including Standard and Poor's, A.M Best, Moody's and Fitch.

c. Track Record, Financial Soundness and Reputation
The track record, financial soundness and reputation of the applicant, having regard to the applicant's level of compliance with its home regulations. In assessing this criteria, MAS will consult the applicant's home supervisory authority on matters relating to the applicant.

d. Fitness and Propriety
The applicant should satisfy MAS that -
i. it is a fit and proper person to be approved; and
ii. all persons having control of the applicant (Note 1) are fit and proper persons.

Note 1: For the purposes of this criteria, persons having control shall have the same meaning as in section 34B(9) of the Insurance Act as though references to authorised reinsurer were references to an approved MAT insurer.

* The list of designated countries may be found in the First Schedule of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations 2003.

Key Resources

Last Modified on 07/09/2017