Admission Criteria for Authorised Reinsurers

An overseas insurer may apply for authorisation in respect of life and/or general reinsurance business. In assessing an application for authorisation, 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 criterion, MAS will consult the applicant's home supervisory authority on matters relating to the applicant.

d. Risk Management Systems
The applicant should satisfy MAS that its risk management systems and processes are adequate and appropriate for the size and complexity of the business. In considering the applicant's standard of risk management, MAS will have regard to the applicant's policies and procedures for managing risks, including its reinsurance arrangements, internal control systems and information technology systems.

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

Note 1: Persons having control in accordance with section 34B(9) of the Insurance Act (Cap. 142).

Last Modified on 07/09/2017