Insurance Companies

Insurers may conduct insurance activities in Singapore as licensed insurers, authorised reinsurers or foreign insurers. Licensed insurers are approved under Section 8 of the Insurance Act (Cap 142) (“IA”) to conduct life and/or general insurance business in Singapore. They can be licensed as direct insurers, reinsurers or captive insurers.

In addition to the licensed insurers, reinsurers without an operating presence in Singapore can conduct reinsurance business in Singapore as authorised reinsurers under Section 34 of the IA. Such reinsurers may be authorised as general reinsurers and/or life reinsurers.

Foreign insurers are approved under the law of another country or territory to carry on insurance business in that country or territory. These insurers operate in Singapore under a foreign insurer scheme established under Part IIA of the Act. Currently the Lloyd’s Asia Scheme is the only foreign insurer scheme in Singapore.

Licensed Insurers - Direct Insurers

Direct life insurers are licensed to write life policies as well as long and short-term accident and health policies. Direct general insurers are licensed to write all insurance business other than insurance business concerned with life policies and/or long-term accident and health policies.

Direct general insurers would include the specialist insurers such as marine mutuals that specialise in protection & indemnity and other marine insurance policies as well as insurers specialising in credit and political risk insurance and financial guarantee insurance.

Direct composite insurers are licensed to conduct both life and general insurance businesses

Licensed Insurers - Reinsurers

Reinsurers can be licensed in Singapore to carry out life reinsurance and/or general reinsurance business in Singapore. They are not permitted to write direct business and are only allowed to assume all or a part of the insurance or reinsurance risk written by another insurer.

Licensed Insurers - Captive Insurers

A captive insurer is licensed to insure the risks of its parent and related companies as defined under section 6 of the Companies Act (Chapter 50).

Authorised Reinsurers

An overseas reinsurer may apply for authorisation in respect of life and/or general reinsurance business. Once authorized, they are allowed to solicit business and collect premiums from insurers in Singapore.

Lloyd's Asia Scheme

The Lloyd’s Asia Scheme is a foreign insurer scheme established under Part IIA of the IA. This scheme seeks to replicate in Singapore the Lloyd’s of London insurance marketplace. Lloyd’s members may carry on insurance business in Singapore through locally-incorporated service companies, which are registered with the Administrator of the scheme. Lloyd’s of London (Asia) Pte Ltd is the approved Administrator of the scheme

Last Modified on 26/11/2016