Insurance Licences

Registration of Insurers and Insurance Brokers

• Admission Criteria for Registered Direct Insurers
  
• Admission Criteria for Registered Reinsurers
  
• Admission Criteria for Registered Captive Insurers
  
• Admission Criteria for Registered Insurance Brokers
  
• Application Procedures

Approval of representative offices

Authorisation and Approval of Insurers and Insurance Brokers

• Admission Criteria for Authorised Reinsurers
  
• Admission Criteria for Approved MAT Insurers
  
• Admission Criteria for Approved MAT Insurance Brokers
  
• Admission Criteria for Approved Reinsurance Brokers
  
• Application Procedures
  

Admission Criteria for Registered Direct Insurers

Applicants for direct life and general insurance licences are required to satisfy the same admission criteria. In assessing an application, MAS takes the following factors into consideration:

1. Domestic and International rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.
   
2. 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.
   
3. 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. MAS will also take into consideration the applicant's record in areas of product innovation, the use of alternative distribution channels and its expertise in specialist and niche fields.
   
4. Business strategy and plans
   The applicant should have a business strategy, supported by detailed plans, that is well developed and reflect the risk profile of the business.
   
5. 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.
   
6. Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be licensed;
   2. any director or principal officer as defined in section 31(11) of the Act, any actuary as appointed in section 31 of the Act, and any actuary as approved by MAS under section 37 of the Act, are fit and proper persons to hold the office;
   3. all of its substantial shareholders are fit and proper persons;
   4. all persons having effective control as defined under section 27 of the Act are fit and proper persons; and
   5. all persons having control as defined under section 28 of the Act are fit and proper persons.
      

Note:  All registered direct insurers will be required to subscribe to the Financial Industry Disputes Resolution Centre.

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Admission Criteria for Registered Reinsurers

In assessing an application for life and/or general reinsurance licences, MAS takes the following factors into consideration:

1. Domestic and International rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.
   
2. 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.
   
3. 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.
   
4. Business strategy and plans
   The applicant should have a business strategy, supported by detailed plans, that is well developed and reflect the risk profile of the business.
   
5. 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.
   
6. Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be licensed;
   2. any director or principal officer as defined in section 31(11) of the Act and any actuary as approved by MAS under section 37 of the Act, are fit and proper persons to hold the office;
   3. all of its substantial shareholders are fit and proper persons;
   4. all persons having effective control as defined under section 27 of the Act are fit and proper persons; and
   5. all persons having control as defined under section 28 of the Act are fit and proper persons.
      

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Admission Criteria for Registered Captive Insurers

In assessing an application for a captive insurance licence, MAS takes the following factors into consideration:

1. Track Record, financial soundness and reputation
   
2. Business plans
   The applicant should have business plans that are well developed and reflect the risk profile of the business.
   
3. Long-term commitment of the applicant in the use of a captive insurer as a risk management vehicle
   
4. The proposed managers of the captive insurer must be competent and have the necessary expertise in captive management
   
5. 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.
   
6. Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be licensed;
   2. any director or principal officer as defined in section 31(11) of the Act and any actuary as approved by MAS under section 37 of the Act, are fit and proper persons to hold the office;
   3. all of its substantial shareholders are fit and proper persons;
   4. all persons having effective control as defined under section 27 of the Act are fit and proper persons; and
   5. all persons having control as defined under section 28 of the Act are fit and proper persons.
      

The business of captive insurers should consist principally of the risks of its related companies. Proposals to set up "rent-a-captive" operations in Singapore will also be considered. All captive insurers are required to establish their operations in Singapore as subsidiaries.

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Admission Criteria for Registered Insurance Brokers

In assessing an application for a insurance broker licence, MAS takes the following factors into consideration :

1. Track Record, financial soundness and reputation
   
2. Business plans
   The applicant should have business plans that are well developed and reflect the risk profile of the business.
3. Fitness and propriety
   The applicant should satisfy MAS that -
   i. it is a fit and proper person to be licensed;
   ii. all of its directors and chief executive officer are fit and proper persons to hold the office; and
   iii. all of its substantial shareholders and broking staff are fit and proper persons.

For more information on the admission criteria, please refer to the Guidelines on Criteria for the Registration of an Insurance Broker  (PDF, 18.0KB).

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For more information on MAS' requirements for all insurers, please refer to the

• Insurance Act (Cap. 142), Revised Edition 2002,
  [Note that this link directs you to Singapore Statutes Online website]
• Subsidiary Legislation, and
• MAS Notices, Guidelines and Circulars to Insurance Companies 
• Details on solvency and capital requirements are in regulations 3 and 4 of the Insurance (Valuation and Capital) Regulations 2004 (PDF, 1.02MB).

For more information on MAS' requirements for insurance brokers, please refer to

• Insurance Act (Cap. 142), Revised Edition 2002,
  [Note that this link directs you to Singapore Statutes Online website]
• MAS Notices, Guidelines and Circulars to Insurance Brokers
• Details on the minimum paid-up capital, professional indemnity insurance and net asset value are in regulations 3, 4 and 5 of the Insurance (Intermediaries) Regulations 2003 (PDF, 194KB).

Application Procedures for Registration as Insurers

Prospective applicants are encouraged to meet with the Insurance Supervision Department, MAS to discuss their business plans before submitting a formal application. All applications are to be submitted on prescribed forms.

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

1. Application form for direct insurers (PDF, 44.5KB)
2. Application form for reinsurers (PDF, 44.5KB)
3. Application form for captive insurers (PDF, 43.5KB)

Application Procedures for Registration as Insurance Brokers

Prospective applicants are encouraged to meet with the Capital Markets Intermediaries Department, MAS to discuss their business plans before submitting a formal application. All applications are to be submitted on prescribed forms.

Application Form for Registration as Insurance Broker (PDF, 133KB)

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Admission Criteria for Representative Offices

In assessing an application for a representative office, MAS takes the following factors into consideration:

1. Domestic and International rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.
   
2. 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.
   
3. 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.
   
4.  Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be approved;
   2. the Singapore representative whom it has appointed to be responsible for the activities of the proposed representative office in Singapore, is a fit and proper person to hold the office; and
   3. all persons having control of the applicant (Note 1) are fit and proper person.

Application Procedures for Representative offices

Prospective applicants are encouraged to meet with the Insurance Supervision Department, MAS to discuss their business plans before submitting a formal application. All applications are to be submitted on prescribed forms.

For further clarifications or enquiries on the requirements, please send them to id@mas.gov.sg

Application form for representative offices (PDF, 31.9KB)

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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:

1. Domestic and International rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.
   
2. 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.
   
3. 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.
   
4. 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.
   
5. Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be authorised; and 
   2. all persons having control of the applicant (Note 1) are fit and proper person.

Note 1: Persons having control in accordance with section 12A(7) of the Insurance Act.

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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:

1. Domestic and international rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums and assets.
   
2. 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.
   
3. 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.
   
4. Fitness and Propriety
   The applicant should satisfy MAS that -
   1. it is a fit and proper person to be approved; and
   2. 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 12A(7) 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.

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Admission Criteria for Approved MAT Insurance Brokers

An overseas insurance broker 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:

1. 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.
   
2. Domestic and international rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums.
   
3. Business plans
   The applicant should have business plans that are well developed and reflect the risk profile of the business.
   
4. Fitness and Propriety
   The applicant should satisfy MAS that - 
   (i) it is 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: Person having control in accordance with section 12A(7) of the Insurance Act read with regulation 16(2) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14).

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

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Admission Criteria for Approved Reinsurance Brokers

An overseas insurance broker in a designated country* may apply for approval in respect of general reinsurance business, life reinsurance business or both. In considering an application for approval, MAS takes the following factors into consideration:

1. 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.
   
2. Domestic and international rankings
   The applicant's domestic and international rankings by, inter alia, factors such as premiums.
   
3. Business plans
   The applicant should have business plans that are well developed and reflect the risk profile of the business.
   
4. Fitness and Propriety
   The applicant should satisfy MAS that - 
   (i) it is 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: Person having control in accordance with section 12A(7) of the Insurance Act read with regulation 16(2) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14).

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

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Application Procedures for Authorisation and Approval as Insurers

Applications for authorisation or approval are to be submitted on prescribed forms downloadable from the MAS' website. For further clarifications or enquiries on authorisation or approval requirements, please send them to id@mas.gov.sg.

1. Application form for authorised reinsurers (PDF, 27KB)
2. Application form for approved MAT insurers (PDF, 23KB)

Application Procedures for Approval as Insurance Brokers

Applications for approval are to be submitted on prescribed forms downloadable from the MAS' website. 

1. Application form for approved brokers (PDF, 27.5KB)

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