What MAS Offers
As a global capital for Asian risk transfer, Singapore offers a wide spectrum of risk financing solutions including:
Captives
- Singapore is home to many large multi-national corporations and global Fortune 500 companies.
- Such large enterprises set up captive insurance companies to insure against business risks, as a strategic option in their group risk management. As of 15 January 2021, Singapore is home to 79 captive insurers.
Insurance and Reinsurance
- Transfers risks to the traditional insurance and reinsurance markets.
- Specialised lines such as credit insurance, aviation, energy, terrorism & political risk, professional indemnity, and marine hull & liability, cyber, and natural catastrophe risks.
Risk Pooling
- Sovereign risk pools to provide immediate financing in the aftermath of a natural disaster e.g. Southeast Asia Disaster Risk Insurance Facility (SEADRIF).
- Commercial risk pools for e.g. Belt & Road Initiative (BRI) Insurance Consortium to provide capacity for specialised risks.
Alternative Risk Transfer Mechanism
- Transfers risk to the capital markets through insurance-linked securitisation, for example catastrophe bonds.
- Catastrophe bonds provide multi-year capacity and pricing certainty, are more secure due to their fully collateralised nature and ability to be rated, are a good alternative to traditional reinsurance for risks that are hard to model and they are capital-efficient.
Regulations and Guidelines
Entities wishing to conduct insurance and insurance broking activities are licensed and governed under the Insurance Act. Find out about the different types of insurance entities and their licensing requirements.
Entities and their representatives who wish to conduct financial advisory activities need to be licensed under the Financial Advisory Act. Find out more about the licensing requirements for these entities.
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Contact Us
Write to us at webmaster@mas.gov.sg for more information.
What's New
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Equities Market Review Group Convenes Inaugural Meeting, Identifies Priority Areas, and Announces Members of Workstreams
The Equities Market Review Group held its inaugural meeting on 19 August, chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore. The meeting discussed key challenges and opportunities facing Singapore’s equities market, and set out its strategic direction for the review.
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Consumer Price Developments in July 2024
This July 2024 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
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Response to Letter “保护英康拥有的国民数据” - Lianhe Zaobao, 10 August 2024
In response to a forum letter on protecting citizens' data held by Income Insurance, MAS explained that it expects all financial institutions (FIs), including insurers, to put in place strong and comprehensive measures to safeguard customer data. All FIs in Singapore are also subject to the Personal Data Protection Act, which governs the collection, use and disclosure of personal data.
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Consultation Paper on Proposed Amendments to Requirements for Preparation of Financial Statements and Reports under the Code on Collective Investment Schemes
This consultation paper seeks views on the proposals to (i) require authorised schemes (including REITs) to prepare their financial statements in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”) instead of the Statement of Recommended Accounting Practice 7: Reporting Framework for Investment Funds (“RAP 7”), and (ii) retain certain disclosures required by RAP 7 but are not required by SFRS(I) by prescribing these disclosures in the Code on Collective Investment Schemes.
- Consultation number:
- P007-2024
- Start date:
- 15 August 2024
- Closing date:
- 14 September 2024
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MAS Collaborates with Banks and Technology Partners on Quantum Security
MAS, DBS, HSBC, OCBC, UOB, SPTel and SpeQtral signed an MoU to embark on quantum security collaboration.