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Insurance
Insurers may carry on insurance business in Singapore as licensed insurers, authorised reinsurers, approved Marine, Aviation and Transit (MAT) insurers, or foreign insurers. Insurance brokers may conduct insurance broking activities in Singapore as registered insurance brokers or approved insurance brokers. Find out about the regulations, updates and licensing for such institutions.
Types of Entities and Licences
Insurers and insurance brokers are licensed and governed under the Insurance Act . Find out about the different types of insurance entities and their licensing requirements.
For the list of insurers and insurance brokers in Singapore, see the Financial Institutions Directory.
Regulations and Guidance
MAS is governed by the MAS Act, which confers on it powers to issue legal instruments for regulation and supervision of financial institutions.
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What's New
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Strengthening AML/CFT Name Screening Practices
MAS conducted thematic inspections on the AML/CFT name screening frameworks and processes of selected financial institutions in 2021. The paper sets out MAS’ supervisory expectations and good practices, areas for improvement, and illustrative examples observed from the inspections. Financial institutions should benchmark themselves against the supervisory expectations and good practices in the paper.
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Enforcement
This Monograph outlines the approach that the Monetary Authority of Singapore (“MAS”) takes towards enforcement, the role that enforcement plays in the wider objective of financial industry oversight and the key areas of MAS’ enforcement practice and powers across the financial industry.
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Notice 133 Valuation and Capital Framework for Insurers
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
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ID 03/22 Publication of Best Practice Papers by the Insurance Culture and Conduct Steering Committee (ICCSC)
Informs all licensed insurers, licensed financial advisors, registered insurance brokers of the publication of best practice papers by the ICCSC. Encourages all insurers and insurance intermediaries to study the papers and adopt the best practices and recommendations as appropriate.
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Consultation Paper on Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT Notices
This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.
- Consultation number:
- P010-2021
- Start date:
- 09 July 2021
- Closing date:
- 10 August 2021
- MAS response date:
- 01 March 2022
- Status:
- Responded