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.
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Prudential and Supervisory Requirements
Licensing, Authorisation and Registration
Informs all insurers on expectations to update MAS on their BCM contact details annually or when there are any changes. The annual updates should be sent to MAS by 31 March of each year.
MAS and The Association of Banks in Singapore jointly issued a paper on managing new risks that could emerge from extensive remote working arrangements adopted by financial institutions (FIs) amid the COVID-19 pandemic. The paper, “Risk Management and Operational Resilience in a Remote Working Environment” highlights possible risks to FIs in the areas of operations, technology and information security, fraud and staff misconduct, and legal and regulatory risks. It also examines the impact on people and culture that may be brought about by remote working. The paper suggests key risk management actions and examples of mitigating controls that FIs should benchmark themselves against.
Application for Registration as an Insurance Broker.
Guidelines on the criteria and procedures for registration as an insurance broker.
Requirements and standards for life insurers providing financial advisory services.