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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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Circular No. ID 02/20 - Business Continuity Management (“BCM”) – Submission of BCM Data
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.
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Risk Management and Operational Resilience in a Remote Working Environment
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.
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Application for Registration as an Insurance Broker
Application for Registration as an Insurance Broker.
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Criteria for the Registration of an Insurance Broker [IA/II-G04]
Guidelines on the criteria and procedures for registration as an insurance broker.
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Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act
Requirements and standards for life insurers providing financial advisory services.