Captive Insurer : Apply for Licence
Applicants need a licence to be set up as a captive insurer in Singapore
MAS assesses applications for captive insurer licences using these criteria
- Track record, financial soundness and reputation of the applicant.
- Well-developed business plans that reflect the risk profile of the business.
- Long-term commitment of the applicant in the use of a captive insurer as a risk management vehicle.
- Competence and expertise of its proposed managers in captive management.
- Robust risk management systems and processes that are commensurate with the size and complexity of the business.
- Fitness and propriety of the licensee, any director or key executive person, all of its substantial shareholders, and all persons having effective control of the licensee.
Before You Apply
Before submitting a formal application, you are encouraged to contact the Insurance Department of MAS about your plans.
How to Apply
It will take approximately 6 to 8 weeks after we receive the complete application to process and approve an application. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of the information submitted.
Ensure that your application is complete, correct and accompanied by the requisite supporting documents