Special Purpose Reinsurance Vehicle : Apply for Licence
MAS assesses application for a life and/or general SPRV using these criteria:
- Track record, financial soundness and reputation of the applicant, including the applicant’s compliance with its home regulations. In assessing this criteria, MAS will consult the applicant's home supervisory authority.
- Domestic and international rankings of the applicant by factors such as premiums and assets.
- Past and present credit ratings by international rating agencies, including Standard and Poor's, A.M Best, Moody's and Fitch.
- SPRV to be established as a bankruptcy remote vehicle separate from the ceding insurer or originator.
- Ability of the SPRV to remain fully funded at all times.
- Robust risk management systems and processes that are commensurate with the size and complexity of the business.
- Competence and expertise of its proposed managers in insurance management.
- 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
The expected processing time for a straightforward application is 2 to 4 weeks upon receipt of complete information. 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.