Published Date: 17 March 2009

Guidelines on Implementation of Insurance Fund Concept [ID 1/09]

Sets out the specific operational safeguards that insurers should put in place for effective and consistent implementation of the fund concept.

These guidelines apply to all licensed insurers, except captive insurers, marine mutual insurers and financial guarantee insurers.

They set out the specific operational safeguards that are necessary for the establishment of the insurance funds and the segregation of the assets of licensed insurers in Singapore ("the fund concept") as required under the Insurance Act (Cap. 142).

The intention of the fund concept is to ensure that assets of each insurance fund are maintained for the purpose of meeting policy liabilities of that particular fund.