Overseas insurers in designated countries may apply for approval to provide direct marine, aviation and transit (MAT) insurance in Singapore.
Approved MAT insurers:
Do not write insurance business, other than the collection or receipt of premiums in relation to MAT insurance business.
Do not have a physical presence in Singapore, and provide insurance services from overseas to persons in Singapore.
Are subject to limited oversight by MAS as compared to licensed insurers. For example, they are not required to set up and maintain separate insurance funds for policies taken out by persons in Singapore or comply with solvency margin requirements.
MAS assesses applications for Approved MAT insurers using these criteria:
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.
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.
Fitness and propriety of the applicant and all persons having control of the applicant.
Who Can Apply
Only insurers licensed, registered, approved or otherwise regulated under the law of designated countries to carry on business of providing MAT insurance in that country may apply. Find out which are the designated countries.
Before You Apply
Before submitting a formal application, you are encouraged to contact the Insurance Department of MAS about your plans.
For further enquiry or to make an appointment with the Insurance Department of MAS, send an email to firstname.lastname@example.org.
It will take approximately typically 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