Overseas insurers may apply for authorisation to carry on life and/or general reinsurance business in Singapore.
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 authorisation of reinsurers 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.
Robust risk management systems and processes that are commensurate with the size and complexity of the business.
Fitness and propriety of the applicant and all persons having control of the applicant.
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 email@example.com.
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.