Insurance Licence Application
Insurers are licensed and governed under the Insurance Act (Cap. 142) ("IA").
Insurers may carry on insurance business in Singapore as licensed insurers or foreign insurers:
· Licensed insurers can carry on direct life and/or general business, life and/or general reinsurance business or captive insurance.
· Foreign insurers are approved under the law of another country/territory to carry on insurance business in that country/territory. Foreign insurers carry on insurance business in Singapore under a foreign insurer scheme. Currently there are two foreign insurer schemes in Singapore: The Lloyd's Scheme and the Lloyd’s Asia Scheme.
Authorised reinsurers and Approved Marine, Aviation and Transit ("MAT") insurers do not have a physical presence in Singapore. They are established outside Singapore and provide insurance services from outside Singapore to persons in Singapore.
Authorised reinsurers can carry on the business of providing the reinsurance of liabilities under insurance policies to persons in Singapore. They can carry on life reinsurance and/or general insurance business.
Approved MAT insurers do not write insurance business, other than the collection or receipt of premiums in relation to MAT insurance business.
Authorised reinsurers and approved MAT insurers are subject to limited oversight by MAS as compared to an insurer which has a physical or commercial presence in Singapore and is licensed with MAS to carry on insurance business pursuant to the IA. Among others, authorised reinsurers and approved MAT insurers 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.
Particulars To Be Furnished By Applicant
1. The particulars that must be furnished by the applicant are as follows:
(a) name of the applicant;
(b) registered address of the applicant;
(c) the latest audited balance-sheet, profit and loss statement and other financial statements of the applicant;
(d) name and correspondence address of the the applicant;
(e) the shareholding structure of the applicant;
(g) the types of insurance business proposed to be underwritten by the applicant;
(h) the organisation chart of the applicant;
(i) the name and the designation of the person whom the proposed chief executive officer of the applicant will report to;
(j) the names and experience of the underwriters to be employed by the applicant in Singapore.
If you would like to know more, please contact Bestar.