Product Code: GDIS0050RR
The Monetary Authority of Singapore (MAS) established under the Monetary Authority of Singapore Act 1970 supervises and regulates the Singaporean insurance industry. The Insurance Act comprises the rules and regulations governing the Singaporean insurance industry. The MAS is responsible for the regulation and supervision of complete financial sector in Singapore, including the insurance industry.
Key Findings -
- The Monetary Authority of Singapore supervises and regulates the Singaporean insurance industry
- The favorable foreign direct investment (FDI) regime, which allows up to 100% foreign participation, will encourage international insurance companies to enter the Singaporean insurance industry
- The direct placement of non-admitted insurance and reinsurance is prohibited in Singapore
- Composite insurance licenses to carry on both life and general insurance business in Singapore are granted by the MAS
- Motor vehicle third-party liability insurance, workmen's compensation insurance and government health insurance are compulsory in Singapore
The report "Governance, Risk and Compliance - Singaporean Insurance Industry" is the result of extensive research into the insurance regulatory framework in Singapore. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.
- The report covers details of the insurance regulatory framework in Singapore.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Singapore.
- Track the latest regulatory changes, and expected changes impacting Singaporen insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
- 1.1. What is this Report About?
- 1.2. Definitions
2. GOVERNANCE, RISK AND COMPLIANCE
- 2.1. Legislation Overview and Historical Evolution
- 2.2. Latest Changes in Regulation
- 2.3. Legislation and Market Practice by Type of Insurance
- 2.3.1. Life Insurance
- 2.3.2. Property insurance
- 2.3.3. Motor insurance
- 2.3.4. Liability insurance
- 2.3.5. Marine, aviation and transit insurance
- 2.3.6. Personal accident and health insurance
- 2.4. Compulsory Insurance
- 2.4.1. Motor vehicle third-party liability insurance
- 2.4.2. Workers' compensation insurance
- 2.4.3. Aviation carriers' liability insurance
- 2.4.4. Professional indemnity insurance
- 2.4.5. Insurance against oil pollution from ships
- 2.4.6. Third-party liability cover for certain pleasure craft and vessels operating in Singapore
- 2.4.7. Liability insurance for clinical trials
- 2.4.8. National health insurance plan
- 2.4.9. Health insurance for foreign workers
- 2.5. Supervision and Control
- 2.5.1. International Association of Insurance Supervisors (IAIS)
- 2.5.2. Monetary Authority of Singapore
- 2.5.3. General Insurance Association of Singapore (GIA)
- 2.5.4. Life Insurance Association of Singapore (LIA)
- 2.6. Non-Admitted Insurance Regulations
- 2.6.1. Overview
- 2.6.2. Intermediaries
- 2.6.3. Market practices
- 2.6.4. Fines and Penalties
- 2.7. Company Registration and Operations
- 2.7.1. Type of insurance organization
- 2.7.2. Establishing a local company
- 2.7.3. Foreign ownership
- 2.7.4. Types of license
- 2.7.5. Capital requirements 61
- 2.7.6. Solvency margin
- 2.7.7. Reserve requirements
- 2.7.8. Investment regulations
- 2.7.9. Statutory return requirements
- 2.7.10. Fee structure
- 2.8. Taxation
- 2.8.1. Insurance premium or policy taxation
- 2.8.2. Withholding taxes on premium paid overseas
- 2.8.3. Corporate tax
- 2.8.4. VAT
- 2.8.5. Captives
- 2.9. Legal System
- 2.9.1. Introduction
- 2.9.2. Access to court
- 2.9.3. Alternative dispute resolution (ADR)
- 3.1 Methodology
- 3.2 Contact GlobalData
- 3.3 About GlobalData
- 3.4 GlobalData's Services
- 3.5 Disclaimer
List of Tables
- Table 1: Insurance Industry Definitions
- Table 2: Singapore - Insurance Regulatory Framework Key Features
- Table 3: Singapore - Life Insurance Regulatory Framework
- Table 4: Singapore - Property Insurance Regulatory Framework
- Table 5: Singapore - Motor Insurance Regulatory Framework
- Table 6: Singapore - No-Claims Discounts on Motor Insurance Policies
- Table 7: Singapore - Liability Insurance Regulatory Framework
- Table 8: Singapore - Minimum PII cover for Retail LFMC
- Table 9: Singapore - Levy Rates Applicable to PPF Scheme Member
- Table 10: Singapore - Investment Concentration Limits
- Table 11: Singapore - Corporate Tax Rates for the Financial Year 2019
List of Figures
- Figure 1: Singapore - Insurance Supervision and Control at Various Levels
- Figure 2: Singapore - Insurance Regulatory Frameworks for Company Registration and Operation