Singapore Insurance Industry – Governance, Risk and Compliance

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Published: February 16, 2023 Report Code: GDIS0050RR-ST

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Singapore Insurance Industry Government Regulation Overview

The Monetary Authority of Singapore (MAS) acts as the regulator of the Singapore insurance industry while the International Association of Insurance Supervisors (IAIS), General Insurance Association of Singapore (GIA), and Life Insurance Association of Singapore (LIA) act as the other supervisors. The Singapore insurance industry governance regulation report provides a 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 establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·       Monetary Authority of Singapore (MAS)

·       International Association of Insurance Supervisors (IAIS)

·       General Insurance Association of Singapore (GIA)

·       Life Insurance Association of Singapore (LIA)
Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance
Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Value Added Tax
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Singapore Insurance Industry – Key Regulators and Legislation

Monetary Authority of Singapore: The MAS is the government authority responsible for the regulation and supervision of financial sectors in Singapore, including the insurance industry. Its primary objective is to promote sustained non-inflationary economic growth, and a sound and progressive financial center. The MAS supervises and controls the insurance industry, issues rules and regulations governing the insurance industry of Singapore, issues guidelines and imposes conditions of operation on insurance companies and intermediaries, and helps with the registration of insurance companies and intermediaries, among other responsibilities.

International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The key laws regulating the insurance industry are:

  • The Insurance Act (Chapter 142)
  • The Marine Insurance Act (Chapter 387)
  • The Motor Vehicle (Third Party Risks and Compensation) Act (Chapter 189)
  • The Work Injury Compensation Act (Chapter 354)
  • The Carriage by Air (Montreal convention, 1999) Act

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Singapore Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the Singapore insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Singapore Insurance Industry Analysis by Compulsory Insurances

Singapore Insurance Industry Analysis by Compulsory Insurances

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Singapore Insurance Industry - Company Registration and Operation

A license is required to operate in the Singapore insurance industry. The Insurance Act of Singapore completely prohibits the placement of non-admitted insurance in the Singaporean insurance industry. Section 3 of the Act states that no person should perform any class of insurance business in Singapore, either as an insurer or reinsurer except if licensed by MAS for the class of insurance or reinsurance business under the provisions of the Act. In addition, any foreign reinsurer intending to carry on reinsurance business in Singapore has to obtain authorization from the MAS.

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Singapore Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Singapore. The other taxes imposed are Corporate Income Tax and Value Added Tax.

Corporate Income Tax: The Inland Revenue Authority of Singapore (IRAS) administers taxes in Singapore and ensures that they are in accordance with the rules and regulations of the Income Tax Act. A Singaporean company is considered a resident for income tax purposes if the management and control of the company are exercised in Singapore. All resident and non-resident companies are taxed on income generated in Singapore and foreign income remitted, or considered remitted, to the country.

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Scope

  • 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.

Key Highlights

  • 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.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.

  • Gain insights into the insurance regulatory framework in Singapore.

  • Track the latest regulatory changes and expected changes impacting the Singaporean 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 products.

Table of Contents

  • 1. SINGAPORE

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance

    • 1.3. Non-Admitted Insurance Regulations

    • 1.4. Company Registration and Operation

      • 1.4.1. License

      • 1.4.2. Foreign Direct Investment / Ownership

      • 1.4.3. Minimum Capital Requirements

      • 1.4.4. Solvency Margins

      • 1.4.5. Reserve Requirements

      • 1.4.6. Statutory Return Requirements

      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium

      • 1.5.2. Corporate Income Tax

      • 1.5.3. Corporate Capital Gains Tax

      • 1.5.4. Value Added Tax

    • 1.6. Legal System

    • 1.7. Policy Practice

  • 2. About GlobalData

  • 3. Contact Us

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