guidance on opening an insurance company in singapore
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Guidance on Opening an Insurance Company in Singapore
A presentation brought to you by OpenCompanySingapore.com
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The Insurance Industry in Singapore
• Singapore is the largest banking and financial network in Southeast Asia.
• It is home to many international banks, wealth management companies and other financial companies.
• Foreign investors looking for opportunities can direct themselves towards foreign exchange and insurance companies.
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Why Open an Insurance Company in Singapore ?
• Singapore can prove to be an excellent choice due to its qualified and educated workforce and the pro-business legislation providing incentives for foreign investors.
• In order to encourage investments in the financial sector the government established the Institute of Banking and Finance in Singapore.
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Types of Insurance Companies in Singapore >>
• Insurance companies in Singapore fall under the regulations of the Monetary Authority of Singapore (MAS) and are governed by the Insurance Act.
• The insurance legislation recognizes insurers, reinsurers, agents and brokers who can act as insurance intermediaries.
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>> Types of Insurance Companies in Singapore
• Licensed insurance companies can provide direct life, general reinsurance and captive insurance services, while foreign companies will fall under the Lloyd’s Scheme and Lloyd’s Asia Scheme for providing their services.
• Our specialists in company formation in Singapore can provide you with information about the schemes for foreign insurance companies operating in the city-state.
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How to Register an Insurance Company in Singapore• Opening an insurance company i
n Singapore implies selecting a type of entity and registering it with ACRA.
• An insurance company must have a chairman and an actuary in the case life insurers and in the case of non-life insurers.
• The chairman, directors and other executives in the company must pass the MAS’ fit and proper test.
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Licensing of a Singapore Insurance Company
• Foreign investors seeking to open a company in Singapore in the insurance/reinsurance field, must fulfill several conditions, among which:
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for offering life insurance services a minimum 5 million SGD must be deposited;
for non-life insurance services, a minimum 10 million SGD is required.
• Licensed reinsurers must deposit a minimum share capital of 25 million SGD.
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Risk Requirements forSingapore Insurance Companies
• Insurance companies in Singapore must also have a capital which will be kept for risk exposure purposes.
• This capital is known as the Total Risk Requirements (TRR) and is calculated based on a formula released by MAS.
• Also, the company must be registered with the responsible local authority.
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Assistance in Opening a Singapore Insurance Company
• Our company formation agents in Singapore can help foreign investors interested in starting an insurance business in the city-state.
• You can also contact us for assistance with the application for the insurance license.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 [email protected]
www.opencompanysingapore.com
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