Insurance Act (Cap 142, 2002 Rev Ed)
The Insurance Act (“IA”) primarily governs the licensing and regulation of insurance business, insurers, insurance intermediaries and related institutions in Singapore. Insurers can carry on insurance business in Singapore either 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 carry on insurance business in Singapore under a foreign insurer scheme established under Part IIA of the IA.
The scope of the IA, inter alia, includes the following:
(a) control of insurance business, with provisions relating to restrictions placed on insurers (Part II);
(b) control of foreign insurer schemes (Part IIA);
(c) control of insurance intermediaries (Part IIB);
(d) provisions relating to returns, inspections, investigations, winding up and transfers of business (Part III);
(e) assistance to foreign regulatory authorities (Part IIIA);
(f) transfer of business and shares, restructuring of licensed insurer and winding up (Part IIIAA); and
(g) nomination of beneficiaries (Part IIIC).
Notably, special categories of insurance, such as motor insurance, workmen’s compensation insurance and marine insurance, are regulated under other statutes in Singapore.