Governance, Risk and Compliance - The Singaporean Insurance Industry

Published: Jun, 2016 | Pages: 63 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Governance, Risk and Compliance - The Singaporean Insurance Industry' report 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 Timetric’s 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 also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Singapore, including:

- An overview of the insurance regulatory framework in Singapore.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Singapore.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

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.

Reasons To Buy

- 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 product.

Key Highlights

- The Singaporean insurance industry is supervised and regulated by the Monetary Authority of Singapore.
- 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 MAS.
- Motor vehicle third-party liability insurance, workmen’s compensation insurance and government health insurance are compulsory in Singapore.

 Table of Content

1 Introduction
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 Regulations
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 Workmen’s compensation insurance
2.4.3 Government health insurance
2.4.4 Aviation carriers' liability insurance
2.4.5 Professional indemnity insurance
2.4.6 Insurance against oil pollution from ships
2.4.7 Third-party liability cover for certain pleasure craft and vessels operating in Singapore
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 Types 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
2.7.6 Solvency margins
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 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’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 - Minimum Capital Requirements
Table 10: Singapore - Levy Rates Applicable to PPF Scheme Member
Table 11: Singapore - Investment Concentration Limits
Table 12: Singapore - Corporate Tax Rates for the Financial Year 2016

List of Figures

Figure 1: Singapore - Insurance Supervision and Control at Various Levels
Figure 2: Singapore - Insurance Regulatory Frameworks For Company Registration and Operation