Singapore legislation
Regulation 5
Regulation 5
Approval of captive insurer
Subregulation 1
During the period from 1 June 2017 to 31 December 2030 (both dates inclusive), the Minister or an authorised body may, upon application by any captive insurer (whether or not the insurer is licensed under the Insurance Act 1966 to carry on general business), and if the Minister or the authorised body (as the case may be) considers it expedient in the public interest to do so, approve the insurer as an approved captive insurer.
Subregulation 2
Any approval under paragraph (1) is for a period of —
10 years if the approval is granted before 1 April 2018; or
5 years if the approval is granted on or after 1 April 2018.
Subregulation 3
No approval may be given under paragraph (1) unless, at the time of such approval, all the functions in the following sub‑paragraphs are undertaken by the captive insurer, by a company incorporated in Singapore, or by personnel located in Singapore who are employed by a company incorporated outside Singapore:
either or both of the following:
ensuring compliance with any requirement or any direction, notice or other document issued under the Insurance Act 1966;
ensuring compliance with any requirement or any direction, notice or other document issued under the Monetary Authority of Singapore Act 1970 or the Financial Services and Markets Act 2022;
ensuring compliance with any requirement relating to financial accounting, auditing and reporting under the Companies Act 1967;
the day-to-day management of the captive insurer’s business.