Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
20. Maintenance of assets by licensed insurers
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The Authority may, from time to time, by written notice to any licensed insurer, or any class of licensed insurers, direct the insurer or class of insurers (as the case may be) each to maintain and hold such minimum amount or amounts of assets in Singapore as may be specified in the notice for the purpose of meeting its liabilities.
Without limiting subsection (1), the Authority may, in a notice issued under that subsection, specify —
the types of liabilities in respect of which assets are to be maintained and held in Singapore;
the types of assets that are to be treated as assets maintained and held in Singapore, and the minimum amount or amounts in respect of each asset for the purpose of any requirement of the Authority under that subsection; and
the method for the valuation of assets maintained and held in Singapore, including any deduction to be made in respect of the assets.
Where the Authority issues a notice under subsection (1) to a class of licensed insurers, the Authority may direct different insurers within the class of insurers to maintain and hold different minimum amounts of assets in Singapore, having regard to the financial soundness of each insurer, the risk profile of each insurer and such other factors as the Authority may consider relevant.
Any licensed insurer which fails to comply with any direction of the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[21
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;