Singapore legislation
Regulation 3
Regulation 3
Annual fees for insurers
Subregulation 1
Except as provided in paragraph (4), for the purposes of section 11(1) of the Act, the prescribed annual fees for a licensed insurer (other than a captive insurer, marine mutual insurer or Special Purpose Reinsurance Vehicle) are the following:
for carrying on life business, other than life reinsurance business —
in the case of an insurer with total assets not exceeding $2 billion, a fee of $87,000; and
in the case of an insurer with total assets exceeding $2 billion, a fee of $140,000;
for carrying on general business, other than general reinsurance business —
in the case of an insurer with gross premiums not exceeding $100 million, a fee of $70,000; and
in the case of an insurer with gross premiums exceeding $100 million, a fee of $95,000; (c)for carrying on life reinsurance business —
in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $35,000; and
in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $45,000;
for carrying on general reinsurance business —
in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $35,000; and
in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $45,000;
for carrying on any combination of the insurance business referred to in sub-paragraphs (a) to (d), the aggregate of the respective fees.
Subregulation 2
For the purposes of section 11(1) of the Act —
the prescribed annual fee for a captive insurer is $6,000;
the prescribed annual fee for a marine mutual insurer is $17,000; and
the prescribed annual fee for a Special Purpose Reinsurance Vehicle is $5,000.
Subregulation 3
[Deleted by S 1099/2020 wef 31/12/2020]
Subregulation 3A
[Deleted by S 1099/2020 wef 31/12/2020]
Subregulation 4
For the purposes of section 11(1) of the Act, the prescribed annual fees for a licensed insurer (other than a captive insurer, marine mutual insurer or Special Purpose Reinsurance Vehicle) which —
has not previously carried on the relevant type of insurance business in Singapore referred to in paragraph (1); or
has carried on the relevant type of insurance business referred to in paragraph (1) for less than one accounting period,and has not lodged the relevant statements relating to total assets or gross premiums under section 36 of the Act are the following:
for carrying on life business (other than life reinsurance business), a fee of $87,000; (ii)for carrying on general business (other than general reinsurance business), a fee of $70,000;
for carrying on life reinsurance business, a fee of $35,000; (iv)for carrying on general reinsurance business, a fee of $35,000;
for carrying on any combination of the insurance business referred to in sub-paragraphs (i) to (iv), the aggregate of the respective fees.
Subregulation 5
The prescribed annual fees mentioned in paragraphs (1), (2) and (4) must be paid to the Authority on or before the date specified by written notification sent by the Authority.
Subregulation 6
[Deleted by S 1099/2020 wef 31/12/2020]
Subregulation 7
For the purposes of paragraph (1), the total assets or gross premiums of any licensed insurer shall include the total assets or gross premiums, as the case may be, of any other licensed insurer (other than a captive insurer, marine mutual insurer or Special Purpose Reinsurance Vehicle) which insurance business had been totally acquired by the first-mentioned licensed insurer before 1st January of the year for which the fees are to be paid.
Subregulation 8
Where a licensed insurer enters into an agreement to purchase the whole of the insurance business of one or more other licensed insurers (referred to in this regulation as the potential constituent insurer), but the agreement is only to take effect on or after 1st January of the next year, the licensed insurer may, before the date that the agreement is to take effect, apply to the Authority for an exemption of part of the fees to be paid by the licensed insurer and the potential constituent insurers under paragraph (1).
Subregulation 9
Where, upon an application under paragraph (8), the Authority agrees to exempt part of the fees to be paid by the licensed insurer and the potential constituent insurers under paragraph (1), the fees payable to the Authority by the licensed insurer and the potential constituent insurers shall be in accordance with the following formulae:
fees payable by the licensed insurer —
fees payable by the potential constituent insurer —where A is the total assets or total premiums, as the case may be, of the licensed insurer;B is the total assets or total premiums, as the case may be, of the potential constituent insurer;C is the total assets or total premiums, as the case may be, of the licensed insurer and all the potential constituent insurers; andD is the fee payable under paragraph (1) based on the combined total assets or gross premiums, as the case may be, of the licensed insurer and all the potential constituent insurers.
Subregulation 10
Payment of the fees under this regulation shall be made —
through such electronic funds transfer system as the Authority may, from time to time, designate where payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority; or
in such other form or manner as the Authority may allow.
Subregulation 11
In this regulation —[Deleted by S 237/2013 wef 18/04/2013]
Definition
“gross premiums”, in relation to a licensed insurer, means the aggregate of the gross premiums for the Singapore Insurance Fund and the Offshore Insurance Fund specified in Form A2 in Appendix B to MAS Notice 129 —
that is audited by an auditor under section 36(3A) of the Act; and (b)that is lodged by the licensed insurer in the year immediately preceding the year for which the annual fee is to be paid;
Definition
“MAS Notice 129” means the notice commonly known as MAS Notice 129 issued by the Authority under sections 36(3) and (3A)(a), 37(1)(b) and 64(2) of the Act, as amended from time to time, and includes any notice that replaces it;
Definition
“Special Purpose Reinsurance Vehicle” has the meaning given by the Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018 (G.N. No. S 837/2018);
Definition
“total assets”, in relation to a licensed insurer, means the aggregate of the total assets for the Singapore Insurance Fund and the Offshore Insurance Fund specified in Form A1 in Appendix B to MAS Notice 129 —
that is audited by an auditor under section 36(3A) of the Act; and (b)that is lodged by the licensed insurer in the year immediately preceding the year for which the annual fee is to be paid.