Regulatory Alerts2021-01-04
Added
Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations
The Monetary Authority of Singapore issued the Amendment Regulations to implement commitments made under the United Kingdom-Singapore Free Trade Agreement regarding the liberalization of cross-border supply of international marine, aviation, and goods in transit insurance and broking. These regulations came into operation on 1 January 2021 to give effect to the trade agreement signed on 10 December 2020. The circular addresses Chief Executives of all insurers and directs them to contact their liaison officer for any queries regarding these regulatory changes.
Circular No. ID 01/21 4 January 2021 To Chief Executives All Insurers Dear Sir/Madam AMENDMENTS TO THE INSURANCE (APPROVED MARINE, AVIATION AND TRANSIT INSURERS) REGULATIONS AND INSURANCE (APPROVED MARINE, AVIATION AND TRANSIT BROKERS AND APPROVED REINSURANCE BROKERS) REGULATIONS The United Kingdom (UK) – Singapore Free Trade Agreement (“UKSFTA”) was signed on 10 December 2020 by Singapore and the UK. Under the UKSFTA, Singapore committed to liberalise the cross-border supply of international marine, aviation and goods in transit insurance and broking. 2 MAS has issued the Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2021 and the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) (Amendment) Regulations 2021 (collectively referred to as “the Amendment Regulations”) to give effect to the commitments made under the UKSFTA. The Amendment Regulations came into operation on 1 January 2021. 3 If you have any queries on this matter, please contact your company’s liaison officer in MAS. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT