CMI 44/2018 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations

Circular No. CMI 44/2018
27 December 2018
To Chief Executive Officers
All Registered Insurance Brokers and Exempt Insurance Brokers 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 Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) was signed on 8 March 2018 in Santiago by 11 nations1 . Singapore has ratified the CPTPP on 19 July 2018 and the CPTPP will take effect on 30 December 2018. Under the CPTPP, Singapore committed to liberalise the cross-border supply of international marine, aviation and goods in transit (“MAT”) insurance, MAT insurance broking and reinsurance broking. 2 MAS has issued the Insurance (Approved Marine, Aviation and Transit Insurers) (Amendment) Regulations 2018 and the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) (Amendment) Regulations 2018 (collectively referred to as “the Amendment Regulations”) to give effect to the commitments made under the CPTPP. The Amendment Regulations will come into operation on 30 December 2018 and are available at the following links:

1 These include Singapore, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Vietnam. 10 Shenton Way MAS Building Singapore 079117 Telephone: (65) 6225 5577 Facsimile: (65) 6229 9229

Monetary Authority of Singapore http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulations￾Guidance-and-Licensing/Insurance/Subsidiary-Legislation/2018/Insurance￾Approved-MAT-Insurers-Amendment-Regulations-2018.aspx http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulations￾Guidance-and-Licensing/Insurance/Subsidiary-Legislation/2018/Insurance￾Approved-MAT-IB-and-RIB-Amendment-Regs-2018.aspx 3 If you have any queries on this matter, please contact your company’s liaison officer in MAS. Yours faithfully [sent via MASNET] MERLYN EE EXECUTIVE DIRECTOR CAPITAL MARKETS INTERMEDIARIES DEPARTMENT I