Consultation Paper on Proposed Framework for Protected Cell Companies in Singapore

1/1 Circular No: ID 08/26 7 July 2026 To Chief Executives All Licensed Insurers Dear Sir/Madam ISSUANCE OF CONSULTATION PAPER ON PROPOSED FRAMEWORK FOR PROTECTED CELL COMPANIES IN SINGAPORE The Monetary Authority of Singapore (MAS) has issued a consultation paper on the proposed legislative framework for a new Protected Cell Companies (PCC) corporate structure in Singapore. 2 A PCC structure operates as a single legal entity comprising a central “Core” and one or more separate and distinct “Cells”. The assets and liabilities of each Cell are legally segregated from those of other Cells and the Core. The proposed framework aims to support the growth of alternative risk transfer solutions and deepen Singapore’s role as a risk management hub. For a start, the PCC framework is designed to support the following insurance use cases: captive insurance, insurance-linked securities and sovereign risk pools. 3 MAS invites comments on the proposals set out in the consultation paper. The consultation paper is available on the MAS website at: link. Any feedback to the consultation questions should be submitted via the FormSG (link) by 7 August 2026. 4 If you have queries relating to the consultation paper, please contact your MAS liaison officer. Thank you. Yours faithfully [Sent via MAS-Tx] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT