Regulatory Alerts2022-08-22
Added · Updated
Guidelines on Applications for Exemptions under Section 138(3) of the Insurance Act 1966
All insurers must observe these guidelines when applying for exemptions from compliance with the Insurance Act 1966 or regulations issued by the Monetary Authority of Singapore. Applications must be submitted using the form in Annex 1, providing precise citations of the provisions sought to be exempted and full justifications. If statutory deadlines are involved, the form must be submitted at least 28 working days before the deadline. Each application is considered on its own merits, and submissions from insurers in violation of the Act or its regulations will be rejected.