Regulatory Alerts2022-08-22
Added
Guidelines on Applications for Exemptions under the Insurance Act 1966
The Monetary Authority of Singapore issued these guidelines to establish procedures for insurers seeking exemptions from the Insurance Act 1966 or related regulations. All applicants are required to submit the designated exemption application form found in Annex 1 of the document. Insurers must ensure submissions are made to the MAS at least 28 working days prior to any relevant statutory deadlines.
Guidelines
Last Revised Date: 22 August 2022
These guidelines apply to all insurers.
They set out the procedures which should be followed by insurers intending to apply for exemption from compliance with any provision of the Insurance Act 1966 ("the Act"), or any regulation or direction issued by MAS pursuant to the Act.
All applicants should submit the exemption application form in Annex 1 of these guidelines. Where there are statutory deadlines for any legislative requirements, insurers should plan ahead to meet the deadlines and submit the application form for exemption from such legislative requirements to MAS at least 28 working days before the statutory deadline.
22 Aug 2022 Previous version dated 1 Feb 2022 (174.2 KB) takes effect. (Cancelled with effect from 22 Aug 2022)
9 Dec 2004 Previous version dated 9 Dec 2004 (26.4 KB) takes effect. (Cancelled with effect from 1 Feb 2022)