Regulatory Alerts2013-04-22
Added
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
The Monetary Authority of Singapore issued this notice to define the criteria for related corporations of authorised reinsurers seeking exemption from the extra-territoriality provisions of the Insurance Act. Regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations exempts reinsurance arrangements between licensed insurers and their unlicensed, overseas-incorporated related corporations, provided specific conditions are met. This document supersedes the 2004 version and outlines the requirements these related corporations must satisfy to qualify for the exemption.
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