MAS Notice 100 Licensing of Insurers

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Notice No : MAS 100
Issue Date : 1 April 2013
Last revised on 30 December 2020
LICENSING OF INSURERS
Introduction

1. This Notice is issued pursuant to section 64(2) of the Insurance Act (Cap.142) (“the
   Act”) and applies to all licensed insurers.
   [MAS Notice 100 (Amendment) 2013]
   Definitions
2. For the purposes of this Notice —
   “foreign incorporated insurer” means a licensed insurer which is incorporated outside Singapore; “holding company” and “ultimate holding company” have the same meanings as in sections 5 and 5A respectively, of the Companies Act (Cap. 50); “immediate holding company” in relation to a licensed insurer, means the holding company which directly — (a) controls the composition of the board of directors of the licensed insurer; (b) controls more than half the voting power of the licensed insurer; or (c) holds more than half of the issued share capital of the insurer; and which company is itself a subsidiary of another company; and “locally incorporated insurer” means a licensed insurer which is established or incorporated in Singapore. [MAS Notice 100 (Amendment) 2013] 2A. The expressions used in this Notice shall, except where defined in this Notice or where the context otherwise requires, have the same meanings as in the Act. [MAS Notice 100 (Amendment) 2013]

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Licensing of Insurers
3. [Deleted by MAS Notice 100 (Amendment) 2020]
Licensing Particulars
4. Every licensed insurer shall seek the approval of the Authority, or inform the Authority,
as the case may be, in respect of every change affecting the insurer's licensing particulars as set out in MAS 100 Appendix A. The licensed insurer shall notify the Authority of any changes as soon as possible but not later than one month after a change has taken place. [MAS Notice 100 (Amendment) 2013]

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Licensing of Insurers
MAS 100
Appendix A
Licensing Particulars

1. Particulars to be approved by the Authority
   i Name of licensed insurer (applicable to locally incorporated insurers only). ii Reduction in paid-up capital (applicable to locally incorporated insurers only). iii [Deleted by MAS Notice 100 (Amendment) 2020] [MAS Notice 100 (Amendment) 2013]
2. Particulars to be notified to the Authority
   i Name and address of the head office, or the licensed insurer’s immediate or ultimate holding company. ii Address of the licensed insurer’s office in Singapore. iii Issued and paid-up capital. iv Financial year-end. [MAS Notice 100 (Amendment) 2013] [MAS Notice 100 (Amendment) 2020]