Regulatory Alerts2020-12-30
Added · Updated
MAS Notice 100 Licensing of Insurers
Licensed insurers must seek approval from or notify the Monetary Authority of Singapore regarding changes to licensing particulars listed in Appendix A. Specifically, locally incorporated insurers require approval for changes to their name or paid-up capital, while all licensed insurers must notify the Authority of changes to head office details, Singapore office address, issued capital, or financial year-end. Such notifications must be submitted as soon as possible but no later than one month after the change occurs. The notice defines terms such as foreign incorporated insurer, holding company, and locally incorporated insurer, and deletes previous licensing provisions.
1 Notice No : MAS 100 Issue Date : 1 April 2013 Last revised on 30 December 2020 LICENSING OF INSURERS Introduction
- 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
- 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]
2 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]
3 Licensing of Insurers MAS 100 Appendix A Licensing Particulars
- 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]
- 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]