RegAlertRule · MAS · 30 Jul 2004
Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
Related corporations incorporated outside Singapore that are not licensed insurers must satisfy specific criteria to qualify for an exemption from the extra-territorial application of the Insurance Act when entering into reinsurance arrangements with licensed insurers. The required criteria include being licensed or regulated in its home country, holding a financial strength rating of at least “A” from an internationally recognized rating agency, being well capitalized, and having an established track record. If a related corporation fails to meet these criteria after initially qualifying, it loses the exemption and may be required to be licensed as an insurer or authorized as a reinsurer. This notice takes immediate effect.
Notices
Last Revised Date: 22 April 2013
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
Criteria to be met by a related corporation, which intends to enjoy the exemption granted under regulation 12(b) of the the Insurance (Authorised Reinsurers) Regulations.
Exemptions
Issued pursuant to:
Regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations
Applies to:
Authorised Reinsurer
View Notice
IA/PP-N02.1 Non-applicability of Extra-territoriality of Act - Criteria for Related Corporations
(106.6 KB)
This notice applies to all authorised reinsurers.
It sets out the criteria to be met by a related corporation that intends to enjoy the exemption granted under regulation 12(b) of the the Insurance (Authorised Reinsurers) Regulations.
Regulation 12(b) of the Regulations provides that section 56A of the Insurance Act (Cap.142) shall not apply where a reinsurance arrangement is entered into between a licensed insurer (other than a captive insurer) and its related corporation which is incorporated outside Singapore, is not a licensed insurer and satisfies the criteria as specified in this notice.
18 Apr 2013
IA/PP-N02.1 (Amendment) 2013
(110.3 KB) takes effect.
02 Apr 2013
IA/PP-N02.1 dated 30 Jul 2004
(8.37 KB)
[cancelled with effect from 18 Apr 2013
]
Sets out requirements applicable to authorised reinsurers such as the lodgement of reinsurance deposit, disclosure requirements and submission of annual returns.
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- Permission 1
- Definition / condition 7
- background, boilerplate
Lineage: No known changes
RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.
The links and the sentences they come from (1)
- Amends
- IA/PP-N02.1 Notice No. N02.1 dated 2013-04-18Not in RegAlert
“18 Apr 2013 IA/PP-N02.1 (Amendment) 2013 takes effect.”
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