Regulatory Alerts2004-07-30
Added · Updated
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.
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