Region

Jurisdiction

Regulator

2004-07-30

Added 2026-07-10 · Updated 2026-08-16

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.

Singapore

Monetary Authority of Singapore

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.