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Start an Insurance Company in Singapore

Start an Insurance Company in Singapore

Updated on Friday 15th September 2017

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Start-an-insurance-company-in-SingaporeThe financial industry is one of the most developed economic sectors of Singapore and the number of foreign enterprisers opening companies in this field in increasing by the year. Moreover, once the financial technology sector has started to evolve, insurance companies can also expand their services area.

Those interested in starting an insurance business in Singapore must comply with the Insurance Act, which is the main but not the only law related to this industry. Our lawyers in Singapore can assist with the company registration process of an insurance business.

Legislation related to the insurance industry in Singapore

Apart from the Insurance Law which was dates back in 1966, those who want to create insurance companies in Singapore must also comply with:

  • -          the Monetary Authority of Singapore Act;
  • -          the Commercial Code;
  • -          the Marine Insurance Act;
  • -          the Motor Vehicle Act;
  • -          the Work Injury Compensation Act.

Each of the laws above provide for the type of insurance services a Singapore company can offer.

Types of insurance businesses in Singapore

An investor who wants to open a company in the insurance sector in Singapore must know that he or she can choose from several segments of activities. Insurance companies can be divided into:

  • -          licensed or direct insurers;
  • -          reinsurance companies;
  • -          captives;
  • -          authorized insurance companies;
  • -          insurance companies registered under the Lloyd’s Asia Scheme.

Our Singapore lawyers can offer detailed information on the types of insurance companies which can be established in the city-state.

Registering an insurance company in Singapore

The registration procedure of a Singapore insurance business is the same as for any other type of financial company. Foreign entrepreneurs can rely on a law firm in Singapore to handle this process.

Once the company is registered, it must undergo the authorization process with the Monetary Authority in the city-state. In order to receive its license, an insurance company must submit proof of solvency with the Monetary Authority of Singapore. The insurance license will be issued based on a case-to-case analysis.

If you are interested in starting an insurance company and need assistance, please feel free to contact our attorneys in Singapore.

 

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