Singapore

[Last updated: 11/11/2019]
Regulatory contact:
Monetary Authority of Singapore
Address of regulator
10 Shenton Way MAS Building Singapore 079117
Telephone Number
(+65) 6225 5577
Email Address
webmaster@mas.gov.sg
Website
http://www.mas.gov.sg

Name of Captive Legislation

1. Insurance Act (Cap 142)
2. Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004
3. MAS Notice No. 121: Captive Insurance - Writing of In-House and Non In-House Risks

Year Legislation Passed

1. Insurance Act (Cap 142): 1 January 1967
2. Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2004: 1 January 2005
3. MAS Notice No. 121: Captive Insurance - Writing of In-House and Non In-House Risks: 8 May 2012

Recent Amendments
Insurance Act (Cap 142): Insurance (Amendment) Act 2015 which commenced on 1 January 2016

Do you allow Cell Captives?
No

Total Number of Licenced Captives
73 as of 30 July 2019.

Number of Risk Retention Groups or Group Captives
Nil

Number of Single Parent Captives
73 as of 30 July 2019.

Number of Cell Captives
Nil

Number of licences granted in the past year (2018 calendar year)
4

Approximate (or Average) length of time to process a new captive
The time to process a new captive varies as it depends on the complexity of the case.

Captive tax rates
Before 1 April 2018, insurers approved under the Tax Incentive Scheme for Captive Insurance will be granted tax exemption on qualifying income derived from the carrying on of qualifying captive insurance business. With effect from 1 April 2018, the Tax Incentive Scheme for Captive Insurance will be subsumed under the IBD umbrella scheme. The new IBD Scheme for Captive Insurance (“IBD-Captive”) will grant a concessionary tax rate of 10% for 5 years.

Minimum capitalisation rate
SGD 400,000

Licencing fees
SGD 6,000 per annum

Industry sectors best represented in the domicile
No particular dominant or best represented industry sectors.

List the top 5 uses for Captives in your domicile, and if possible, number of captives of each type

1. Marine and Aviation – Cargo
2. Marine and Aviation – Hull and Liability
3. Property
4. Casualty and Others

Total premiums received by the Captives
​SGD 1.11 billion (for 2018 Offshore Insurance Fund Business)
This information is also available from MAS' website: https://www.mas.gov.sg/statistics/insurance-statistics/annual-statistics/insurance-statistics-2018 (Navigation instructions: MAS Website Home Page > Statistics > Insurance Statistics).

Total value of assets under management
​SGD 4.58 billion (for 2018 Offshore Insurance Fund Business)
This information is also available from MAS' website: https://www.mas.gov.sg/statistics/insurance-statistics/annual-statistics/insurance-statistics-2018 (Navigation instructions: MAS Website Home Page > Statistics > Insurance Statistics).