Singapore

Singapore

Singapore is the largest captive domicile in Asia Pacific, with a proven track record of well-managed and regulated captives. It also hosts a strong captive ecosystem with a full range of services required to manage and administer captives, such as captive management, audit, tax, legal, accounting, actuarial and secretarial services.

[Last updated: 28/07/16]
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
71 as of 22 July 2016.
 
Number of Risk Retention Groups or Group Captives
Nil
 
Number of Single Parent Captives
71 as of 22 July 2016.
 
Number of Cell Captives
Nil
 
Number of licences granted in the past year (2015 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 1.14 billion (for 2014 Offshore Insurance Fund Business. 2015 results are not available yet.)
This information is also available from MAS' website: http://www.mas.gov.sg/Statistics/Insurance-Statistics/Annual-Statistics/Insurance-Statistics-2014.aspx
 
Total value of assets under management
SGD 3.30 billion (for 2014 Offshore Insurance Fund Business. 2015 results are not available yet.)
This information is also available from MAS' website: http://www.mas.gov.sg/Statistics/Insurance-Statistics/Annual-Statistics/Insurance-Statistics-2014.aspx

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