Cover Image
Market Research Report

Governance, Risk and Compliance - The Singaporean Insurance Industry

Published by Timetric Product code 339523
Published Content info 63 Pages
Delivery time: 1-2 business days
Price
Back to Top
Governance, Risk and Compliance - The Singaporean Insurance Industry
Published: June 22, 2016 Content info: 63 Pages
Description

Timetric's 'Governance, Risk and Compliance - The Singaporean Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Singapore.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Singapore, including:

  • An overview of the insurance regulatory framework in Singapore.
  • The latest key changes, and changes expected in the country's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Singapore.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Scope

  • The report covers details of the insurance regulatory framework in Singapore.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy

  • Gain insights into the insurance regulatory framework in Singapore.
  • Track the latest regulatory changes, and expected changes impacting the Singaporean insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
Product Code: IS0050RR

Table of Contents

1. Introduction

  • 1.1. What is this Report About?
  • 1.2. Definitions

2. Governance, Risk and Compliance

  • 2.1. Legislation Overview and Historical Evolution
  • 2.2. Latest Changes in Regulations
  • 2.3. Legislation and Market Practice by Type of Insurance
    • 2.3.1. Life insurance
    • 2.3.2. Property insurance
    • 2.3.3. Motor insurance
    • 2.3.4. Liability insurance
    • 2.3.5. Marine, aviation and transit insurance
    • 2.3.6. Personal accident and health insurance
  • 2.4. Compulsory Insurance
    • 2.4.1. Motor vehicle third-party liability insurance
    • 2.4.2. Workmen's compensation insurance
    • 2.4.3. Government health insurance
    • 2.4.4. Aviation carriers' liability insurance
    • 2.4.5. Professional indemnity insurance
    • 2.4.6. Insurance against oil pollution from ships
    • 2.4.7. Third-party liability cover for certain pleasure craft and vessels operating in Singapore
  • 2.5. Supervision and Control
    • 2.5.1. International Association of Insurance Supervisors (IAIS)
    • 2.5.2. Monetary Authority of Singapore
    • 2.5.3. General Insurance Association of Singapore (GIA)
    • 2.5.4. Life Insurance Association of Singapore (LIA)
  • 2.6. Non-Admitted Insurance Regulations
    • 2.6.1. Overview
    • 2.6.2. Intermediaries
    • 2.6.3. Market practices
    • 2.6.4. Fines and penalties
  • 2.7. Company Registration and Operations
    • 2.7.1. Types of insurance organization
    • 2.7.2. Establishing a local company
    • 2.7.3. Foreign ownership
    • 2.7.4. Types of license
    • 2.7.5. Capital requirements
    • 2.7.6. Solvency margins
    • 2.7.7. Reserve requirements
    • 2.7.8. Investment regulations
    • 2.7.9. Statutory return requirements
    • 2.7.10. Fee structure
  • 2.8. Taxation
    • 2.8.1. Insurance premium or policy taxation
    • 2.8.2. Withholding taxes on premium paid overseas
    • 2.8.3. Corporate tax
    • 2.8.4. VAT
    • 2.8.5. Captives
  • 2.9. Legal System
    • 2.9.1. Introduction
    • 2.9.2. Access to court
    • 2.9.3. Alternative dispute resolution (ADR)

3. Appendix

  • 3.1. Methodology
  • 3.2. Contact Timetric
  • 3.3. About Timetric
  • 3.4. Timetric's Services
  • 3.5. Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Singapore - Insurance Regulatory Framework Key Features
  • Table 3: Singapore - Life Insurance Regulatory Framework
  • Table 4: Singapore - Property Insurance Regulatory Framework
  • Table 5: Singapore - Motor Insurance Regulatory Framework
  • Table 6: Singapore - No-Claims Discounts on Motor Insurance Policies
  • Table 7: Singapore - Liability Insurance Regulatory Framework
  • Table 8: Singapore - Minimum PII cover for Retail LFMC
  • Table 9: Singapore - Minimum Capital Requirements
  • Table 10: Singapore - Levy Rates Applicable to PPF Scheme Member
  • Table 11: Singapore - Investment Concentration Limits
  • Table 12: Singapore - Corporate Tax Rates for the Financial Year 2016

List of Figures

  • Figure 1: Singapore - Insurance Supervision and Control at Various Levels
  • Figure 2: Singapore - Insurance Regulatory Frameworks For Company Registration and Operation
Back to Top