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The ‘Governance, Risk and Compliance – The Singaporean Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in Singapore.
– The Singaporean insurance industry is supervised and regulated by the Monetary Authority of Singapore.
– The favorable foreign direct investment (FDI) regime, which allows up to 100% foreign participation, will encourage international insurance companies to enter the Singaporean insurance industry.
– The direct placement of non-admitted insurance and reinsurance is prohibited in Singapore.
– Composite insurance licenses to carry on both life and general insurance business in Singapore are granted by MAS.
– Motor vehicle third-party liability insurance, workmen’s compensation insurance and government health insurance are compulsory in Singapore.
See Full Story at finance.yahoo.com