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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.

Key Highlights:

– 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