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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Singapore

Willis Corroon
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United KingdomWealth Management
Legislation               Insurance Act (Chapter 142)

Supervisory Jurisdiction  Monetary Authority of Singapore (MAS)
                          Insurance Commissioner

Application to            Monetary Authority of Singapore (MAS)

Data includes             Parent company questionnaire
                          Parent company reports and accounts
                          Completed application and business plan
                          Written approval of relevant home 
                          authorities to establish a captive in 
                          Singapore if applicable
                          Copy of proposed captive feasibility study

Reporting Requirements    Audited statutory returns annually and
                          unaudited returns quarterly

Restriction on Business   In-house risk of parent or related 
                          companies in the Group only

Capitalisation            S $1,000,000 minimum (approximately US

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