Admission Criteria

MAS assesses applications for captive insurer licences using these criteria

• Track record, financial soundness and reputation of the applicant.
• Well-developed business plans that reflect the risk profile of the business.
• Long-term commitment of the applicant in the use of a captive insurer as a risk management vehicle.
• Competence and expertise of its proposed managers in captive management.
• Robust risk management systems and processes that are commensurate with the size and complexity of the business.
• Fitness and propriety of the licensee, any director or key executive person, all of its substantial shareholders, and all persons having effective control of the licensee.

Note: The business of a captive insurer should consist principally of the risks of its related companies

Before You Apply

Before submitting a formal application, you are encouraged to contact the Insurance Department of MAS about your plans.

For further enquiry or to make an appointment with the Insurance Department of MAS, send an email to id_registry@mas.gov.sg .

How to Apply

To apply, submit the Application to Carry on Captive Insurance Business in Singapore (377.4 KB). Refer to the form for detailed instructions.

Processing time

It will take approximately 6 to 8 weeks after we receive the complete application to process and approve an application. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of the information submitted.

Ensure that your application is complete, correct and accompanied by the requisite supporting documents