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
$610,000)
Minimum Solvency Surplus of assets over liabilities of S
$1,000,000
Fees Annual registration fee S $5,000
Annual Costs Management, secretarial, legal and audit
Currency Singapore dollars (S $)
Taxation Subject to Income Tax Act (Chapter 134)
Tax rate currently 27% but captives enjoy
the following concession: 10% on
underwriting profits for offshore insurance
business, non-Singapore dividends, realised
capital gains and interest, including
interest on Asian Currency Unit deposits
derived from investing:
- offshore premium income
- shareholders funds used to support the
offshore insurance business
Location South east Asia island located off southern
coast of Malaysia
Administration Developed financial services
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.