Singapore's Insurance Act 1966 (Chapter 142) was enacted in 1966; the current version has been amended a number of times (for example by the 2013 Amendment Act, Act 11 of 2013), and it is administered by the Monetary Authority of Singapore (MAS).

Core provisions relating to captive insurers:

1. Licence categories. Section 8 provides that MAS may license an insurer as a direct insurer, a reinsurer or a captive insurer; section 8(3)(b) empowers MAS to impose financial requirements on applicants for a captive insurer licence.

2. Without a licence granted by MAS, no entity may carry on insurance business in Singapore, and a captive insurer may underwrite only the risks of its parent company and group-related entities.

3. Ongoing supervision. A captive insurer must establish insurance funds in accordance with the Insurance Act and submit annual reports and audited financial statements; MAS has wide-ranging inspection and supervisory powers over licensed captive insurers.

Official text: https://sso.agc.gov.sg/Act/IA1966