The Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018 (S 835/2018) were made by MAS and came into operation on 1 January 2019, replacing the 2004 Regulations (S 803/2004).

Core provisions:

1. Minimum capital. Regulation 3 specifies a minimum paid-up ordinary share capital of S$400,000 for a captive insurer.

2. Solvency. A captive insurer must establish an insurance fund for the business it underwrites and maintain the fund in a solvent condition (fund assets not less than liabilities).

3. Regulatory exemptions. The Regulations exempt captives from a number of provisions of the Insurance Act (such as section 31(2) and section 37(1)(a)), simplifying some of the regulatory requirements applicable to captives and reducing the compliance burden.

Official text: https://sso.agc.gov.sg/SL/IA1966-S835-2018