The Monetary Authority of Singapore (MAS) has published, on its website, guidance on applying for a captive insurer licence, setting out the licensing assessment criteria and the application process.

The main criteria applied by MAS in assessing an application for a captive insurer licence:

1. The applicant's operating record, financial soundness and reputation.

2. A sound business plan that matches the risk profile to be underwritten.

3. The applicant's commitment to using the captive as a long-term risk management tool.

4. The professional competence and track record of the proposed captive manager.

5. Sound risk management, internal control and compliance systems proportionate to the scale and complexity of the business.

Once an application is approved, the captive insurer must meet the minimum paid-up capital of S$400,000 and the ongoing supervisory requirements.

Official guidance: https://www.mas.gov.sg/regulation/Insurance/Captive-Insurers-Licence