In February 2024 the Monetary Authority of Singapore (MAS) published the Compliance Toolkit for Captive Insurers, providing licensed captives with a one-stop consolidation of their ongoing compliance obligations.

The main compliance obligations covered by the Toolkit:

1. Licensing conditions, applications for approval and notification obligations under the Insurance Act 1966 and the Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018.

2. Asset valuation and capital requirements under the Insurance (Valuation and Capital) Regulations 2004.

3. Relevant requirements under the Financial Services and Markets Act (FSMA).

4. Periodic regulatory reporting requirements, including annual returns, insurance fund solvency reports and audited financial statements.

The Toolkit is the official authoritative reference for the day-to-day compliance management of captives.

Full text of the Toolkit: MAS Compliance Toolkit for Captive Insurers