According to news from Singapore on March 24, starting from April 1, 2018, Singapore will bring marine hull and liability insurance, specialty risk business and captive business under the unified Insurance Business Development ( Insurance Business Development (IBD) umbrella) tax scheme, which means captive insurers registered in Singapore will no longer enjoy tax exemption.

        The existing captive tax scheme allows captive insurers' offshore premium income to enjoy tax exemption, but this scheme will expire on March 31, 2018. At that point, however, the Singapore government will allow qualifying underwritten premiums originating from outside Singapore (excluding third-party premiums), as well as dividend and interest income, to enjoy tax exemption.
        Under the new tax scheme, new captive licences issued from April 1, 2018 and renewing companies will be subject to a concessionary tax rate of 10%.
        As of the end of December 2015, there were 68 captive insurers in Singapore, of which 4 were newly added during 2015.