Singapore
- Year captive legislation was passed
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- Total number of captives as of year-end 2022
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- Types of captives allowed
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- Single parent captives
- Annual fees
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- Premium tax rate
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- Premiums to surplus
- For offshore general business and life business, the amount of assets must not be less than liabilities. For onshore general business, the surplus of assets over liabilities must not be less than the highest of SG$400,000; 20% of the previous year's net premiums; or 20% of the previous year's claims liabilities.
- Minimum capital (broken out by type of captive)
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Minimum capital of SG$400,000 (USD 285,000)
- Applicable Acts/Enabling Legislation
- Insurance Act (Cap 142), Insurance (Valuation and Capital) Regulations 2004; Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018; MAS 130 Notice on Insurance Returns (Accounts and Statements) for Captive Insurers; MAS 121 Captive Insurance - Writing of In-House and Non In-House Risks.
- Captive Administrator’s name and longevity in position
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- Speed of licensing
- 6 to 8 weeks
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.mas.gov.sg