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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Singapore * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Please note: content in this section relates to Singaporean business written on a cross-border basis (i.e. business written outside Singapore).

For information on the placement of business through service companies operating on the Lloyd's Asia platform in Singapore, please amend your search to Singapore (Lloyd's Asia Scheme). 

Insurance

Lloyd's underwriters are licensed to write insurance from Singapore.

Exceptions:

  • Motor third party liability (bodily injury).
  • Workers' compensation.
  • Life business.

Reinsurance

Lloyd's underwriters are permitted to write reinsurance from Singapore, with the exception of life business.

Placement of business into the Lloyd's market

Insurance and reinsurance business may be placed with Lloyd's via the following routes:

  1. Via a Singapore intermediary licensed by the Monetary Authority of Singapore (MAS) to place business at Lloyd's: Aon Singapore Pte Ltd, Jardine Lloyd Thompson Pte Ltd, Lockton Companies (Singapore) Pte Ltd, Marsh (Singapore) Pte Ltd, Willis (Singapore) Pte Ltd and Howden Insurance Brokers (S.) Pte Ltd.
  2. Via a Singapore intermediary which has obtained specific authorisation from the MAS to place business at Lloyd's on a case-by-case basis. 
  3. Without the involvement of a Singapore intermediary, i.e., directly from the insured. (A broker operating outside of Singapore dealing directly with the insured located in Singapore does not require registration with the MAS, as long as it carries out all of its activities outside of Singapore). Pease note that solicitation of business in Singapore by Lloyd’s Underwriters writing Singaporean business on a cross-border basis is prohibited.
  4. Through the Lloyd's Asia platform in Singapore (please amend your search to select 'Singapore (Lloyd's Asia Scheme)' for details).

Please note that the above broker restrictions do not apply to the Lloyd's Asia Scheme. 

Last updated: 02 Jan 2018

Definition of risk location

Lloyd's
Insurance

 

A Singapore policy is defined in section 2, First Schedule of the Insurance Act (Chapter 142, as amended). 

A Singaporean non-life direct policy is one issued in the course of the insurer’s business in Singapore, falling within one of the following categories:

  • A direct general insurance policy (other than a personal accident policy) where:
        (i)   The risk arises in Singapore; or 
        (ii)  The insured is an individual and the insured is ordinarily resident in Singapore; or
        (iii) The insured is not an individual and the insured is a person resident in Singapore or has a permanent establishment in Singapore.

See definitions below in the "more detail" section.

  • A personal accident policy (which includes a sickness policy) if, at the date of issue of the policy, the policy owner's address is or was an address in Singapore.

However, where a risk relates to cargo, the amendment of the first schedule to the Insurance Act, Chapter 142, effective in Singapore 31 March 2009, stipulates that where the cargo is:

    (i) transiting through Singapore [is not static]; or 
    (ii) being transported between two locations outside of Singapore,

the policy covering that risk will not be deemed a Singapore policy even if the insured person is ordinarily resident or has a permanent establishment in Singapore.

Reinsurance

For business written on a cross-border basis (outside Singapore), Lloyd’s treats reinsurance contracts as Singaporean if the ceding company or the relevant branch or associated company of that company is located in Singapore.

Last updated: 28 Dec 2017

click for more detail More detail

Compulsory classes

Lloyd's

 Lloyd's underwriters may write compulsory classes except for the following: 

  • Workers' Compensation
  • Motor third party liability (bodily injury).
Last updated: 28 Dec 2017

Tax - Overview

Summary of taxes applicable to insurance

Lloyd's

No taxes are applicable to Lloyd's insurance or reinsurance business in relation to risks situated in or insured parties resident in this jurisdiction.   

However, if the business is being place via Lloyd’s Asia local GST may apply, please select Singapore - Lloyd’s Asia Scheme in the country drop-down list for details.

 

 

 

 

 

Last updated: 22 Dec 2016

Distribution channels

Coverholder business

Lloyd's

Lloyd's requirements for a coverholder/service company carrying on Singaporean business

Binding Authority held by a service company in Singapore

Managing agents are permitted to carry on insurance business in Singapore via the establishment of service companies on the Lloyd’s Asia platform. For details on carrying business through the Lloyd’s Asia platform, please amend your search to “Singapore (Lloyd’s Asia Scheme)”. In addition, the Insurance (Lloyd’s Asia Scheme) Regulations permit service companies on the Lloyd’s Asia platform to sub-delegate their underwriting authority to coverholders both within Singapore and overseas.

Binding Authority held by a coverholder in Singapore

Coverholders in Singapore are permitted to carry on insurance business in Singapore only if they have a valid binding authority with a Lloyd’s Asia Service Company. For details on carrying on business through the Lloyd’s Asia platform, please amend your search to “Singapore (Lloyd’s Asia Scheme)”.

Binding Authority held by a coverholder/service company outside of Singapore

Coverholders outside of Singapore are permitted to write risks from Singapore on a cross-border basis under the Lloyd’s Scheme regulations. However, they are not permitted to conduct any business activities in Singapore (e.g. solicitation of business).

Last updated: 06 Jul 2018

Open market business

Lloyd's
Open market correspondents (OMCs) in Singapore do not require Lloyd’s approval to place insurance and reinsurance risks, via a Lloyd’s broker, with Lloyd’s underwriters in London. 
Last updated: 18 May 2015

click for more detail More detail

Intermediary regulation

Lloyd's
Insurance intermediaries must be licensed under the Insurance Act (Chapter 142, as amended).

The Financial Advisers Act and Regulations 2002 regulate the activities of persons carrying on the business of providing financial advisory services in Singapore.

View further information on the Financial Advisers Act and Regulations.

Last updated: 23 Dec 2013

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK-regulated insurer (such as Lloyd’s underwriters) or arranged through a UK-regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 14 Feb 2019


Choice of law

Lloyd's
To meet contract certainty requirements, the contract should contain a choice of law clause.

Parties are free to choose law and jurisdiction.
Last updated: 23 Dec 2013

Jurisdiction

Lloyd's
To meet contract certainty requirements, the contract should contain a choice of jurisdiction clause.

Parties are free to choose law and jurisdiction.
Last updated: 23 Dec 2013

Reference

Insurance law and regulation

Lloyd's
Lloyd’s business in Singapore

Under Part IIA of the Insurance Act (Chapter 142, as amended) the MAS issued the Insurance (Lloyd’s Scheme) Regulations 2002 ('Lloyd’s Scheme Regulations').

The Lloyd’s Scheme Regulations govern the way in which Lloyd’s members write Singaporean business on a cross-border basis outside of Singapore.
 
See below for more details.
Last updated: 28 Dec 2017

Representative(s)

Representative(s)

Lloyd's

Angela Kelly
Country Manager, Singapore and CEO of Lloyd's of London (Asia) Pte Ltd.

Lloyd's of London (Asia) Pte Ltd. 
138 Market Street
CapitaGreen
# 05-01
Singapore 048946

Tel: +65 6499 9330
Email: angela.kelly@lloyds.com

Last updated: 25 Nov 2016