An Overview Of Current Trends And Developments In Insurance In Singapore

The main statute governing the regulatory aspect and the conduct of (re)insurance business in Singapore is the Insurance Act (Chapter 142). Apart from the Insurance Act, there are other pieces of legislation which govern specific types of insurance contracts or substantive points of insurance law. For example, the Third Parties (Rights against Insurers) Act 1930; Marine Insurance Act (Chapter 387); Motor Vehicles (Third Party Risks & Compensation) Act (Chapter 189); and Workmen’s Compensation Act (Chapter 354).

The OECD/G20 July Statement: R…