5 Questions
What is the governing body that regulates insurance companies in Singapore?
Monetary Authority of Singapore (MAS
What are the three classifications of direct insurers in Singapore?
Direct life insurers, direct general insurers, direct composite insurers
What is the main purpose of reinsurers in Singapore?
To act as insurers to direct insurers
What type of insurers are typically subsidiaries or wholly owned by large multinational corporations?
Captive insurers
What is the process of transferring risks from one insurer to another called?
Retrocession
Study Notes
- Insurance companies in Singapore must be licensed under the Insurance Act 1966 and are regulated by the MAS.
- Direct insurers provide insurance protection to buyers in Singapore.
- Direct insurers can be classified as direct life insurers, direct general insurers, or direct composite insurers.
- Reinsurers act as insurers to direct insurers and are licensed to carry out life reinsurance and/or general reinsurance business in Singapore.
- Overseas reinsurers can apply for authorization to solicit business and collect premiums from insurers in Singapore.
- Captive insurers are licensed in Singapore to insure the risks of their parents and related companies.
- Captive insurers are typically subsidiaries or wholly owned by large multinational corporations.
- Direct general insurers include specialist insurers that write marine mutual insurance business, trade credit and political risk insurance business, and financial guarantee insurance business.
- Reinsurers transfer some of their risks to other reinsurers through retrocession.
- The process of transferring risks from one insurer to another is known as retrocession.
Test your knowledge of the insurance industry in Singapore with this informative quiz! From the different types of insurers and their classifications, to the regulations and processes involved in reinsuring and retrocession, this quiz covers it all. Whether you're a seasoned insurance professional or simply looking to expand your knowledge, this quiz is sure to challenge and educate you. Keywords: Insurance Act 1966, direct insurers, reinsurers, retrocession, captive insurers.
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