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Singapore
Marsh Management Services Singapore Pte Ltd.
Head of Office: Victor Pannuzzo
Sales Coordinator: Victor Pannuzzo
Office and Mailing Address
18 Cross Street #40-00
Marsh & McLennan Centre
Singapore 048423 |
Telephone: (656) 531-2100
Facsimile: (656) 220-8142 |
Basic Information
| Location |
Singapore is located in the western Pacific Rim. It is one of the major financial centers in the Asia Pacific. Singapore has a population of approximately 4 million. |
Accessibility |
Singapore's Changi Airport is one of the world's premier airports. Flights are available to and from all major cities. "Telephone windows" are available to European, U.S. and all Asian cities within a normal working day. |
| Applicable Legislation |
Captives are governed by S.142 of the Insurance Act. |
| Number of Captives |
63 as of 31-Dec-2008 |
| Regulatory Agency |
Insurance Commissioner's Department, The Monetary Authority of Singapore |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Single Parent, Group and Rent-a- Captives |
| Acceptable Corporate Forms |
Stock |
| Permitted Business |
Parent and 'Related Third Party' Risks |
| Direct Insurance Permitted |
Yes |
| Reinsurance Permitted |
Yes |
| Policy Form and Rate Approval |
No |
| Local Office Requirement |
Registered Office |
Capitalization & Solvency Requirements
| Minimum Capital |
S$400,000 (Singapore dollars), cash only |
| Solvency |
Company Margin: Minimum of $400,000 on equity and retained earnings
Insurance Fund Margin: Positive fund retained earning
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| Premium Taxes |
No local premium tax is imposed. Premium for US risk may be subject to Federal Excise Tax of 4% on direct policies and 1% on reinsurance policies if captive is viewed as an insurance company for US federal tax purposes. |
| Intercompany Loans |
Allowed, contingent on the "arms length" nature of the transaction. |
| Investment Restrictions |
A captive that writes offshore risks of parents or related companies has no investment restrictions. All onshore risks are subject to the regulations of the Singapore Insurance Fund. |
| Taxation |
Captives can elect to be taxed at a rate of 0% or 10% of income generated by: General (re)insurance covering offshore risks; and Dividends and Interest from investments arising out of the (re)insurance of offshore risks. Otherwise, captives are subject to the normal income tax rate of 18% (with certain exemptions on the first S$100,000 of income). |
| Reporting Requirements |
Annual Reporting in accordance with the provisions of the Companies Act, Cap. 50 and Statements of Accounting Standard, Singapore
Audited Financials
Certified Loss Reserves not required |
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