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fair and effective competition; provide the best insurance

services with appropriate coverage at affordable rates, and

[6]
achieve job Emiratization in the UAE insurance market.

3. Singapore - The Monetary Authority of Singapore (MAS) is

the central bank of Singapore. It administers the Insurance

Act (Cap 142) which has provisions governing the regulation

of insurance business in Singapore, insurers (including,

reinsurers), insurance intermediaries (agents and brokers)

and related institutions in Singapore.

Insurers may carry on insurance business in Singapore as
licensed insurers or foreign insurers. Licensed insurers can

carry on direct life and/or general business, life and/or

general reinsurance business or captive insurance. Foreign

insurers carry on insurance business in Singapore under a

foreign insurer scheme established under Part IIA of the IA.

Currently there are two foreign insurer schemes in

Singapore: The Lloyd's Scheme and the Lloyd’s Asia
Scheme.

Authorised reinsurers and Approved Marine, Aviation and

Transit ("MAT") insurers do not have a physical presence in

Singapore. Authorised reinsurers can carry on the business

of providing the reinsurance of liabilities under insurance
policies to persons in Singapore. They can be authorised as

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