Following the creation of the Captive Insurance Association Singapore (CIAS) earlier in the year, the association hopes to enhance captive education and growth in the jurisdiction.
The Association was also founded to provide a home for captive owners to share their experiences and collaborate on the development of the market in Singapore.
“We have just founded a captive association for Singapore, and we held our first members’ meeting a few weeks ago,” Steve Tunstall, captive director and general secretary at CIAS, told Captive Intelligence.
Singapore licensed five new captives in 2023, while there were zero dissolutions, taking the total number of captives domiciled in the jurisdiction to 87.
“We have a core group of early founders who are interested in developing and advancing this initiative,” Tunstall said.
“At the moment, our focus is on Singapore-domiciled owners, and we have deliberately limited our scope to around 80 potential members.”
Tunstall said he envisions the association as an educational platform where peers can learn from each other and explore the potential for future growth of captives in Singapore.
The association is a separate entity from the Pan-Asian Risk Management Association (PARIMA).
“Although it has significant influence and support from PARIMA to help us get started,” Tunstall added.
As well as looking at how CIAS can be used to educate those who do not yet have captives, Tunstall hopes the new association can help encourage potential new captive owners in Singapore to consider forming one.
Tunstall said that in the longer term, CIAS hopes to interact more closely with the Monetary Authority of Singapore (MAS) to discuss the capability of captives in the jurisdiction.
He also said that whether the association decides to expand to allow members from other Asian domiciles “remains to be seen”.