OBS_VALUE: The Authority must not grant an insurer licence to any person unless — (a) the applicant is a company, a company incorporated outside Singapore which has an established place of business in Singapore, or a co-operative society; and (b) the applicant satisfies such financial requirements as may be prescribed. On 21 September 2023 the Monetary Authority of Singapore (MAS) published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs. The D-SII framework came into effect on 1 January 2024. Insurers whose failures are assessed to have a significant impact on the financial system and broader economy in Singapore will be formally designated as D-SIIs and subject to additional supervisory measures. These measures include: Higher capital requirements – A 25% capital add-on will apply, increasing a D-SII’s higher and lower supervisory intervention levels, as well as Common Equity Tier 1 (CET1) and Tier 1 capital requirements (https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-inaugural-list-of-domestic-systemically-important-insurers-in-singapore).