This register is the reference base of vul.sg: every figure and every statement of law across the site should be traceable here to an institution, a title, a date and a link. The verification date is 2026-10-22; institutions update their pages, so readers citing a source should use the current version of the original page. The status column means the following. Verified: this site read the original directly. Secondary: relayed through media, a law firm or another institution, with the nature of the source stated in the text. Pending verification: the original could not be read this time (mostly because access was restricted), so the text describes the point only and cites no specific figures. The date column records only the publication, update or copyright date that the document or page itself shows; where a page carries no date, it is marked "undated" together with the date of access.
1. Regulation and legislation (Singapore)
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| MAS | Written reply to PQ on the review of investor definitions under the SFA (2018 update of the AI criteria, S$1 million cap on the primary residence, opt-in, suitability assessment not waived by AI status) | 2025-02-05 | mas.gov.sg | overview, structure, checklist, underwriting, process, scenarios, premium-financing, faq, glossary, English pages | Verified |
| MAS | FAQs on the Definition of Accredited Investor and Opt-In Process (opt-in from 2019-01-08, transition period to 2019-04-07, net personal assets of S$2 million with a S$1 million cap on the primary residence, S$10 million net assets for a corporate AI) | 2019-02-04 | structure, checklist, underwriting, process, faq, glossary, English pages | Verified | |
| Singapore Statutes Online | Securities and Futures Act 2001, section 4A; Securities and Futures (Classes of Investors) Regulations 2018 (original text of the three AI thresholds) | Current version | sso.agc.gov.sg | checklist, underwriting | Pending verification (403 this time; the text says "as in the current text of section 4A") |
| MAS | MAS Requires Intermediaries to Assess Investment Knowledge and Experience of Retail Customers (CKA, from 2012-01-01) | 2011-07-28 | mas.gov.sg | compare, glossary | Verified; whether AIs are exempt from the CKA remains to be checked against the text of FAA-N16 |
| MAS | Notice FAA-N16 Recommendations on Investment Products (2025 revision in effect 2025-12-29) | 2025-12-29 | mas.gov.sg | structure, process, faq, glossary | Verified |
| MAS | Notice 307 Investment-Linked Policies (disclosure, investment guidelines, borrowing limits and so on; version in effect 2021-07-01) | 2021-06-28 | mas.gov.sg | structure, sub-accounts, charges, faq, glossary, English pages | Verified |
| MAS | MAS 105 Notice on Insurers' Appointment of Custodians (mandatory requirements and guidance on a licensed insurer's appointment and monitoring of custodians, sub-custodians and custody arrangements; in effect 2020-01-01) | 2019-05-30 | mas.gov.sg | structure | Verified (the title, issue date and effective date were confirmed on the page this time) |
| MAS | Guidelines on Fair Dealing – Board and Senior Management Responsibilities (FSG-G04), replacing FAA-G11 | 2024-05-30 | mas.gov.sg | structure, checklist, underwriting, premium-financing, glossary | Verified |
| MAS | Offers of Collective Investment Schemes (authorised / recognised / section 305 restricted schemes, S$200,000) | 2026-10-05 | mas.gov.sg | overview, sub-accounts, checklist, glossary | Verified |
| MAS | Reply to PQ on nominations of beneficiaries (states that the Bill establishing the nomination framework under the Insurance Act was passed by Parliament on 2009-01-19 and created trust nominations and revocable nominations; the reply itself does not state the 2009-09-01 start date, which comes from the Singapore Academy of Law commentary below) | 2009-02-04 | mas.gov.sg | legacy | Verified |
| MAS | MAS enables online nomination of insurance beneficiaries (amended Insurance (Nomination of Beneficiaries) Regulations in effect 2024-01-02) | 2023-07-26 | mas.gov.sg | legacy, glossary | Verified (the publication date of 2023-07-26 was confirmed on the page this time) |
| Singapore Statutes Online | Insurance Act 1966 (section 57 insurable interest; sections 49L and 49M nominations; definition of "investment-linked policy") | Current version | sso.agc.gov.sg | underwriting, legacy, glossary | Pending verification (403 this time) |
| Singapore Academy of Law / Singapore Law Watch | Ch. 24 Insurance Law (Laws of Singapore commentary: categories of presumed insurable interest under section 57, utmost good faith, nomination framework under sections 49L and 49M applying from 2009-09-01, old policies under section 73 of the Conveyancing and Law of Property Act) | Updated to 2019-01-25 | singaporelawwatch.sg | underwriting, legacy | Verified (commentary only; the statutory text is as on Singapore Statutes Online) |
| MAS | MAS Publishes Inaugural List of Domestic Systemically Important Insurers (four D-SIIs, in effect 2024-01-01, 25% capital add-on) | 2023-09-21 | mas.gov.sg | guarantees, glossary | Verified |
2. Consumer education and industry guides
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| MoneySense (MAS) | Interpreting your insurance documents (14-day free-look period, treatment of refunds, part of the illustrated cash value of participating and ILP policies not guaranteed) | 2026-05-11 | moneysense.gov.sg | overview, charges, guarantees, compare, checklist, process, faq, English pages | Verified |
| MoneySense (MAS) | Investment-linked policies: Guide to fees and pricing (protection charges rise with age, charges may not be guaranteed, bid-offer spread of about 5%, full charges in the PHS, product summary and contract) | 2026-09-28 | moneysense.gov.sg | overview, charges, sub-accounts, compare, checklist, faq, glossary, English pages | Verified |
| MoneySense (MAS) | Understanding life insurance (errors or omissions in the proposal form can void the policy) | 2026-09-28 | moneysense.gov.sg | underwriting | Verified (the page was confirmed this time as marked Last updated 2026-09-28) |
| SDIC | PPF Entitlement (aggregate cap of S$500,000 on guaranteed sum assured and S$100,000 on guaranteed surrender value; ILP benefits linked to underlying net assets are not covered) | The page shows only the copyright year 2019 and no update date; accessed 2026-10-22 | sdic.org.sg | overview, structure, guarantees, compare, checklist, scenarios, faq, glossary, English pages | Verified |
| SDIC | Scope of PPF Coverage (policies issued in Singapore, covering both residents and non-residents; policies issued by overseas branches are not covered) | The page shows only the copyright year 2019; accessed 2026-10-22 | sdic.org.sg | guarantees, process | Verified |
| LIA Singapore | FAQ: Policy Owners' Protection (same caps; the PPF fund is activated on MAS's decision and administered by SDIC) | The page shows only the copyright year 2026; accessed 2026-10-22 | lia.org.sg | guarantees (cross-check of the same figures) | Verified |
| LIA Singapore | Your Guide to Nomination of Insurance Nominees (YGTNIN Mar 2026 v1.0) (the policy owner must be the life assured and aged 18 or above; trust nomination limited to a spouse or children, with bankruptcy protection and no unilateral change; revocable nomination, revoked by assignment; online nomination from 2024-01-02) | 2026-03 | legacy, process, scenarios, faq, glossary, English pages | Verified | |
| LIA Singapore | Enhancements to Policy Illustration (PI) of Investment-Linked Policy (ILP) (member undertaking, MU: cites MC 121/13, under which single premium and recurrent single premium ILPs have had no PI since 2014-02-01; protection-oriented defined as death and critical illness benefits of at least 150% of the single premium; a PI is permitted but not mandatory for protection-oriented policies; 8% and 4% caps and a 0% third column; lapse statement; paragraphs 10 to 13 also apply to regular premium ILPs; 9-month transition for existing products) | Undated (file metadata 2026-02-27); accessed 2026-10-22 | overview, sub-accounts, charges, guarantees, compare, checklist, process, scenarios, faq, glossary, English pages | Verified; effective date not stated in the document | |
| LIA Singapore | LIA Guide to Medical Underwriting for Life Insurance (v3.0) (utmost good faith, individual risk assessment, standard terms / loading or exclusion / postponement / decline, reassessment) | 2024-04 | underwriting | Verified | |
| LIA Singapore / MoneySense | Your Guide to Life Insurance (YGTLI) (duty of disclosure, 14-day free-look period) | 2020-05 | underwriting | Verified |
3. Tax and reporting
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| IRAS | Estate Duty (no estate duty on deaths on or after 2008-02-15) | 2026-03-09 | iras.gov.sg | tax-crs, legacy, scenarios, faq | Verified (Last updated 2026-03-09 confirmed this time) |
| IRAS | Gains from sale of property, shares and financial instruments (gains or losses on shares and financial instruments are generally treated as personal investment; the factors for judging the nature of trading are listed on that page under property) | 2026-02-27 | iras.gov.sg | tax-crs, faq | Verified (Last updated 2026-02-27 confirmed this time) |
| IRAS | What is taxable, what is not (list of taxable categories for individual income tax) | 2026-02-26 | iras.gov.sg | tax-crs | Verified (Last updated 2026-02-26 confirmed this time) |
| IRAS | CRS Overview and Latest Developments (exchange since September 2018; filing by 31 May; amended CRS applies from 2027-01-01, with exchange in 2028) | 2026-09-09 | iras.gov.sg | tax-crs, checklist, process, scenarios, faq, glossary, English pages | Verified |
| IRAS | IRAS e-Tax Guide: Common Reporting Standard (Fifth Edition) (§5.11 Specified Insurance Company and definition of cash value; §8.5 cash value insurance contract; §10.3.8 account holder; §4.4 Wider Approach) | 2026-08-11 | tax-crs, glossary | Verified | |
| Singapore Statutes Online | Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (S 621/2016) | 2016 | sso.agc.gov.sg | tax-crs, glossary | Original text pending verification (403 this time; the content is as relayed by the IRAS e-Tax Guide) |
| IRAS | Foreign Account Tax Compliance Act (FATCA) (Model 1 IGA; regulations in effect 2015-03-18; reciprocal agreement regulations from 2021-01-01; filing by 31 May) | 2026-08-11 | iras.gov.sg | tax-crs | Verified (Last updated 2026-08-11 and the four statements confirmed this time) |
| IRS (United States) | Some Nonresidents with U.S. Assets Must File Estate Tax Returns (US$60,000 threshold; shares of US corporations are US-situs assets; life insurance proceeds on the life of a non-citizen non-resident are not US-situs assets; treaties) | 2026-06-27 | irs.gov | tax-crs, scenarios, faq, English pages | Verified |
| IRS (United States) | Estate & Gift Tax Treaties (International) (15 treaty countries, not including Singapore, China or Hong Kong) | 2026-09-08 | irs.gov | tax-crs | Verified |
| State Taxation Administration and five other departments (Chinese mainland) | 关于发布《非居民金融账户涉税信息尽职调查管理办法》的公告 (Announcement on issuing the Administrative Measures for Due Diligence on Tax-Related Information of Non-resident Financial Accounts; Announcement No. 14 of 2017; in effect 2017-07-01; specified insurance institutions and insurance contracts with a cash value) | 2017-05-09 | chinatax.gov.cn | tax-crs | Verified |
4. Industry and background data
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| LIA Singapore | Full-year 2025 results media release (weighted new business premiums of S$6.53 billion; ILP S$2.88 billion, 44%; single premiums weighted at 10%; VUL not shown separately) | 2026-02-11 | overview, English pages, homepage evidence | Verified | |
| MAS | Written reply on SFOs (assets under management up 10.1% in 2025 to S$6.7 trillion; more than 2,000 single family offices enjoying tax incentives at the end of December 2025) | 2026-08-05 | mas.gov.sg | homepage evidence (background data only, not used to indicate the size of VUL) | Verified |
5. Overseas regulatory references
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| FINRA (NASD) (United States) | Notice to Members 00-44: Variable Life Insurance (the policy owner bears investment risk and variable life is a security; sub-account value moves with the underlying funds; borrowing to pay for variable life should not be recommended unless the transaction itself is suitable) | 2000-06-16 | finra.org | overview, structure, sub-accounts, charges, guarantees, compare, premium-financing, underwriting, scenarios, faq, glossary, English pages | Verified |
| Hong Kong SAR Government press release (IA / HKMA) | IA and HKMA issue circulars on premium financing (IFS-PF, affordability assessment; in effect 2023-01-01) | 2022-04-01 | info.gov.hk | premium-financing, glossary | Verified |
| Hong Kong Monetary Authority (HKMA) | Premium Financing (Smart Consumers) (definition; three risks: rising interest rates, non-guaranteed benefits falling below the illustration, and restricted rights after assignment) | 2024-01-24 | hkma.gov.hk | compare, premium-financing, faq, English pages | Verified |
6. Media and secondary sources
| Publisher | Title | Date | Link | Used in (pages) | Status |
|---|---|---|---|---|---|
| The Straits Times (reproduced by NTU Business School) | Why borrowing money to fund insurance policies can prove detrimental (Singapore policy financing loans often contain non-committed terms and are priced off SORA; in the 2022 rate-rise cycle SORA rose from about 0.2% to above 1%) | 2022-07-22 | ntu.edu.sg | premium-financing | Secondary (media report, with its media nature stated in the text; the reproduction page and its link to the original were confirmed on the page this time) |
7. Items pending verification
The text does not cite figures from these items; they will be updated once checked.
| Item | What needs to be verified | Suggested source | Pages affected |
|---|---|---|---|
| SFA section 4A | The statutory text of the three AI thresholds | Singapore Statutes Online: SFA 2001; Securities and Futures (Classes of Investors) Regulations 2018 | checklist, underwriting, overview |
| FAA-N16 paragraph 4A | The original text on whether AIs are exempt from the CKA | MAS Notice FAA-N16 PDF | compare, glossary |
| Insurance Act 1966, sections 57, 49L and 49M | The statutory text and section numbers on insurable interest and nominations | Singapore Statutes Online | underwriting, legacy |
| S 621/2016 CRS Regulations | The statutory text on the content to be reported | Singapore Statutes Online | tax-crs |
| LIA member undertaking on ILP policy illustrations | The member circular number and effective date (the document cites MC 121/13 and is itself undated; the start date of the 9-month transition for existing products) | LIA member circulars | guarantees, checklist, sub-accounts |
| Hong Kong IA supervisory standard on premium financing | The text of GL16 paragraph 7.7(b) (403 this time) | ia.org.hk | premium-financing |
| Singapore documents specific to premium financing | Whether MAS or LIA has issued a circular specifically on premium financing | mas.gov.sg, lia.org.sg | premium-financing (none found in this search; the text says "no dedicated document found") |
| Mainland China foreign exchange and cross-border insurance position | The individual foreign exchange purchase facilitation quota and its use under insurance | State Administration of Foreign Exchange | process, tax-crs (no figures in the text) |
8. How this site cites sources
- Figures are given in the form "value (period, institution, date)", for example "S$6.53 billion (full-year 2025, LIA, 2026-02-11)".
- Rates, thresholds, age ranges, limits on the number of policy owners or lives assured, surrender-charge periods, additional benefits and other parameters taken from local product material and training material are never written in as fact; the text says "as stated in the product summary and policy contract".
- Secondary sources are identified as such in the text; items pending verification are described by mechanism only, without specific figures.
- Ratings, regulatory status and protection schemes are always accompanied by a statement that they do not mean the government or a regulator guarantees the policy; this site lists no single insurer's rating.
- Illustrated returns, historical performance and back-tests are always accompanied by "hypothetical scenario, not indicative of future results".
- The
datefield in front matter holds only YYYY, YYYY-MM or YYYY-MM-DD; where a page or file carries no date, the title notes "undated" or "copyright year" together with the date of access (YYYY-MM-DD), and the date of access is never written as the publication date.
Sources and dates
- Singapore's life insurance sector achieves 11.3% growth for 2025 — LIA Singapore · 2026-02-11
- IRAS e-Tax Guide: Common Reporting Standard (Fifth Edition) — IRAS · 2026-08-11
- Your Guide to Nomination of Insurance Nominees (YGTNIN Mar 2026 v1.0) — LIA Singapore · 2026-03