MAS Consults on Protected Cell Company Framework for Insurance Risk Transfer

MAS published a consultation paper on 7 July 2026 proposing a legislative framework for Protected Cell Companies (PCCs) in Singapore, a single legal entity with a central Core and legally segregated Cells for different insurance programmes. The proposal targets Asia's underinsurance gap, noting that 2025 natural disasters caused roughly $65 billion in economic losses across Asia with over 90% uninsured, and identifies captive insurance, insurance-linked securities issuance, and sovereign risk pools as initial use cases. The consultation closed 7 August 2026.

• Proposes new Protected Cell Company corporate structure with legally segregated Cells under one Core entity
• Targets Asia's underinsurance gap following ~$65 billion in 2025 disaster losses, over 90% uninsured
• Identifies captive insurance (dedicated and rent-a-captive), insurance-linked securities, and sovereign risk pools as initial use cases
• Aims to reduce setup costs and let smaller firms access previously unviable risk-transfer solutions
• Consultation closed 7 August 2026