This page is the reference list for vul.com.sg. It names every external document cited in the site's pages, grouped by publisher, with the document title, its date, a link and the way the site uses it. The pages themselves carry a shorter list of the sources that support each page.
How these sources were selected and checked
The site cites official documents first: statutes on Singapore Statutes Online, MAS notices, guidelines, FAQs and parliamentary replies, SDIC and FIDReC pages, IRAS tax pages, and the Life Insurance Association (LIA) guides and statistics. For other countries it cites the competent tax authority or statute, such as the IRS, HMRC and the Hong Kong Inland Revenue Department. Rules and numbers were checked against these documents on 22 October 2026, so every figure is as at that date unless the page states another date. Check the source for later updates.
| Tier | Examples | How the site uses it |
|---|---|---|
| 1. Primary official | Statutes, regulator notices, guidelines, FAQs, parliamentary replies, tax-authority pages | Source for rules and numbers, always with a date |
| 2. Official statistics and consumer guides | LIA media release, MoneySense, NPTD | Market data and plain-language descriptions |
| 3. Industry association pages | The Luxembourg insurers' association; FIDReC's own knowledge base | Context and scheme rules; no product parameters are taken from them |
| 4. Secondary | Law-firm summaries, trade press, practitioner pages | Pointers only; page text says as reported by, and the source is listed in its own section below |
The Date column shows the publication or last-update date displayed on the source, or the date the page was accessed where none is shown. Product-specific parameters, such as charges, minimum premiums, age bands and concentration limits, are not stated as facts anywhere on this site because they differ by product and change over time. Refer to the Product Summary and policy contract of the product concerned.
Singapore regulators and public bodies
Monetary Authority of Singapore (MAS)
| Title | Date | Link | Used for |
|---|---|---|---|
| Written reply to Parliamentary Question on the review of investor definitions under the SFA | 2025-02-05 | mas.gov.sg/news/parliamentary-replies/2025/written-reply-to-par… | Accredited investor (AI) criteria last updated in 2018; S$1 million primary-residence cap; opt-in; safeguards forgone; fair dealing regardless of AI status. Cited on: eligibility, faq, glossary, overview, process, scenarios, singapore-context. |
| FAQs on the Definition of Accredited Investor and Opt-In Process | 2019-02-04 | mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regu… | Primary residence and related liabilities; assets held with others; entity look-through; opt-in mechanics; Classes of Investors Regulations 2018 timetable. Cited on: eligibility, faq, for-advisers, glossary, process. |
| Notice 307 Investment-Linked Policies | 2021-06-28 | mas.gov.sg/regulation/notices/notice-307 | Disclosure, investment guidelines and borrowing limits for investment-linked policies (date of the latest amendment). Cited on: investment-options, overview, singapore-context. |
| Notice FAA-N16 Recommendations on Investment Products | 2025-12-29 | mas.gov.sg/regulation/notices/notice-faa-n16 | Standards for recommendations by financial advisers and representatives; know-your-client; customer knowledge assessment. Cited on: eligibility, for-advisers, process, singapore-context, structure. |
| Guidelines on Fair Dealing: Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (FSG-G04) | 2024-05-30 | mas.gov.sg/regulation/guidelines/guidelines-on-fair-dealing---b… | Fair-dealing outcomes for all financial institutions; supersedes FAA-G11. Cited on: eligibility, for-advisers, singapore-context, structure. |
| Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider | 2018-06-29 | mas.gov.sg/regulation/notices/notice-318 | Disclosure, sales process, replacement of policies, loans and advances for direct life insurers. Cited on: charges, for-advisers, singapore-context. |
| Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism | 2025-07-01 | mas.gov.sg/regulation/notices/notice-314 | Source of wealth; non-face-to-face business; enhanced customer due diligence; politically exposed persons. Cited on: due-diligence-checklist, eligibility, faq, for-advisers, glossary, process, singapore-context, structure. |
| Directories (Financial Institutions Directory; Financial Institution Representatives Register) | accessed 2026-10-22 | mas.gov.sg/directories | Official lists for checking that an institution or representative is regulated. Cited on: due-diligence-checklist, for-advisers, singapore-context, structure. |
| Investor Alert List | accessed 2026-10-22 | mas.gov.sg/investor-alert-list | Unregulated persons who may be wrongly perceived as licensed or authorised. |
| Offers of Collective Investment Schemes | 2026-10-05 | mas.gov.sg/regulation/capital-markets/offers-of-collective-inve… | Authorised, recognised and restricted schemes; S$200,000 per transaction threshold for restricted schemes. Cited on: faq, for-advisers, glossary, investment-options, singapore-context. |
| MAS Publishes Inaugural List of Domestic Systemically Important Insurers in Singapore | 2023-09-21 | mas.gov.sg/news/media-releases/2023/mas-publishes-inaugural-lis… | Four designated insurers; 25% capital add-on from 1 January 2024; designation is not a guarantee. Cited on: due-diligence-checklist, glossary, singapore-context. |
| Second Reading Speech on the Insurance (Amendment) Bill | 2009-01-19 | mas.gov.sg/news/speeches/2009/second-reading-speech-on-the-insu… | Statutory trust nominations; life policies issued in respect of trusts. Cited on: eligibility, for-advisers, scenarios, structure. |
| Written reply on Single Family Offices (SFOs) | 2026-08-05 | mas.gov.sg/news/parliamentary-replies/2026/written-reply-on-sfos | Assets under management of S$6.7 trillion in 2025; more than 2,000 SFOs receiving tax incentives at end-December 2025. Cited on: singapore-context. |
| FAQs on Licensing Exemption Framework for Single Family Offices | 2026-07 | mas.gov.sg/-/media/mas-media-library/regulation/faqs/cmi/faqs-o… | Conditions for the SFO licensing exemption; framework applying from 15 June 2026 with a transition to 15 June 2027. Cited on: for-advisers. |
MoneySense (MAS consumer education)
| Title | Date | Link | Used for |
|---|---|---|---|
| Interpreting your insurance documents | 2026-05-11 | moneysense.gov.sg/interpreting-your-insurance-documents | 14-day free-look; Product Summary, Product Highlights Sheet and policy illustration; non-guaranteed illustrated values. Cited on: charges, due-diligence-checklist, faq, glossary, guarantees-and-risks, overview, process, singapore-context. |
| Investment-linked policies: Guide to fees and pricing | 2026-09-28 | moneysense.gov.sg/investment-linked-policies-guide-to-fees-and-… | Fee types for investment-linked policies; fees and charges may not be guaranteed. Cited on: charges, compare, due-diligence-checklist, faq, glossary, investment-options. |
| Understanding Investment-Linked Insurance Policies | 2026-09-28 | moneysense.gov.sg/understanding-investment-linked-insurance-pol… | Definition of investment-linked policies; policyholder bears investment risk; charges rise with age. Cited on: charges, faq, glossary, guarantees-and-risks, investment-options, structure. |
| Investment-linked versus participating life insurance policies | 2026-09-28 | moneysense.gov.sg/investment-linked-versus-participating-life-i… | Who bears investment risk; guaranteed and non-guaranteed elements in participating policies. Cited on: compare, faq, glossary, guarantees-and-risks, overview. |
Singapore Deposit Insurance Corporation (SDIC)
| Title | Date | Link | Used for |
|---|---|---|---|
| PPF Entitlement (page shows © 2019) | accessed 2026-10-22 | sdic.org.sg/pp_entitlement | Caps of S$500,000 (guaranteed sum assured) and S$100,000 (guaranteed surrender value); investment-linked benefits tied to net assets not covered. Cited on: compare, due-diligence-checklist, faq, glossary, guarantees-and-risks, overview, ppli-and-vul, singapore-context. |
| Scope of PPF Coverage | accessed 2026-10-22 | sdic.org.sg/pp_scope_of_coverage | Policies issued in Singapore to residents and non-residents; overseas branches excluded. Cited on: compare, faq, guarantees-and-risks, singapore-context. |
Financial Industry Disputes Resolution Centre (FIDReC)
| Title | Date | Link | Used for |
|---|---|---|---|
| Terms of Reference v2.2 (revised with effect from 1 July 2025), via knowledge-base article KA-01002 | 2025-07-01 | fidrec.com.sg/knowledgebase/article/KA-01002 | Section 6 eligible complainants (individuals, sole proprietors, charities, small businesses with group turnover of S$1 million or less, beneficiaries, trustees, insureds, covered third parties); excepted complaints including cases relating solely to investment performance; S$150,000 maximum award. Cited on: due-diligence-checklist, glossary, singapore-context. |
| FAQs (KA-01013) | accessed 2026-10-22 | fidrec.com.sg/knowledgebase/article/KA-01013 | Free filing; S$100,000 limit for claims filed before 1 July 2024 and S$150,000 on or after that date; adjudication case fee. Cited on: due-diligence-checklist, glossary, singapore-context. |
| Jurisdiction (KA-01131) | accessed 2026-10-22 | fidrec.com.sg/knowledgebase/article/KA-01131 | Plain-language summary of eligible complainants, claim limits and excepted complaints. Cited on: singapore-context. |
Singapore Statutes Online (Attorney-General's Chambers)
| Title | Date | Link | Used for |
|---|---|---|---|
| Securities and Futures Act 2001, section 4A (Current version as at 22 Oct 2026) | 2026-10-22 | sso.agc.gov.sg/Act/SFA2001?ProvIds=pr4A- | Statutory accredited investor tests: S$2 million net personal assets, S$1 million financial assets, S$300,000 income, S$10 million corporate net assets. Cited on: compare, eligibility, faq, glossary, overview, process, scenarios. |
| Insurance Act 1966, section 146 (Insurable interest required for life insurances) | current version; accessed 2026-10-22 | sso.agc.gov.sg/Act/IA1966?ProvIds=pr146- | Primary text of the insurable-interest rule (formerly section 57); the wording quoted on this site is taken from the Chambers 2026 and Singapore Academy of Law chapters listed under secondary sources. Cited on: eligibility, glossary. |
| Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (S 621/2016) | 2026-10-22 | sso.agc.gov.sg/SL/ITA1947-S621-2016 | Specified insurance company includes a licensed insurer issuing cash value insurance contracts. Cited on: cross-border-tax, ppli-and-vul. |
Accounting and Corporate Regulatory Authority (ACRA)
| Title | Date | Link | Used for |
|---|---|---|---|
| About Variable Capital Companies (VCC) | 2026-03-16 | acra.gov.sg/business-entities/variable-capital-companies | VCC as a corporate structure for investment funds since 14 January 2020; umbrella sub-fund accounts. Cited on: for-advisers. |
National Population and Talent Division (NPTD)
| Title | Date | Link | Used for |
|---|---|---|---|
| Population in Brief 2025: Key Trends | 2025-09-29 | population.gov.sg/population-in-brief-2025-key-trends | Total population 6.11 million and non-resident population 1.91 million as at June 2025. Cited on: scenarios, singapore-context. |
Singapore tax authority
| Title | Date | Link | Used for |
|---|---|---|---|
| Estate Duty | 2026-03-09 | iras.gov.sg/taxes/other-taxes/estate-duty/estate-duty | Estate duty removed for deaths on and after 15 February 2008. Cited on: cross-border-tax, faq, glossary. |
| Gains from sale of property, shares and financial instruments | 2026-02-27 | iras.gov.sg/taxes/individual-income-tax/basics-of-individual-in… | Gains on shares and financial instruments generally not taxable when held as personal investments. Cited on: cross-border-tax, faq, investment-options. |
| Individual Income Tax rates (tax residency) | 2026-04-27 | iras.gov.sg/taxes/individual-income-tax/basics-of-individual-in… | Tax residence tests for individuals (183 days; three consecutive years). Cited on: cross-border-tax, glossary. |
| Life Insurance Relief | 2026-08-10 | iras.gov.sg/taxes/individual-income-tax/basics-of-individual-in… | Relief conditions, including the CPF contribution limit of S$5,000. Cited on: cross-border-tax. |
| CRS Overview and Latest Developments | 2026-09-09 | iras.gov.sg/taxes/international-tax/common-reporting-standard-(… | Exchanges since September 2018; reporting deadlines; Amended CRS from 1 January 2027. Cited on: cross-border-tax, faq, glossary, process. |
| IRAS Common Reporting Standard e-Tax Guide (Fifth Edition) | 2026-08-11 | iras.gov.sg/media/docs/default-source/e-tax/iras-common-reporti… | Cash value insurance contract definition; year-end cash or surrender value reporting. Cited on: cross-border-tax, due-diligence-checklist, faq, for-advisers, glossary, structure. |
| FATCA Overview and Latest Developments | 2026-08-11 | iras.gov.sg/taxes/international-tax/foreign-account-tax-complia… | Singapore-US intergovernmental agreement regulations; reporting deadlines. Cited on: cross-border-tax, faq, glossary. |
Industry bodies and insurers
Life Insurance Association (LIA) Singapore
| Title | Date | Link | Used for |
|---|---|---|---|
| Singapore's life insurance sector achieves 11.3% growth for 2025 with S$6.53 billion Total Weighted New Business Premiums | 2026-02-11 | lia.org.sg/media/4789/20260211_lia-4q2025-results_media-release… | Full-year 2025 weighted new business premiums; investment-linked products 44%; weighting of single premiums. Cited on: overview, singapore-context. |
| Your Guide to Investment-Linked Insurance Policies (March 2026, v2.0) | 2026-03-05 | lia.org.sg/media/4803/ygtilp-english-mar-2026-v20.pdf | Early-year charges; no guaranteed cash values; investment risk. Cited on: charges, due-diligence-checklist, faq, glossary, guarantees-and-risks, investment-options. |
| Your Guide to Nomination of Insurance Nominees (March 2026) | 2026-03 | lia.org.sg/media/4815/ygtnin-english-2026.pdf | Trust nominations and revocable nominations; eligibility to nominate. Cited on: eligibility, faq, for-advisers, glossary, process, scenarios, structure. |
| Enhancements to Policy Illustration (PI) of Investment-Linked Policy (ILP) (LIA member update) | undated; accessed 2026-10-22 | lia.org.sg/media/4796/enhancements-to-policy-illustration-pi-of… | Scope of LIA-format illustrations: regular-premium ILPs and protection-oriented single-premium ILPs (death and critical-illness benefit at least 150% of premium); no LIA illustration for investment-oriented single-premium ILPs since 1 February 2014; 0% column alongside capped upper (8%) and lower (4%) rates; lapse statement. Cited on: charges, compare, due-diligence-checklist, faq, glossary, guarantees-and-risks, overview. |
Other jurisdictions
United States
| Title | Date | Link | Used for |
|---|---|---|---|
| Basic questions and answers on Form 8938 | 2026-08-17 | irs.gov/businesses/corporations/basic-questions-and-answers-on-… | Foreign-issued insurance contract with a cash-surrender value is a specified foreign financial asset. Cited on: cross-border-tax. |
| Some Nonresidents with U.S. Assets Must File Estate Tax Returns | 2026-06-27 | irs.gov/individuals/international-taxpayers/some-nonresidents-w… | Form 706-NA; US$60,000 threshold; US-corporation stock is US-situated; life insurance proceeds on a non-resident's life are foreign-situated. Cited on: cross-border-tax, faq, scenarios. |
| Estate & Gift Tax Treaties (International) | 2026-09-08 | irs.gov/businesses/small-businesses-self-employed/estate-gift-t… | List of 15 treaty partners; Singapore is not listed. Cited on: cross-border-tax, faq. |
| Revenue Ruling 2003-91 | 2003-07 | irs.gov/pub/irs-drop/rr-03-91.pdf | Investor-control principle for variable contracts (US taxpayers only). Cited on: faq, glossary, investment-options, ppli-and-vul, scenarios. |
| 26 U.S.C. 817 (variable contracts) | accessed 2026-10-22 | law.cornell.edu/uscode/text/26/817 | US statutory definition of variable contract and diversification requirement (US taxpayers only). Cited on: glossary, ppli-and-vul, scenarios. |
| 26 CFR 1.817-5 (diversification requirements) | accessed 2026-10-22 | law.cornell.edu/cfr/text/26/1.817-5 | US Treasury diversification regulation (US taxpayers only). Cited on: investment-options, ppli-and-vul. |
| Notice to Members 00-44: Variable life insurance | 2000-06-16 | finra.org/rules-guidance/notices/00-44 | US description of variable life insurance; caution on financing a variable policy from another policy. Cited on: compare, faq, for-advisers, glossary, overview, ppli-and-vul, structure. |
United Kingdom
| Title | Date | Link | Used for |
|---|---|---|---|
| Inheritance Tax Manual IHTM47020: Long-term UK residence test | 2026-04-07 | gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm47020 | Long-term UK resident: 10 of the last 20 tax years; Inheritance Tax on foreign assets from 6 April 2025; 3 to 10 tax-year tail. Cited on: cross-border-tax, eligibility, faq, glossary, scenarios. |
Hong Kong
| Title | Date | Link | Used for |
|---|---|---|---|
| Automatic Exchange of Financial Account Information | accessed 2026-10-22 | ird.gov.hk/eng/tax/dta_aeoi.htm | Hong Kong automatic exchange regime; reportable jurisdictions; 2026 legislative steps for amended CRS. Cited on: cross-border-tax. |
Luxembourg
| Title | Date | Link | Used for |
|---|---|---|---|
| The Triangle of Security | 2019-01-01 | aca.lu/?p=2969 | Luxembourg custody framework for life insurance assets (industry association summary). Cited on: ppli-and-vul. |
Secondary and reported sources
| Title | Date | Link | Used for |
|---|---|---|---|
| Senate probes $40B tax shelter in private placement life insurance (Michael Cohn, Financial Planning; reporting the US Senate Finance Committee Democratic staff report "Private Placement Life Insurance: A Tax Shelter for the Ultra-Wealthy Masquerading as Insurance") | 2024-02-21 | financial-planning.com/news/senate-probes-40b-tax-shelter-in-pr… | Figures for the US PPLI market (seven carriers, about 3,000 policyholders, at least US$40 billion, 0.003% of individual policies), read as reported by; the original report sits at finance.senate.gov/imo/media/doc/ppli_report_final.pdf. Cited on: compare, ppli-and-vul. |
| Insurance & Reinsurance 2026: Singapore, Law and Practice (Rajah & Tann Singapore LLP) | 2026-01-22 | practiceguides.chambers.com/practice-guides/insurance-reinsuran… | Quotes Insurance Act 1966 s146(1): a life policy is void without insurable interest at the time the insurance is effected. Cited on: eligibility. |
| Ch. 24 Insurance Law (Simon Goh, Rajah & Tann; Singapore Academy of Law commentary) | 2019-01-25 | singaporelawwatch.sg/About-Singapore-Law/Commercial-Law/ch-24-i… | Presumed insurable interest (spouse, child or ward under 18, dependants) and the proven-interest limit under the former s57; the 2009 nomination amendments. Cited on: eligibility. |
| MAS updates guidelines on fair dealing | 2024-06 | reedsmith.com/en/perspectives/2024/06/mas-updates-guidelines-on… | Law-firm summary of the five fair-dealing outcomes. Cited on: singapore-context. |
| Manulife Singapore issues a single US$300 million life insurance policy | 2026-02-24 | caproasia.com/2026/02/24/canada-insurer-manulife-singapore-issu… | Market context only; product type not stated. Cited on: singapore-context. |
Items still to be verified
The following points could not be confirmed against a primary source on 22 October 2026. Pages treat them cautiously and flag them in text.
- Insurance Act 1966, section 146 (insurable interest). Singapore Statutes Online does not serve its pages to automated tools, so the wording quoted on this site comes from the Chambers 2026 Singapore chapter (section 146(1)) and the Singapore Academy of Law chapter (presumed classes under the former section 57). Confirm against the current text on Singapore Statutes Online.
- LIA member update on ILP policy illustrations. The document is undated (it refers back to LIA circular MC 121/13 of 31 December 2013), so its scope and the 0% column are cited with that caveat; check the current LIA circular.
- Effect of accredited investor status on specific adviser duties. The text of Notice FAA-N16 reviewed contains only a narrow AI-related carve-out for certain over-the-counter hedging recommendations. Other exemptions that apply when a client is an AI should be read from the Financial Advisers Regulations and the institution's opt-in disclosure.
- US Senate Finance Committee report on PPLI. The original PDF returned an access error, so the report is described only through the Financial Planning article of 21 February 2024.
- Manulife Singapore's single US$300 million policy. The original press release could not be retrieved, so the item is cited as reported by Caproasia.
- Hong Kong amended CRS timetable. The Inland Revenue Department page says the amended rules would apply from 1 January 2028, subject to passage of a bill. Check the current status.
- Policy-level tax treatment of high-net-worth VUL in Singapore. No public IRAS statement specific to this product was identified, so pages describe general rules only and refer readers to a Singapore tax adviser.
If you find that a source has been updated since 22 October 2026, or that a figure no longer matches its source, you can let us know through the contact details on this site.
Sources and dates
- Securities and Futures Act 2001, section 4A (Current version as at 22 Oct 2026) — Singapore Statutes Online (Attorney-General's Chambers) · 2026-10-22
- Written reply to Parliamentary Question on the review of investor definitions under the SFA — Monetary Authority of Singapore (MAS) · 2025-02-05
- PPF Entitlement (page shows © 2019; accessed 2026-10-22) — Singapore Deposit Insurance Corporation (SDIC) · accessed 2026-10-22
- IRAS Common Reporting Standard e-Tax Guide (Fifth Edition) — Inland Revenue Authority of Singapore (IRAS) · 2026-08-11
- Singapore's life insurance sector achieves 11.3% growth for 2025 with S$6.53 billion Total Weighted New Business Premiums — Life Insurance Association (LIA) Singapore · 2026-02-11