Singapore | Serving the region since 1987
Compliance Framework Documents

Public Disclosure

1. COMPANY PROFILE

India International Insurance Pte Ltd is an established general insurer in Singapore serving since 1987, with significant expertise in underwriting of Property, Engineering, Marine (Hull and Cargo), Motor and other Liability classes of general insurance.

We’re rated by Standard & Poor’s as “A-“

Our Core strengths are strong capital position with robust solvency ratio, management team of well qualified and highly experienced professionals, strong niche player in the competitive Singapore insurance market, and capacity to underwrite a wide spectrum of risks.

All efforts are made to achieve the objective of Excellent Customer Service.

To know more about our company’s profile, vision, mission, board of directors and senior management, please click on the link below.

https://www.iii.com.sg/about-us

2. PRODUCTS

We offer non-life or general insurance products that meet the needs of both individuals and businesses.

https://www.iii.com.sg/products/ 
 

3. CORPORATE GOVERNANCE

India International Insurance Pte Ltd is governed by the laws applicable to Insurance Companies registered in Singapore and abides by Regulations of Insurance Regulators.

The Company has the Audit Committee, Investment Committee, Nomination Committee, Risk Committee, Information Technology Committee and Remuneration Committee in place who shall report to the Board of Directors.

Our Board of Directors

Please refer to page 5 of Annual report 2023.

The Board oversees the Corporate Governance for:

  • All policy matters
  • Corporate Strategy for Business Development
  • Review of Business & Investment Performance
  • Reinsurance Strategy
  • Review of Credit Control
  • Internal Audit, Risk management & Compliance
  • Information Technology
     

4. Enterprise Risk Management (ERM) Framework

The Board oversees the adequacy and effectiveness of the Company’s ERM and internal controls. 

In carrying out its duty, the Board has established an Enterprise Risk Management Committee (ERMC) chaired by the Chief Executive & Managing Director.

The ERMC comprises of the Chief Executive & Managing Director, the Chief Financial Officer and the Chief Risk Officer. It assists the III’s Board of Directors to formulate the risk policy and operates adhering to the risk appetite statements for the risks below:

a. Credit 
b. Insurance
c. Market
d. Liquidity
e. Strategic
f. Operational 

In terms of governance over the ERM activities, III has undertaken the following:

  • Risk governance framework designed to prevent, mitigate and manage risk through a line of defence model providing for an effective balance of business control and oversight and assurance testing.
  • Governance principles embedded in the values, behaviours and code of conduct throughout the Company.
  • Strong oversight by the Board on all key decisions and challenges.
  • Board and Executive Management interact effectively to deliver an agreed overall business strategy.
  • Organizational structure that encourages clear accountability and ownership aligned with legal entity structure.
  • Board oversees execution of strategy consistent with local regulatory and governance requirements.
  • Develop and communicate the importance of a risk aware culture across the Company.
  • Align the risk management activities to the strategic objectives of III in order to manage risks to support the delivery of the business plan.

All the above has been documented in III ERM Policy and III ERM Framework.

Information on Finance and investment performance can be found in our Annual Report

Asset-Liability Management (ALM) and Investment Objectives

  • India International Insurance Pte Ltd manages its asset and liabilities together by adopting an asset and liability management (“ALM”) framework, which comes under the purview of our Investment Committee. For more information, please refer to Annual report 2023 (page 38)


Capital Adequacy

  • India International Insurance Pte Ltd has met the minimum fund solvency requirements for our insurance funds and the minimum capital adequacy requirement prescribed by the Monetary Authority of Singapore.


Financial Performance