Singapore Regulatory Disclosures

Regulatory Disclosures

Cigna Europe Insurance Company S.A.-N.V. – Singapore Branch

Cigna Europe Insurance Company S.A. – N.V. – Singapore Branch ("Cigna") (Registration Number: T10FC0145E) is a Singapore branch of Cigna Europe Insurance Company S.A. - N.V. ("Cigna Europe"), a company incorporated in Belgium which holds an A financial rating by A.M. Best Europe.

As a general insurer licensed under the Insurance Act (Chapter 142) and regulated by the Monetary Authority of Singapore ("MAS"), we are required by MAS to disclose certain information about our company pursuant to the requirements of MAS Notice 124.

Cigna operates globally to offer a range of health insurance products relevant to individual health insurance and employer sponsored products relating to health and wellbeing. The information contained in this document and on our website ( relates specifically to Singapore business underwritten by CIGNA Europe Insurance Company S.A. – N.V. – Singapore Branch of the insurer.

Cigna sells individual and group expatriate private medical insurance contracts to individuals customers based in Singapore on assignment or living as an expat and to clients as policyholders for the benefit of their employees and employees’ dependents. Cigna provides customers with plans tailored to suit such needs identified at the quote and underwriting process stages. Our customers can choose the benefits that reflect their needs and those of their families. We are also able to provide tailored plans to suit such needs identified by the clients working with us either directly or with brokers who make such determination.

Our strategy and objective is to listen to our clients and offer products which meet their needs and those of their employees and for us to proactively offer new solutions and ease of access to this cover. Cigna is committed to selling ethical, and legally compliant, solutions to our clients.

Cigna has implemented a Corporate Governance Framework which is set up to ensure compliance with local laws and regulations. It takes account of global and local governance initiatives. Its activity is overseen by regulators and auditors. It is a requirement under Singapore regulations that governance protocols are established and routinely monitored. Local management is responsible for the daily compliance and meets regularly to review progress against regulatory standards and best practice guidance published. It is supported in this regard by the parent company which supports and challenges activity to ensure a high degree of management oversight is adopted. This is in line with regulatory objectives set locally for Cigna and its parent company’s regulators. Governance framework and governance controls have been implemented and reviews take place with the regulators on a proactive basis.

The Risk Management System takes into consideration business objectives and risk strategy to provide a framework for identifying, assessing, measuring and reporting on all material risks through quantitative models, qualitative assessments, stress testing exercise and scenario analysis. These complementary risk assessment tools range from being bottom up and top down processes to ensure all risk exposures which impact all business operations are identified and assessed and give a fair reflection of the full Risk Profile of the organization. The Risk Profile of the organization then provides the basis for calculating the Solvency Capital Requirements ("Solvency II") and determining which risk exposures require mitigation actions and remediation planning. Ultimately, the Risk Profile is reported via the Own Risk and Solvency Assessment report and ensures the Board is in a fully informed position regarding the key risk exposures and can link the risk profile and appetite of the organization to Corporate Strategy and business objectives.

Cigna Europe’s Risk Strategy is directly linked with the corporate strategy and business requirements for a strong financial rating. This has driven the implementation of a Risk Appetite Framework to align risk preference to ensure the business is assuming and constraining risk exposures in a consistent manner to achieve strategic objectives.

Cigna Europe’s approach to Risk Management is governed by the principle-based Risk Management Policy. The Risk Management Policy outlines specific risk responsibilities throughout the governance structure and delivers the overall approach to establishing and embedding risk management throughout the organization.

Since 1st January 2016, Cigna Europe is supervised based on the Solvency II framework on a statutory basis, allowing for the use of a Partial Internal Model for the calculation of its regulatory Solvency Capital Requirement following its Regulator, National Bank of Belgium’s formal approval in late 2015.

Underwriting limits are set dependent upon authority limits set by Cigna Europe and are controlled centrally within the Underwriting Policy. Pricing strategy is set to reflect the underlying medical inflation increases and is reviewed annually.

Claims processes are reviewed regularly by management and subject to local audit scrutiny (ISO9001) to verify quality of the underlying data. A claim triangle analysis is adopted to calculate the Best Estimate Claim Liabilities plus allowance for adverse deviation at minimum 75% sufficiency. The triangle is completed on an accident month basis including all gross paid claims with monthly lag from "accident date" (i.e. date of treatment) to claim payment date. A monthly lag triangle is appropriate for short-tail medical insurance where claims around 99% developed after 12 months.

The asset class of investments is restricted to Sovereign bonds only, ensuring robust compliance in respect of the Asset-Liability Management policy – investment is only undertaken where a thorough assessment of the nature, scale and complexity of the risks associated with the investments has occurred. Asset Liability Management is undertaken by the Asset Liability Committee (ALCO) which is responsible for the management and monitoring of investments risks and performance within the limits on Cigna Europe Investment Policy. The Investment Committee has approved unlimited holdings in Singapore Government Bonds and additional Sovereigns restricted to AAA+ rating.

The investment in derivatives is explicitly excluded by the Cigna Europe’s management and ongoing monitoring of this and compliance to the asset class restrictions is reviewed regularly.

In addition to the information we have supplied, we also disclose confidential information in detail to the Regulator to assist with its review and assessment of Cigna.

Furthermore we have additional corporate information about Cigna Corporation and its subsidiaries available from If you have any further questions please contact us at

Last reviewed on 27 April 2018
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © Copyright 2018 Cigna.