ECICS Limited given go-signal to write general insurance business lines

MAS revokes previous restrictions.

In a note to the Singapore Exchange, IFS Capital Limited announced that the Monetary Authority of Singapore has revoked the restrictions previously imposed on its wholly-owned subsidiary, ECICS Limited, on the type of business lines which ECICS Limited can underwrite under its insurance licence.

Prior to this, ECICS Limited was licensed as a general insurer, restricted to write certain lines of business, namely credit insurance, bonds and guarantees and maids’ insurance business.

With this revocation of restrictions, ECICS Limited is allowed, with effect from 10 June 2013, to write the full range of general insurance business lines available in the Singapore market.