The Monetary Authority of Singapore (“MAS”) has observed an increase in the number of fraud incidents involving fraudsters masquerading as captive insurers to deceive victims into making payments for bogus insurance policies.
As part of their latest modus operandi, these fraudsters create a website with a captive insurer’s details, such as its name, unique entity number and office address, with the intention to make its purported product offerings appear legitimate. Hence, to safeguard the Newcrest Insurance Pte Ltd’s brand from being abused for deceitful purposes and to manage its reputational risks, we make the following declaration:
Newcrest’s captive insurer, Newcrest Insurance Pte Ltd
Newcrest Insurance Pte. Ltd. (the “Company”) is incorporated and domiciled in Singapore. The address of its registered office is 8 Marina View #09-05 Asia Square Tower 1 Singapore 018960.
The principal activities of the Company are those of a captive insurer licensed under the Insurance Act 1966. The Company may underwrite risks of its parent and related companies as defined under Sections 5 and 6 of the Companies Act 1967 and such other risks as the Monetary Authority of Singapore may allow.
The Company is wholly owned by Newcrest Mining Ltd, a company incorporated in Australia, which is also the ultimate holding company.
As the Company has engaged Marsh Management Services Singapore Pte Ltd as its captive manager, no personnel are employed by the Company.