MAS issued a circular stating its response to the feedback received on a consultation paper on the review of insurance returns. The response paper stated that the revised insurance returns will be implemented on January 01, 2018. Since then, there has been a delay in the issuance of relevant legislation to effect the implementation, given the competing legislative priorities. MAS also received feedback from some insurers that they are facing challenges in complying with the submission requirements by January 01, 2018. Therefore, MAS will defer the implementation date for the revised insurance returns to January 01, 2019.
There will be no further changes to the submission requirements and revised insurance returns, which are appended in the 2016 response paper. Only insurers that carry on general insurance business will be required to perform a parallel run, with respect to Form 6 (Statement of Premiums, Claims and Underwriting Results in respect of General Business) of the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 for 2019 on a quarterly and annual basis. This form does not need to be audited for the parallel run. MAS plans to issue the necessary legislation for the revised insurance returns by September 30, 2018. Insurers should make necessary changes to their systems to comply with the submission requirements by the new implementation date of January 01, 2019.
Effective Date: January 01, 2019
Keywords: Asia Pacific, Singapore, Insurance, Insurance Returns, Implementation Timeline, MAS
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