MAS Removes Insurer Reporting Requirements in Subsidiary Legislations

Arising from these regulations, MAS has also amended the following regulations and notices to effect the necessary consequential amendments, which will take effect on January 01, 2019:

• Insurance (Valuation and Capital) Regulations 2004
• Insurance (General Provisions) Regulations
• Insurance (Intermediaries) Regulations (Rg 16)
• Insurance (Corporate Governance) Regulations 2013
• MAS (Dispute Resolution Schemes) Regulations 2007
• MAS Notice 121 on Captive Insurance - Writing of In-house and Non In-house Risks
• MAS Notice 124 on Public Disclosure Requirements
• MAS Notice 129 on Insurance Returns (Accounts and Statements)
• MAS Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers
• MAS Notice 212 on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers
• MAS Notice 319 on Valuation of Policy Liabilities of Life Business

The Insurance (Valuation and Capital) (Amendment) Regulations 2018 were expected to come into operation on January 01, 2019, except for the regulations 18(b), 21(b) to (i), 24(b), and 26(b), (c) and (f), which came into operation on December 31, 2018.

Effective Date: January 01, 2019

Keywords: Asia Pacific, Singapore, Insurance, Reporting, MAS