MAS Removes Insurer Reporting Requirements in Subsidiary Legislations
MAS issued multiple regulations to remove the existing reporting requirements of licensed insurers in the subsidiary legislations. The new requirements will take effect on January 01, 2019. These regulations include Insurance (Accounts and Statements) Regulations 2018; Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018; Insurance (Financial Guarantee Insurance) (Amendment) Regulations 2018; Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018; and Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018. For Lloyd’s service companies, MAS has issued the Insurance (Lloyd's Asia Scheme) (Amendment) Regulations 2018 to amend the reporting requirements.
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
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