Featured Product

    MAS Removes Insurer Reporting Requirements in Subsidiary Legislations

    December 19, 2018

    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

    Featured Experts
    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4118