MAS published a circular stating that insurers are required to obtain prior approval from their Chief Executive and/or Board on the electronic returns—that is, annual returns in electronic form—before submission to MAS. Insurers are reminded to put in place appropriate governance processes to ensure that the electronic returns are approved by their Chief Executive and Board before submission to MAS by March 31.
MAS has noted that some insurers might not have obtained such approval. The longer deadline for submission of signed returns is meant to allow more time for insurers to obtain the signatures from the applicable signatories for the returns. Regulation 15 of the Insurance (Accounts and Statements) Regulations 2004 requires insurers to lodge the following:
- Electronic returns by March 31
- The certificate on the Accounts of the Insurer (Form 24), Report of the Auditor (Form 25) and Auditor’s Supplementary Report (Form 26) (collectively “signed returns”) by April 30
Keywords: Asia Pacific, Singapore, Insurance, Annual Returns, Electronic Returns, Circular ID12/18, MAS
Previous ArticleEC Approves Prolongation of Italian Guarantee Scheme for NPLs
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
Ambassadors of EU member states agreed on the mandate of European Council on the Capital Markets Recovery Package, to support economic recovery from the COVID-19 crisis.