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
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