September 28, 2018

MAS issued Notices 129, 130, 131, 212, and 213 on insurance returns, which will take effect on January 01, 2019. MAS will also be issuing amended regulations to remove the existing submission requirements in the insurance regulations by December 31, 2018. The appendices to these notices provide the respective forms, along with the form instructions.

MAS Notice 129, on Accounts and Statements, applies to all licensed insurers, except for captive insurers, marine mutual insurers, and special purpose reinsurance vehicles. Additionally, Notice 130 applies to Accounts and Statements for captive insurers, Notice 131 applies to special purpose reinsurance vehicles, Notice 212 applies to marine mutual insurers, and Notice 213 applies to financial guarantee insurers. Insurers that are involved in the general insurance business will be required to perform a parallel run, with respect to Form 6 (Statement of Premiums, Claims, and Underwriting Results in respect of General Business) of the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 for the periods from January 01, 2019 to December 31, 2019 (for both the quarterly and annual returns). This form does not need to be audited for the parallel run.


Effective Date: January 01, 2019

 

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