MAS Amends Legislation Due to Revised Capital Rules for Insurers
MAS has made amendments to the relevant legislation to include references to MAS Notice 133 on valuation and capital framework for insurers and to update references as a result of amendments to the Insurance (Valuation and Capital) Regulations 2004, where applicable, as communicated in the circulars dated February 28, 2020. The consequential amendments will take effect on March 31, 2020.
Amendments have consequently been made to the following regulations, notices, guidelines, and forms:
- Insurance (Financial Guarantee Insurance) (Amendment) Regulations 2020, Insurance (General Provisions) (Amendment) Regulations 2020, and Insurance (Lloyd’s Asia Scheme) (Amendment) Regulations 2020
- MAS Notice 101 on maintenance of insurance funds
- MAS Notice 114 on reinsurance management
- MAS Notice 122 on asset and liability exposures for insurers
- MAS Notice 126 on Enterprise Risk Management for insurers
- MAS Notices 129, 130, 131, 212, and 213 on insurance returns. 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.
- MAS Notice 302 on product development and pricing
- MAS Notice DIPOP-N02 on policy owners’ protection scheme returns
- Forms and Annexes and Notes to Forms used for the purposes of the Insurance (Lloyd’s Asia Scheme) Regulations 2008 (LAS Forms)
- ID 01/13 on guidelines on the use of internal models for liability and capital requirements for life insurance products containing investment guarantees with non-linear payouts
Keywords: Asia Pacific, Singapore, Insurance, MAS Notice 133, Valuation and Capital Regulation, Consequential Amendments, MAS
Previous Article
FASB Issues Improvements to Financial Instruments GuidanceRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.