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    MAS Amends Legislation Due to Revised Capital Rules for Insurers

    March 09, 2020

    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

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