Featured Product

    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

    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    UK Government to Set Out Rules on Wind-down of Critical Benchmarks

    HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.

    May 07, 2021 WebPage Regulatory News
    News

    EIOPA Launches Stress Test for Insurance Sector in EU

    EIOPA launched the 2021 stress test for the insurance sector in EU.

    May 07, 2021 WebPage Regulatory News
    News

    UK Authorities Publish Third Edition of Regulatory Initiatives Grid

    UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.

    May 07, 2021 WebPage Regulatory News
    News

    EC Consults on Regulation on Non-Financial Sustainability Disclosures

    EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.

    May 07, 2021 WebPage Regulatory News
    News

    OSFI Outlines Prudential Policy Priorities for Coming Months

    OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    BIS Announces TechSprint on Innovative Green Finance Solutions

    Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.

    May 06, 2021 WebPage Regulatory News
    News

    ACPR Publishes Version 1.0.0 of RUBA Taxonomy

    ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    EBA Proposed Regulatory Standards for Central Database on AML/CFT

    EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.

    May 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6944