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

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582