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
MFSA Issues New Banking Rule for COVID-19 Reporting and DisclosuresRelated Articles
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ESAs Launch Survey on Templates for Product Disclosures Under SFDR
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC Deems UK Framework for CCPs Temporarily Equivalent to EMIR Rules
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA to Phase Out Guidelines on Loan Repayment Moratoria
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
