Regulatory Alerts2020-12-30
Added
Amendments of Insurance Regulations and MAS Notice 100
The Monetary Authority of Singapore issued Circular No. ID 42/20 to amend the Insurance Regulations and MAS Notice 100 regarding annual fee billing dates and payment methods for insurers. The updates shift the annual fee billing date to before 1st January for the year 2022 and later, while also updating references for computing gross premiums and total assets. Additionally, the circular removes the approval requirement for captive insurers changing their financial year-end, replacing it with a notification obligation within one month of the change.
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