Regulatory Alerts2021-09-24
Added
Amendments to MAS Notice 106
The Monetary Authority of Singapore has amended MAS Notice 106 to remove the requirement for insurers to notify the regulator of proposed arrangements for directors, as existing corporate governance guidelines already mandate annual assessments of director qualifications. The Notice retains the notification requirement for key executive persons but allows insurers to submit notifications as soon as practicable if they cannot provide the mandatory one-month advance notice. Additionally, the amendments require insurers to submit Key Appointment Holders applications via the new KAH e-service module on MASNET, with all changes taking effect on 27 September 2021.
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