Regulatory Alerts2023-11-27
Added
Amendments to MAS Notice 322
The Monetary Authority of Singapore amended MAS Notice 322 to mandate the use of the compareFIRST Insurer Facilitator for web aggregator data submissions. This change takes effect on 27 November 2023, replacing the decommissioned MASNET Access file transfer service which ceased operations on 31 December 2023. Insurers are required to transition to the new platform to ensure continued compliance with regulatory reporting obligations.
Circular No: ID 14/23 27 November 2023 To Chief Executives All Direct Life and Composite Insurers Dear Sir/Madam AMENDMENTS TO MAS NOTICE 322 Currently, MAS Notice 322 (“the Notice”) specifies that information for the purposes of the web aggregator must be submitted through MASNET Access. MAS had earlier informed all MASNET Access subscribers on 31 August 2022 that the MASNET Access File Transfer System will be decommissioned with effect from 31 December 20231 . 2 In between 27 November 2023 and 30 December 2023, information for the purposes of the web aggregator may be submitted through either compareFIRST Insurer Facilitator or MASNET Access. With effect from 31 December 2023, information for the purposes of the web aggregator must be submitted through compareFIRST Insurer Facilitator. 3 The Notice has been amended to reflect the change in platform. The amended Notice will take effect from 27 November 2023. 4 Please contact your company’s liaison officer in MAS should you have any queries. Yours faithfully, [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT 1 Please note that MASNET service will remain available and only MASNET Access (file transfer service) will be decommissioned on 31 Dec 2023.