Amendments to Reports of Auditors in Insurance Returns

Circular No. ID 05/21 15 March 2021 Chief Executives/ Chief Executive Officer All Insurers and Lloyd’s Asia Scheme Administrator Dear Sir/Madam AMENDMENTS TO REPORTS OF AUDITORS IN INSURANCE RETURNS The Monetary Authority of Singapore (“MAS”) has made amendments to the Independent Auditor's Report and Independent Auditor's Supplementary Report (“the Reports”) in the following insurance returns legislations: (a) Forms and Annexes and Notes to the Forms Used for the Purposes of the Insurance (Lloyd's Asia Scheme) Regulations; (b) MAS Notice 129 Insurance Returns (Accounts and Statements); (c) MAS Notice 130 Insurance Returns (Accounts and Statements) for Captive Insurers; (d) MAS Notice 131 Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles; and (e) MAS Notice 212 Insurance Returns (Accounts and Statements) for Marine Mutual Insurers. 2 The Singapore Standards on Auditing (“Standards”) have evolved in recent years and the aforementioned legislative amendments have taken into account the revisions to the Standards. MAS has consulted the Institute of Singapore Chartered Accountants with respect to the amendments to the Reports. 3 The amendments to the Reports will take effect on 16 March 2021. The revised insurance legislations are available on the MAS website. Please contact your company’s liaison officer in MAS if you have any inquiries. Thank you. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT