Regulatory Alerts2024-04-24
Added
Bank Covenants in Lieu of Deposits
The Monetary Authority of Singapore issued this notice to specify the requirements for authorised reinsurers lodging bank covenants in lieu of statutory deposits under the Insurance Act. The document outlines the specific provisions these covenants must comply with to serve as valid alternatives to cash deposits. This regulatory instrument was officially cancelled with effect from 30 April 2024, ending its applicability to authorised reinsurers.
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