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.
Notices
Last Revised Date: 24 April 2024
IA/PP-N02.1a Bank Covenants in Lieu of Deposits [Cancelled with effect from 30 April 2024]
Requirements on a bank covenant that authorised reinsurers may lodge with MAS in lieu of a deposit.
Licensing, Authorisation and Registration
Valuation and Capital
Financial Returns
Issued pursuant to:
Insurance Act (Cap. 142) section 34E(1)
and section 64(2)
Applies to:
Authorised Reinsurer
View Notice
IA/PP-N02.1a Bank Covenants in Lieu of Deposits [Cancelled with effect from 30 April 2024]
(114.1 KB)
This notice applies to all authorised reinsurers.
In lieu of the deposit required under section 34D(1) of the Insurance Act (Cap.142), an authorised reinsurer may lodge with MAS a bank covenant that complies with the provisions of this Notice.
30 Apr 2024 IA/PP-N02.1a Bank Covenants in Lieu of Deposits (114.1 KB) [Cancelled with effect from 30 April 2024]
22 Apr 2013
IA/PP-N02.1a (Amendment) 2013 (67.1 KB) takes effect.
16 Jan 2006 IA/PP-N02.1a dated 16 Jan 2006 (26.6 KB) [Cancelled with effect from 22 April 2013]
Sets out requirements applicable to authorised reinsurers such as the lodgement of reinsurance deposit, disclosure requirements and submission of annual returns.