Regulatory Alerts2008-02-18
Added
Classification of Tax Liabilities Arising from Non-Guaranteed Benefits of Participating Policies
The Monetary Authority of Singapore mandates that direct life and composite insurers classify expected tax payments from participating funds as policy liabilities under the Insurance (Accounts and Statements) Regulations 2004. This requirement aligns with the Insurance (Valuation and Capital) Regulations 2004, which allow up to 50% of expected payments from non-guaranteed benefits to constitute part of the participating fund's financial resources for risk-based capital computation. Insurers must report these values in Form 1 of the First Schedule and disclose them in the additional information section.
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