Regulatory Alerts2023-09-29
Added
Consultation on New Notice for Recovery and Resolution Planning for Insurers and Proposed Enhancement of Resolution Powers for the Insurance Sector
The Monetary Authority of Singapore invites comments on a new notice for recovery and resolution planning for insurers and proposed enhancements to its resolution powers. These proposals aim to support recovery and resolution preparedness while bolstering the regulator's toolkit for managing insurer failures. Stakeholders are requested to submit their feedback by 31 October 2023 via the designated online form.
Circular No: ID 11/23 29 September 2023 To Chief Executives All Insurers Dear Sir/Madam CONSULTATION ON NEW NOTICE FOR RECOVERY AND RESOLUTION PLANNING FOR INSURERS AND PROPOSED ENHANCEMENT OF RESOLUTION POWERS FOR THE INSURANCE SECTOR MAS is seeking comments on the new notice for recovery and resolution planning for insurers and proposed enhancement of resolution powers for the insurance sector. The proposals aim to support recovery and resolution preparedness and bolster MAS’ resolution toolkit for insurers. 2 The consultation paper can be accessed on the MAS website1 . Please submit your company’s comments to the consultation paper by 31 October 2023 at https://form.gov.sg/651244f2a0f8590013560a88. 3 If you have queries relating to the consultation paper, please contact your company’s liaison officer in MAS. Yours faithfully (Sent via MASNET) DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT 1 https://www.mas.gov.sg/publications/consultations/2023/consultation-paper-on-rrp-notice-andenhancement-of-reso-power