Regulatory Alerts2009-03-17
Added
Guidelines on Implementation of Insurance Fund Concept [ID 1/09]
The Monetary Authority of Singapore issued these guidelines to mandate operational safeguards for the segregation of insurer assets into distinct insurance funds as required by the Insurance Act. Insurers must maintain separate accounting books, custodian accounts, and bank accounts for each class of business to ensure policyholder asset protection. The document further requires the appointment of a local signatory for significant asset withdrawals and the implementation of sound internal processes for the proper attribution of receipts and expenses.
Topics
safeguarding
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