Regulatory Alerts2024-01-03
Added · Updated
Guidelines on Risk Management Practices for Insurance Business - Core Activities
The Monetary Authority of Singapore requires insurers to adopt a holistic risk management framework covering product development, pricing, underwriting, claims handling, and reinsurance management. Insurers must establish a risk management strategy, structure, and policies that define risk tolerance, assign Board and senior management responsibilities, and ensure segregation of duties. The guidelines mandate specific controls for product development, including risk identification, stress testing, and documentation of approval rationales, while requiring robust processes for monitoring emerging risks and ensuring compliance with established limits.
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