Guidelines on Risk Management Practices for Insurance Business - Core Activities

Guidelines

Last Revised Date: 10 January 2024

Guidelines on ​Risk Management Practices for Insurance Business - Core Activities

Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.

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Guidelines on ​Risk Management Practices for Insurance Business - Core Activities

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These guidelines apply to all insurers.

They set out:

Sound practices in carrying out insurance business, covering core activities such as product development, pricing, underwriting, claims handling and reinsurance management.

Principles that should be embedded in a risk management framework.

10 Jan 2024 Previous version dated 1 Mar 2013 (94.9 KB) takes effect. (Cancelled with effect from 10 Jan 2024)

These guidelines set out MAS' expectations on environmental risk management for all insurers.

Inform insurers of the publication of an addendum on transition planning to the Guidelines on Environmental Risk Management, which sets out more detailed supervisory expectations for insurers to manage the transition and physical risks they face from climate change as part of a sound transition planning process.

Guidelines on processes and controls to prevent money laundering and countering the financing of terrorism, in relation to general insurance and reinsurance business as well as business related to accident and health policies.

Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.

Guidance to financial institutions on sound practices for their internal control environment and business process controls.

Informs insurers on the issuance of the revised Guidelines on Risk Management Practices for Insurance Business - Core Activities and revised Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk.

Guidelines on risk management practices to mitigate insurance fraud risk.

This consultation sets out MAS’ proposed Guidelines on Transition Planning for all insurers. The Guidelines set out the expectation for these financial institutions to have a sound transition planning process to enable effective climate change mitigation and adaptation measures by their customers, asset managers and investees in the global transition to a net zero economy and the expected physical effects of climate change.

Consultation number:

P013-2023

Start date:

18 October 2023

Closing date:

18 December 2023

MAS response date:

05 March 2026

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Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.

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Guidance on the five high level outcomes that financial institutions should achieve to promote the accountability of senior managers, strengthen oversight over material risk personnel, and reinforce conduct standards among all employees.

Requirements and guiding principles for insurers on the management of outward reinsurance arrangements.

Guidelines for financial institutions on risk management of outsourcing arrangements.

Articulates the objectives and scope of MAS’ Guidelines on Risk Management Practices.

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Guidelines for financial institutions on managing their credit risk.

Guidelines for financial institutions on managing their liquidity risk.