Issuance of Guidelines on Transition Planning (Insurers)

Circular No. ID 04/26 5 March 2026 To Chief Executives All Insurers Dear Sir/Madam ISSUANCE OF GUIDELINES ON TRANSITION PLANNING (INSURERS) On 18 October 2023, the Monetary Authority of Singapore (MAS) issued a consultation paper on proposed Guidelines on Transition Planning (Insurers) (“Guidelines”). 2 MAS would like to thank all respondents for their feedback. We have carefully considered the comments received, and have issued the finalised Guidelines along with our response to the feedback. 3 The Guidelines, as an addendum to the Guidelines on Environmental Risk Management issued in 2020, set 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 process. Insurers should establish a transition planning process in a risk proportionate manner, taking into consideration various factors, such as the risk profile of their business models and the local circumstances of their business operations. 4 The Guidelines and response to feedback received are available on the MAS website: • Guidelines - https://www.mas.gov.sg/regulation/guidelines/guidelines-on￾environmental-risk-management-for-insurers • Response to feedback received - https://www.mas.gov.sg/publications/consultations/2023/consultation-paper-on￾guidelines-on-transition-planning-for-insurers

2 5 If you have any queries, please contact your company’s liaison officer in MAS. Yours faithfully [sent via MAS-Tx] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT