Regulatory Alerts2020-02-28
Added
Issuance of Insurance (Valuation and Capital) (Amendment) Regulations 2020 and New MAS Notice 133 on Valuation and Capital Framework for Insurers
The Monetary Authority of Singapore issued the Insurance (Valuation and Capital) (Amendment) Regulations 2020 and MAS Notice 133 to implement the enhanced RBC 2 valuation and capital framework for insurers. These regulations introduce two solvency intervention levels with associated supervisory actions and require meeting fund solvency requirements at a broader adjusted fund level, while MAS Notice 133 consolidates technical details on asset and liability valuation previously scattered across other notices. The new rules take effect on 31 March 2020, requiring statutory returns for the quarter ending that date to be prepared on the RBC 2 basis and parallel run results for the year ending 31 December 2019 to be submitted by 30 May 2020.