Regulatory Alerts2019-05-06
Added
Issuance of Technical Specifications for RBC 2 Parallel Run for Year Ended 31 December 2018
The Monetary Authority of Singapore issued technical specifications requiring licensed insurers to conduct a parallel run of the Risk-Based Capital 2 framework for the year ended 31 December 2018. This directive mandates that direct and reinsurance entities, excluding captives and marine mutuals, submit specific returns to the regulator to assess capital adequacy under the new valuation standards. The issuance provides essential resources, including workbooks and spot rates, to facilitate the quantitative impact study and ensure compliance with the updated risk-based capital framework.
Circulars
Published Date: 06 May 2019
ID 07/19 Issuance of Technical Specifications for RBC 2 Parallel Run for Year Ended 31 December 2018
Instructions for conducting RBC 2 parallel for YE2018.
Valuation and Capital
Applies to:
Direct Insurer (Life)
,
Direct Insurer (General)
,
Direct Insurer (Composite)
,
Reinsurer (Life)
,
Reinsurer (General)
,
Reinsurer (Composite)
View Document
ID 07/19 Issuance of Technical Specifications for RBC 2 Parallel Run for Year Ended 31 December 2018
(349.4 KB)
Resources
RBC2 YE2018 Parallel Run Technical Specs Clean Copy (2.22 MB)
MAS_RBC2 workbook YE2018 (570.9 KB)
MAS_MA_YE2018 (125 KB)
SGD and USD Spot Rates YE2018_Smith Wilson (164.9 KB)
Questionnaire for YE2018 RBC2 Parallel Run (501.1 KB)
Requirements for licensed insurers, except for captive insurers, marine mutual insurers and special purpose reinsurance vehicles, on the returns to be lodged with MAS.
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
Applies to all licensed insurers, except for captive insurers, marine mutual insurers and Special Purpose Reinsurance Vehicles. It sets out the requirements for insurers to submit returns to MAS.
This consultation paper sets out more specific proposals, following the first consultation of the roadmap for MAS’ review of the RBC framework in June 2012. The consultation paper also contains the detailed technical specifications for insurers to conduct a full scope Quantitative Impact Study (“QIS”) to fully understand the impact of RBC 2.
Consultation number:
P003 - 2014
Start date:
26 March 2014
Closing date:
30 June 2014
MAS response date:
15 July 2016