Regulatory Alerts2026-05-29
Added
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
The Monetary Authority of Singapore (MAS) Notice 106 applies to all licensed insurers, setting out requirements and guidelines for the appointment of directors, chairmen, and key executive persons. Insurers must seek MAS' approval for such appointments and ensure proposed appointees are fit and proper to fulfil their roles and responsibilities. Additionally, insurers are required to notify MAS of any additional directorships or key executive person roles taken up, and of outstanding engagements accepted by appointed or certifying actuaries.
Notices
Last Revised Date: 29 May 2026
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.
View Notice
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
(233.6 KB)
This notice applies to all licensed insurers.
It sets out requirements and guidelines for insurers to:
Seek MAS' approval for the appointment of any director, chairman or key executive person.
Notify MAS of any additional directorship or key executive person role taken up by a key executive person.
Notify MAS of outstanding engagements accepted by the appointed actuary or certifying actuary.
Ensure that the proposed appointees for the appointment of directors and key executive persons are fit and proper to fulfil their roles and responsibilities.
29 May 2026
Notice 106 (Amendment) 2026 (383.7 KB) with effect from 30 May 2026.
24 Sep 2021
Notice 106 (Amendment) 2021 (875.6 KB) with effect from 27 September 2021.
18 Apr 2013
Notice 106 (Amendment) 2013 (215 KB) takes effect.
02 Apr 2013
Notice 106 dated 2 Apr 2013 (139.2 KB) [cancelled with effect from 18 Apr 2013 ]
MAS Notice 106 - Appendix A (89 KB)
MAS Notice 106 - Appendix B and C (34.3 KB)
Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.
Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.
This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.
Consultation number:
P004-2021
Start date:
07 May 2021
Closing date:
18 June 2021
MAS response date:
09 November 2021
Guidelines on corporate governance for financial institutions incorporated in Singapore.
Informs insurers of the amendments to MAS Notice 106
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
Informs locally incorporated insurers on the release of the consultation paper on the proposed revisions to the guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore
Sets out the corporate governance requirements applicable to all direct insurers and reinsurers incorporated in Singapore (except marine mutual insurers)
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.
Consultation number:
P009 - 2012
Start date:
08 August 2012
Closing date:
14 September 2012
MAS response date:
21 May 2013