RegAlert

Rule · MAS · 22 Oct 2024

MAS Notice 122 - Reporting Errors by Insurers

disclosure

All Licensed Insurers in Singapore, excluding Captive and Marine Mutual Insurers, must maintain systems to ensure regulatory compliance. They are required to exercise due care to prevent providing false information to the Authority, as failure to do so constitutes an offence under Section 142(1)(b) of the Insurance Act 1966. This guidance was introduced on 1 January 2024.

SingaporeMonetary Authority of Singapore

ONFIDENTIAL
Circular No: ID 15/24
22 October 2024
To Chief Executives
All Licensed Insurers except for Captive Insurers and Marine Mutual Insurers Dear Sir/Madam MAS NOTICE 122 – REPORTING ERRORS BY INSURERS The enhancements to MAS Notice 122 (“Notice 122”) on Asset & Liability Exposures for Insurers were introduced on 1 January 2024. Part of the enhancements require insurers to submit detailed information that can uniquely identify an entity/ security. Examples include unique identifier of security, unique identifier of the deposit institution, name of issuer, Legal Entity Identifier (LEI) of issuer, location of issuer, and LEI of insurer’s ultimate parent. The Monetary Authority of Singapore (MAS) continued to observe reporting errors of such detailed information in the Notice 122 returns.
Annex A lists out non-exhaustive examples of such reporting errors.
2 MAS also noted that some of the numbers reported in the Notice 122 returns were not consistent with the Notice 129 returns. MAS has provided further clarifications in the Glossary of Notice 122 at MAS website. Please refer to the track changes version in Annex B. 3 Section 142(1)(b) of the Insurance Act 1966 (“the Act”) provides that any person who provides the Authority with any information under or for the purposes of any other provision of the Act must use due care to secure that the document or information is not false in any material particular; and if the person does not use due care in this behalf and the document or information is false in a material particular, the person shall be guilty of an offence.

2
4 MAS takes a serious view of failures to comply with regulatory requirements, including inaccurate submission of information. MAS expects all insurers in Singapore to put in place proper systems and controls to ensure compliance with the applicable laws and regulatory requirements at all times. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT

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Annex A: Examples of reporting errors

  1. LEI was indicated as “NA” while there is LEI for the issuer/ Counterparty/ Deposit Institution/
    Custodian. a. Insurers’ submission
    Name of Issuer/
    Counterparty/ Deposit
    Institution/ Custodian
    LEI of Issuer/ Counterparty/
    Deposit Institution/
    Custodian
    Location of Issuer/
    Counterparty/ Deposit
    Institution/ Custodian
    AERCAP IRELAND
    CAP/GLOBA NA IRELAND
    BLACKROCK, INC. NA UNITED STATES b. Correct information1
  2. Location information was wrong.
    a. Insurers’ submission
    Name of Issuer/
    Counterparty/ Deposit
    Institution/ Custodian
    LEI of Issuer/ Counterparty/
    Deposit Institution/
    Custodian
    Location of Issuer /
    Counterparty/ Deposit
    Institution/ Custodian
    BLACKROCK INC 549300KXRVZGAAWQCG88 EUROPE
    BLACKROCK INC 549300LRIF3NWCU26A80 CAYMAN ISLANDS BLACKROCK INC 549300LRIF3NWCU26A80 UNITED KINGDOM BLACKROCK, INC 549300LRIF3NWCU26A80 IRELAND TENCENT HOLDINGS LTD 254900N4SLUMW4XUYY11 CHINA TENCENT HOLDINGS LTD 254900N4SLUMW4XUYY11 HONG KONG b. Correct information1
  3. Name was wrong or incomplete, or LEI was wrong, or location was wrong.
    a. Insurers’ submission
    Name of Issuer/
    Counterparty/ Deposit
    Institution/ Custodian
    LEI of Issuer/ Counterparty/
    Deposit Institution/
    Custodian
    Location of Issuer /
    Counterparty/ Deposit
    Institution/ Custodian
    CITIBANK 5493008Z4LT56JZXGL54 SINGAPORE
    1 https://search.gleif.org/#/search/

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CITIBANK 549300U8H3KN0K301B23 UNITED KINGDOM
CITIBANK 6SHGI4ZSSLCXXQSBB395 SINGAPORE
CITIBANK E57ODZWZ7FF32TWEFA76 GUERNSEY
CITIBANK E57ODZWZ7FF32TWEFA76 JERSEY
CITIBANK E57ODZWZ7FF32TWEFA76 SINGAPORE
CITIBANK E57ODZWZ7FF32TWEFA76 UNITED KINGDOM
CITIBANK VGB4JDQHF6JTNV02DJ20 SINGAPORE
CITIBANK WFLLPEPC7FZXENRZV188 SINGAPORE
CITIBANK N.A. E57ODZWZ7FF32TWEFA76 SINGAPORE
CITIBANK N.A. E57ODZWZ7FF32TWEFA76 UNITED STATES TEMASEK FINANCIAL I LTD 52990034RLKT0WSOAM90 SINGAPORE TEMASEK FINANCIAL I LTD 549300ZSV6VOGFH1ER70 SINGAPORE b. Correct information1

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Annex B: Updated Glossary with Track Changes
Glossary - Track
Change.xlsx

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Annotations and obligations
2 obligations · 34 definitions · 28 reporting items
  • Obligation 2
  • Definition / condition 34
  • Reporting template 28
  • background, boilerplate

Lineage: No known changes

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Insurance Act 19661967 · SG-LAWInsurance Act 1966 (1967-01-01)MAS Notice 122 - ReportingErrors by Insurers2024-10-22 · this documentMAS Notice 122 - Reporting Errors by Insurers (2024-10-22)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Issued under
  • Insurance Act 19661967 · SG-LAW

    “Section 142(1)(b) of the Insurance Act 1966 (“the Act”) provides that any person who provides the Authority with any information under or for the purposes of any other provision of the Act must use due care to secure that the document or i…”

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