Regulatory Alerts2024-10-22
Added
MAS Notice 122 - Reporting Errors by Insurers
The Monetary Authority of Singapore issued this circular to address persistent reporting errors in MAS Notice 122 returns regarding asset and liability exposures. The regulator highlights specific inaccuracies such as incorrect Legal Entity Identifiers, wrong entity names, and mismatched location data, while also noting inconsistencies with Notice 129 submissions. Insurers are reminded of their legal obligation under the Insurance Act to exercise due care in providing accurate information and must implement proper systems to ensure regulatory compliance.
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