Regulatory Alerts2024-04-24
Added · Updated
MAS Notice 135 on Bank Covenants in lieu of Deposits
The Monetary Authority of Singapore issued MAS Notice 135 to replace MAS Notice IA/PP-N02.1a regarding bank covenants lodged by authorised reinsurers in lieu of deposits. Effective 30 April 2024, the regulator mandates the adoption of eGuarantee@Gov for these submissions. Existing valid bank covenants lodged prior to this date are deemed compliant provided they meet the required deposit amounts under the Insurance Regulations.
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