Regulatory Alerts2021-06-28
Added · Updated
MAS Notice IA/PP-N03.1 Insurance Deposits
Approved MAT insurers may substitute insurance deposits with Singapore Government Securities and must maintain bank covenants executed under a Common Seal or Power of Attorney. Banks licensed under the Banking Act must furnish certified copies of directors’ resolutions or Powers of Attorney to the Authority, with foreign banks requiring written confirmation from their legal advisers regarding valid execution. The notice specifies that these covenants require payment of the highest of $2 million, 30% of gross premiums, or 30% of gross liabilities upon triggering events such as liquidation or insolvency. This notice takes immediate effect.
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