Regulatory Alerts2021-06-28
Added
MAS Notice IA/PP-N03.1 Insurance Deposits
The Monetary Authority of Singapore issued Notice IA/PP-N03.1 to specify the insurance deposits that approved marine, aviation and transit insurers must maintain with the Authority. The document outlines the required form of these deposits and bank covenants applicable to all approved MAT insurers. Additionally, a 2021 amendment takes effect on 1 July 2021 to incorporate consequential changes arising from the Banking (Amendment) Act 2020.
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