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.
Notices
Last Revised Date: 28 June 2021
Notice IA/PP-N03.1 Insurance Deposits
Specifies the insurance deposits that approved MAT insurers shall maintain with the Authority.
Licensing, Authorisation and Registration
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Approved MAT Insurer
View Notice
Notice IA/PP-N03.1 Insurance Deposits
(87.5 KB)
This notice applies to all approved marine, aviation and transit (MAT) insurers.
It sets out the form of insurance deposits and bank covenants that approved MAT insurers need to maintain with MAS.
28 June 2021
MAS Notice IA/PP-N03.1 (Amendment) 2021 (91.8 KB) takes effect on 1 July 2021
Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.
Sets out requirements for insurers approved to write marine, aviation and transit (MAT) insurance.