Regulatory Alerts2019-05-30
Added · Updated
MAS Notice on Insurers' Appointment of Custodians
This Notice mandates that licensed insurers ensure all custodians and sub-custodians holding insurance fund assets are licensed or regulated in their respective jurisdictions. It requires insurers to maintain separate custody accounts for these assets, keep them distinct from the custodian's own assets, and agree in writing on liability limits for fraud or negligence. The document also establishes guidelines for due diligence in appointing custodians, including financial strength assessments and annual monitoring, while cancelling the previous MAS Notice 105 dated 26 January 2004 effective 31 December 2019.
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