Regulatory Alerts2020-03-05
Added
Notice 114 Reinsurance Management
The Monetary Authority of Singapore issued Notice 114 to establish mandatory requirements and guiding principles for licensed insurers managing outward reinsurance arrangements. The regulation requires direct insurers to submit annual returns detailing their reinsurance exposures to top counterparts and outlines oversight standards for risk transfer determination. This framework replaces previous approval processes for financial reinsurance in life insurance business while defining specific roles for actuaries and exempting reinsurers from certain provisions.
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