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.
Notices
Last Revised Date: 05 March 2020
Notice 114 Reinsurance Management
Requirements and guiding principles for insurers on the management of outward reinsurance arrangements.
View Notice
Notice 114 Reinsurance Management
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This notice applies to all licensed insurers, except for paragraph 5, which does not apply to reinsurers and captive insurers.
It sets out:
Mandatory requirements for direct insurers to submit annual returns pertaining to their outward reinsurance arrangements and exposures to their top ten reinsurance counterparts.
Guiding principles that relate to the oversight of the reinsurance management process of insurers and the determination of significant insurance risk transfer.
05 Mar 2020
MAS 114 (Amendment) 2020 (978 KB) takes effect on 31 Mar 2020
22 Apr 2013
MAS 114 (Amendment) 2013 (64.7 KB) takes effect.
01 Apr 2011
MAS 114 dated 1 Apr 2011 (141.1 KB) takes effect. [Cancelled with effect from 22 Apr 2013]
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.
This consultation paper sets out the proposed supervisory and regulatory framework governing reinsurance management of insruers, including requiring a direct insurer to submit information on its outward reinsurance arrangements on an annual basis, and removing the need to seek MAS'approval before entering into financial reinsurance arrangements in respect of life insurance business.
Consultation number:
P010 - 2010
Start date:
30 June 2010
Closing date:
30 July 2010
MAS response date:
01 April 2011