Regulatory Alerts2013-04-01
Added · Updated
Notice 124 Public Disclosure Requirements for Licensed Insurers
MAS Notice 124 mandates licensed insurers, excluding captive, marine mutual, run-off insurers, and Special Purpose Reinsurance Vehicles, to disclose comprehensive quantitative and qualitative information regarding their profile, governance, financial position, and risk exposures. Insurers must publish these disclosures, including audited financial statements and specific details on capital adequacy, asset-liability management, and liquidity risk, on their official websites within six months of the end of each accounting period or financial year. The notice also requires that any Non-GAAP financial measures used in disclosures be accompanied by a description of the methodology and a disclaimer regarding their lack of standardization. Transitional provisions exempt insurers from these requirements for the accounting period or financial year ending in 2022, requiring continued compliance with the previous version of the notice for that specific period.
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