Regulatory Alerts2022-09-30
Added
Notice 126 Enterprise Risk Management for Insurers
The Monetary Authority of Singapore issued Notice 126 to establish enterprise risk management requirements and guidelines for all licensed insurers, excluding captive and marine mutual insurers. The notice mandates that insurers identify and manage interdependencies between key risks and translate these findings into strategic management actions and capital planning. It also outlines expectations for Own Risk and Solvency Assessment report submissions and details subsequent amendments effective from 2020 and 2023.
Notices
Last Revised Date: 30 September 2022
Notice 126 Enterprise Risk Management (“ERM”) for Insurers
Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
View Notice
Notice 126 Enterprise Risk Management (“ERM”) for Insurers
(502.9 KB)
This notice applies to all licensed insurers, except captive insurers and marine mutual insurers.
It sets out the ERM requirements and guidelines for insurers to identify and manage interdependencies between key risks, and how these are translated into management actions related to strategic and capital planning matters.
30 Sep 2022 MAS 126 (Amendment) 2022 (553.4 KB) takes effect from 1 Jan 2023 05 Mar 2020 MAS 126 (Amendment) 2020 (790.2 KB) takes effect from 31 Mar 2020 07 Dec 2015 MAS 126 (Amendment) 2015 (31 KB) takes effect. 22 Apr 2013 MAS 126 dated 22 Apr 2013 (417 KB) [Cancelled with effect from 7 Dec 2015]
Inform and remind insurers of MAS Notice 126 requirements and expectations on ORSA report submissions.
Informs insurers of the amendments to MAS Notice 124, 125 and 126, and MAS' response to feedback received on the public consultation on proposed revision to MAS Notice 124, 125 and 126.
To respond to the feedback received on the consultation paper on MAS' proposed revisions to the MAS Notices 124,125 and 126.
Consultation number:
P002-2021
Start date:
19 February 2021
Closing date:
19 March 2021
MAS response date:
30 September 2022
Guidance to financial institutions on sound practices for their internal control environment and business process controls.
Requirements and guidelines on enterprise risk management for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Public disclosure requirements for licensed insurers.
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
Risk management principles and best practice standards to guide financial institutions in managing technology risk.
Guidelines for financial institutions on risk management of outsourcing arrangements.
Information paper outlining MAS' key observations from a review of the industry’s Own Risk and Solvency Assessment (ORSA) reports, with the aim of guiding insurers towards improving their respective ORSAs.
Articulates the objectives and scope of MAS’ Guidelines on Risk Management Practices.
Guidelines for financial institutions on managing their market risk.
Guidelines for financial institutions on managing their credit risk.
Guidelines for financial institutions on managing their liquidity risk.
This consultation paper sets out MAS proposals to introduce ERM requirements and guidelines for all licensed insurers (except captives and marine mutuals), to expand on MAS' expectations on how insurers identify and manage interdependencies between key risks, and how these should be translated into strategic management actions and capital planning.
Consultation number:
P002 - 2013
Start date:
23 January 2013
Closing date:
28 February 2013
Requests insurers to provide MAS with a copy of their Internal Audit and/or Compliance work plans and reports.