Regulatory Alerts2021-03-15
Added
Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers
The Monetary Authority of Singapore issued Notice 130 to establish the forms, submission requirements, and deadlines for financial returns lodged by captive insurers. The regulation mandates the electronic submission of annual returns and outlines specific operational expectations for compliance with insurance returns legislation. It also provides guidance on actuarial investigation reports and aligns with the risk-based capital framework for asset and liability valuation.
Notices
Last Revised Date: 15 March 2021
Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers
Requirements for captive insurers on the returns to be lodged with MAS.
Financial Returns
Valuation and Capital
Licensing, Authorisation and Registration
Applies to:
Captive Insurer
View Notice
Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers
(2.17 MB)
This notice sets out the forms, submission requirements and deadlines for the returns to be submitted by captive insurers.
15 Mar 2021
MAS 130 (Amendment) 2021 (2.02 MB) takes effect on 16 Mar 2021.
30 Dec 2020
MAS 130 (Amendment No. 2) 2020 (1.4 MB) takes effect on 31 Dec 2020.
06 Mar 2020
MAS 130 (Amendment) 2020 (2.67 MB) takes effect on 31 Mar 2020.
19 Dec 2018
MAS 130 (Amendment) 2018 (5.89 MB) takes effect on 1 Jan 2019.
This Compliance Toolkit is to guide and facilitate captive insurers’ compliance with the various MAS approval and reporting requirements and timelines.
Informs all insurers on amendments to the legislations on insurance returns.
Informs insurers on changes to insurance returns legislations, including replacing hardcopy submission requirements for annual returns with electronic submission requirements, and sets out specific expectations on the operational details for the submission.
To provide guidance on the information that should be disclosed when an actuary prepares a report referred to in section 37(1)(b) of the Act (an “actuarial investigation report”).
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
Provides the revised application forms for the appointment of external auditors.
Reminds all licensed insurers that prior approval from their Chief Executive and/or Board is required before the insurer submits the electronic returns to MAS.
Informs insurers that the revised insurance returns will be implemented on 1 January 2019.
Provides the revised application forms for the appointment of external auditors.
Consultation number:
P024-2014
Start date:
13 October 2014
Closing date:
24 November 2014
MAS response date:
28 June 2016
Sets out requirements for captive insurers licensed under the Insurance Act (Cap.142).