Regulatory Alerts2021-03-15
Added
Notice 131 on Insurance Returns for Special Purpose Reinsurance Vehicles
The Monetary Authority of Singapore issued Notice 131 to establish the specific forms, submission requirements, and deadlines for financial returns lodged by special purpose reinsurance vehicles. This regulatory framework applies to life, general, and composite reinsurers, mandating electronic submission of accounts and statements while requiring prior approval from the insurer's Chief Executive or Board. The notice outlines valuation, capital, and licensing obligations, with recent amendments taking effect in March 2021 to update these reporting standards.
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