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.
Notices
Last Revised Date: 15 March 2021
Notice 131 on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles
Requirements for special purpose reinsurance vehicles on the returns to be lodged with MAS.
Financial Returns
Valuation and Capital
Licensing, Authorisation and Registration
Applies to:
Reinsurer (Life)
,
Reinsurer (General)
,
Reinsurer (Composite)
View Notice
Notice 131 on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles
(4.42 MB)
This notice sets out the forms, submission requirements and deadlines for the returns to be submitted by special purpose reinsurance vehicles.
15 Mar 2021 MAS 131 (Amendment) 2021 (4.98 MB) takes effect on 16 Mar 2021
30 Dec 2020 MAS 131 (Amendment No. 2) 2020 (3.16 MB) takes effect on 31 Dec 2020
06 Mar 2020 MAS 131 (Amendment) 2020 (2.62 MB) takes effect on 31 Mar 2020
This Compliance Toolkit is to guide and facilitate special purpose reinsurance vehicles’ compliance with the various MAS approval and reporting requirements and timelines.
Application form to set up as a Special Purpose Reinsurance Vehicle in Singapore.
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.
Provides the revised application forms for the appointment of external auditors.
Sets out requirements for reinsurers established as special purpose reinsurance vehicles for purposes of insurance securitisation.
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