Notice 133 Valuation and Capital Framework for Insurers

Notices

Last Revised Date: 16 March 2026

Notice 133 Valuation and Capital Framework for Insurers

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.

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Notice 133 Valuation and Capital Framework for Insurers

(2.09 MB)

This Notice is issued following the RBC 2 review and comprises both mandatory requirements and guidelines on the supervisory intervention levels, valuation of policy liabilities in respect of life business and general business, and the calculation of the total risk requirements and financial resources. Existing technical details on valuation of assets and liabilities, as well as the computation of financial resources and risk requirements in the Insurance (Valuation and Capital) Regulations 2004, MAS Notice 319, and Guidelines ID 1/04 have been moved to this Notice.

Section 1 of this Notice applies to all licensed insurers. Sections 2 to 5 of this Notice apply to all licensed insurers except captive insurers, marine mutual insurers and special purpose reinsurance vehicles (“SPRVs”). Section 6 of this Notice applies to captive insurers, marine mutual insurers and SPRVs only.

16 Mar 2026 MAS 133 (Amendment) 2026 (1.84 MB) takes effect from 31 Mar 2026.

8 Dec 2025 MAS 133 (Amendment) 2025 (1.65 MB) takes effect from 1 Jan 2026.

14 Jun 2024 MAS 133 (Amendment) 2024 (1.53 MB)

takes effect on 30 Jun 2024.

8 Dec 2023 MAS 133 (Amendment) 2023 (1.16 MB)

takes effect on 31 Dec 2023.

19 Dec 2022 MAS 133 (Amendment No.2) 2022 (1.84 MB)

takes effect on 31 Dec 2022.

29 Mar 2022 MAS 133 (Amendment) 2022 (1.48 MB) takes effect on 31 Mar 2022.

28 Jun 2021 MAS 133 (Amendment) 2021 (1.5 MB) takes effect on 1 Jul 2021.

23 Dec 2020 MAS 133 (Amendment) 2020 (1.85 MB)

takes effect on 31 Dec 2020.

RBC 2 Main Workbook_20200402 (724.2 KB)

MA Workbook_20200402 (252.8 KB)

MA Asset and Simplified Balance Sheet_20200402 (60.3 KB)

Discounting Workbook_20200402 (156.8 KB)

FAQs_Recognition of risk mitigating effects of hedges v260316 (198.3 KB)

This Compliance Toolkit is to guide and facilitate direct insurers' and reinsurers’ compliance with the various MAS approval and reporting requirements and timelines.

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.

Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the proposed introduction of equity counter-cyclical adjustment (CCA), and the capital treatment for structured products and infrastructure investments, amongst others.

Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the additional criteria to recognise capital instruments issued by insurers as AT1 or Tier 2 Capital under the RBC 2 framework, subject to the condition that such capital instruments are sold only to persons who are not retail investors in Singapore from 1 January 2026.

Informs insurers on the issuance of the Response to Consultation Paper on the proposed enhancements to the RBC 2 capital treatment for investment in structured products and infrastructure investments for insurers under RBC 2 framework.

Informs insurers on the issuance of the Response to Consultation Paper on Proposed Inclusion of Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers.

Informs insurers on the issuance of the Response to Consultation Paper on Proposed Equity Counter-Cyclical Adjustment for Insurers.

Informs insurers of the issuance of the Consultation Paper and Quantitative Impact Study on the Proposed General Insurance Catastrophe Risk Requirement

This consultation paper sets out the proposed approach to computing the general insurance catastrophe risk requirement.

Consultation number:

P012-2025

Start date:

24 July 2025

Closing date:

05 September 2025

Informs insurers on the issuance of the Consultation Paper on Proposed Equity Counter-Cyclical Adjustment and Inclusion of Additional Criteria for AT1 and Tier 2 Capital Instruments for Insurers.

This consultation paper sets out the proposed enhancements to the RBC 2 capital treatment for equity counter-cyclical adjustment and additional criteria for Additional Tier 1 and Tier 2 Capital for insurers under RBC 2 framework.

Consultation number:

P001 - 2025

Start date:

27 March 2025

Closing date:

28 April 2025

MAS response date:

09 October 2025

Requirements and principles that govern insurers' investment activities.

Informs insurers on the issuance of the Consultation Paper on Proposed Capital Treatment for Structured Products and Infrastructure Investments for Insurers.

This consultation paper sets out the proposed enhancements to the RBC 2 capital treatment for investment in structured products and infrastructure investments for insurers under RBC 2 framework.

Consultation number:

P011-2024

Start date:

18 October 2024

Closing date:

22 November 2024

MAS response date:

28 October 2025

Informs licensed insurers on changes to Notice 133.

Informs licensed insurers on changes to Notice 133.

Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.

Informs licensed insurers on new guidelines on the preparation of the actuarial investigation report and changes to Notice 133

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.

Guidelines for insurers seeking exemption to use internal models to determine the regulatory liability and capital requirements for life insurance products with investment guarantees which have non-linear payouts.

Requirements on the submission of Policy Owners' Protection (PPF) Scheme returns by PPF Scheme members.

Informs all licensed insurers of the issuance of the Insurance (Valuation and Capital) (Amendment) Regulations 2020 and new MAS Notice 133 on Valuation and Capital Framework for Insurers

Sets out requirements for reinsurers established as special purpose reinsurance vehicles for purposes of insurance securitisation.

Sets out requirements for direct general insurers licensed to write marine mutual insurance business.

The third public consultation paper on MAS’ review of the Risk-Based Capital framework for insurers sets out the revised proposals after taking into account the feedback received from the previous consultation in 2014 and subsequent engagements with the industry.

Consultation number:

P007 - 2016

Start date:

15 July 2016

Closing date:

20 October 2016

This consultation paper sets out more specific proposals, following the first consultation of the roadmap for MAS’ review of the RBC framework in June 2012. The consultation paper also contains the detailed technical specifications for insurers to conduct a full scope Quantitative Impact Study (“QIS”) to fully understand the impact of RBC 2.

Consultation number:

P003 - 2014

Start date:

26 March 2014

Closing date:

30 June 2014

MAS response date:

15 July 2016

Sets out requirements for captive insurers licensed under the Insurance Act (Cap.142).

This consultation paper sets out MAS review of areas relating to credit risks arising from insurance contracts, and contagion risk arising from intra-group transactions. The proposals touch on changes to the financial resources adjustment, the reinsurance adjustment and the C2 risk requirements under our RBC framework.

Consultation number:

P006 - 2011

Start date:

11 July 2011

Closing date:

11 August 2011

Guidelines for valuation of general insurance policy liabilities, and for preparing an actuarial investigation report for general insurance business.