Regulatory Alerts2024-04-24
Added
Notice 135 Bank Covenants in lieu of Deposits
The Monetary Authority of Singapore issued Notice 135 to replace MAS Notice IA/PP-N02.1a regarding bank covenants that authorised reinsurers may lodge in lieu of deposits under the Insurance Act 1966. The notice sets out specific requirements for authorised reinsurers, including the lodgement of reinsurance deposits, disclosure obligations, and the submission of annual returns. Additionally, it informs authorised reinsurers that MAS will adopt eGuarantee@Gov for handling these bank covenants.
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