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.
Notices
Published Date: 24 April 2024
Notice 135 Bank Covenants in lieu of Deposits
Requirements on a bank covenant that authorised reinsurers may lodge with MAS in lieu of a deposit.
Licensing, Authorisation and Registration
Valuation and Capital
Financial Returns
Applies to:
Authorised Reinsurer
View Notice
Notice 135 Bank Covenants in lieu of Deposits
(127.7 KB)
This notice applies to all authorised reinsurers. It sets out the requirements on a bank covenant that authorised reinsuers may lodged with MAS in lieu of the deposit required under section 46(1) of the Insurance Act 1966.
24 April 2024
Notice 135 Bank Covenants in lieu of Deposits (127.7 KB) takes effect on 30 April 2024
Informs authorised reinsurers that MAS will be adopting eGuarantee@Gov in relation to the bank covenants, and MAS Notice 135 (Bank Covenants in lieu of Deposits) has been issued to replace MAS Notice IA/PP-N02.1a (Bank Covenants in lieu of Deposits).
Sets out requirements applicable to authorised reinsurers such as the lodgement of reinsurance deposit, disclosure requirements and submission of annual returns.