Regulatory Alerts2020-03-05
Added
Notice 319 Valuation of Policy Liabilities of Life Business
The Monetary Authority of Singapore issued Notice 319 to establish mandatory requirements and guidelines for the valuation and reporting of policy liabilities for all licensed life insurers. The document specifies the rules for preparing actuarial investigation reports and defines the roles and responsibilities of appointed and certifying actuaries. This notice was cancelled with effect from 31 March 2020, replacing the original 2004 issuance and subsequent 2013 amendments.
Notices
Last Revised Date: 05 March 2020
Notice 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 31 Mar 2020]
Requirements and guidelines on the valuation and reporting of policy liabilities.
View Notice
Notice 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 31 Mar 2020]
(5.58 KB)
This notice applies to all insurers licensed to carry on life business, except captive insurers.
It sets out:
Mandatory requirements on the valuation of policy liabilities relating to the life business.
Guidelines on valuation of policy liabilities relating to the life business.
05 Mar 2020
MAS 319 dated 24 Aug 2004 (416.4 KB) take effect from 31 Mar 2020
22 Apr 2013
Notice 319 (Amendment) 2013 (78.5 KB) takes effect.
24 Aug 2004
Notice 319 dated 24 Aug 2004 (33.9 KB)
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.
Applies to all licensed insurers, except for captive insurers, marine mutual insurers and Special Purpose Reinsurance Vehicles. It sets out the requirements for insurers to submit returns to MAS.
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.