Regulatory Alerts2020-03-05
Added
Notice DIPOP-N02 on Policy Owners' Protection Scheme Returns
The Monetary Authority of Singapore issues Notice DIPOP-N02 to mandate reporting requirements for Policy Owners' Protection Scheme members. The notice specifies the reporting formats for protected liabilities, coupon deposits, and unclaimed monies for life business, as well as gross premiums and protected liabilities for general business. These requirements apply to all direct insurers carrying on life or general insurance business who are PPF Scheme members.
Notices
Last Revised Date: 05 March 2020
Notice DIPOP-N02 on Policy Owners' Protection Scheme Returns
Requirements on the submission of Policy Owners' Protection (PPF) Scheme returns by PPF Scheme members.
Policy Owners' Protection Scheme
Financial Returns
Issued pursuant to:
Deposit Insurance and Policy Owners’ Protection Schemes Act section 84 (1)
section 84 (1)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (General)
,
Direct Insurer (Composite)
View Notice
Notice DIPOP-N02 on Policy Owners' Protection Scheme Returns
(439.9 KB)
This notice applies to all direct insurers carrying on life or general insurance business and are PPF Scheme Members.
It sets out the reporting format on:
Amount of protected liabilities, coupon deposits, advance premium payment and unclaimed monies for life business.
Amount of gross premiums written and protected liabilities by specified lines for general business.
05 Mar 2020 Notice DIPOP - N02 (Amendment) 2020 (718 KB) takes effect on 31 Mar 2020
1 Apr 2019 Notice DIPOP - N02 (Amendment) 2019 (322.7 KB) takes effect
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 licensed insurers on changes to Notice 133.
Sets out the requirements on asset maintenance, operational preparedness, maintenance of register and disclosure as well as the method for determination of premium contributions and compensation payment concerning the Deposit Insurance Scheme. The scheme protects depositors in case of a full bank or finance company...
Informs licensed insurers on changes to Notice 133.
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 all licensed insurers on consequential amendments arising from amendments to Insurance (Valuation and Capital) Regulations 2004
Sets out the commencement of DI-PPF (Amendment) Act 2018, maximum compensation caps for personal motor cover and personal property, and amendments to Notice DIPOP-N02 for members to consent to MAS sharing information with SDIC.
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.