Regulatory Alerts2026-03-16
Added
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
The Monetary Authority of Singapore issues Notice FHC-N133 to establish valuation and capital requirements for Designated Financial Holding Companies with licensed insurer subsidiaries under the Risk Based Capital 2 consolidation approach. The framework mandates specific capital treatments for structured products, infrastructure investments, and equity counter-cyclical adjustments, while introducing additional criteria for recognizing capital instruments as Additional Tier 1 or Tier 2 capital. These regulations apply to designated financial holding companies and licensed insurers, excluding captive and marine mutual insurers, with key amendments taking effect in early 2026.
Notices
Last Revised Date: 16 March 2026
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
Notice FHC-N133 sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.
View Notice
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
(2.81 MB)
16 March 2026
MAS Notice FHC-N133 (2.81 MB)
MAS Notice FHC-N133 Amendment 2026 takes effect on 31 Mar 2026 (2.84 MB)
08 December 2025
MAS Notice FHC-N133 (2.42 MB)
MAS Notice FHC-N133 Amendment 2025 (2.33 MB) takes effect on 1 January 2026.
15 November 2023
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer) (2.3 MB) takes effect on 1 Jan 2024.
MAS RBC 2 Group Capital Workbook (v2) (308.2 KB)
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 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.
This consultation paper sets out the proposed amendments to MAS Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer).
Consultation number:
P011-2025
Start date:
24 July 2025
Closing date:
25 August 2025
Informs insurers of the issuance of the Consultation Paper on Proposed Changes to the Group Capital Framework for Designated Financial Holding Companies (Licensed Insurer).
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
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N125 on Investment Activities.
Requirements and principles on investment activities of designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N126 on Enterprise Risk Management.
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N129 on Returns. This is to take into account the valuation and capital requirements under MAS Notice FHC-N133.
Requirements on the returns to be lodged with MAS for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore.
Informs all licensed insurers and Designated Financial Holding Companies (Licensed Insurer) of the issuance of Notice FHC-N133 which sets out the valuation and capital requirements for a DFHC (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.
This consultation paper sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) (“DFHC (Licensed Insurer)”) based on Risk Based Capital 2 consolidation approach.
Consultation number:
P010 - 2022
Start date:
27 October 2022
Closing date:
15 December 2022
MAS response date:
28 July 2023
Regulates financial holding companies