Regulatory Alerts2018-09-28
Added · Updated
Notice on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers
This Notice, effective 1 January 2019, requires all marine mutual insurers to lodge specific forms, annexes, and documents detailed in Appendix A, adhering to prescribed formats, signatory requirements, and electronic submission methods via MASNET or email. It mandates that all returns be in English, with monetary amounts in Singapore dollars, and specifies valuation and recognition standards for financial items. The document sets deadlines for submissions, calculated from the last day of the accounting period or financial year, and requires certain "Annual Returns" to be audited. Transitional provisions apply for accounting periods and financial years beginning in 2019 and 2020, requiring compliance with earlier versions of regulations and notices for those periods.
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