Regulatory Alerts2024-12-20
Added
Notification to The Monetary Authority of Singapore on Events of Significant Impact
The Monetary Authority of Singapore issued Circular No. ID 10/14 to mandate that licensed insurers immediately report any events significantly impacting their operations. The directive specifically requires notification for breaches of regulations and incidents compromising customer data security, integrity, or confidentiality. Insurers are instructed to contact their designated liaison officer for further clarification regarding these reporting obligations.
Circular No. ID 10/14 30 September 2014 To Chief Executives All Insurers Dear Sir/ Madam NOTIFICATION TO THE MONETARY AUTHORITY OF SINGAPORE (“THE AUTHORITY”) ON EVENTS OF SIGNIFICANT IMPACT Under the conditions of licence, a licensed insurer must immediately inform the Authority if it becomes aware of any event that may have a significant impact on the insurer, including any breach of regulations administered by the Authority or by other authorities in Singapore or elsewhere. 2 Insurers are reminded that (i) any event that leads to a compromise of the security, integrity or confidentiality of customer information, such as loss of customer data, and (ii) any breach of regulations, whether administered by the Authority or other authorities, must be reported to the Authority, as they are deemed to be events that may have a significant impact on the insurer. 3 Please contact your company’s liaison officer should you require further clarification. Yours faithfully [sent via MASNET] MS LOO SIEW YEE EXECUTIVE DIRECTOR INSURANCE DEPARTMENT