Regulatory Alerts2018-12-19
Added
Review of Insurance Returns and Amendments to Insurance (Valuation and Capital) Regulations 2004
The Monetary Authority of Singapore issued Circular No. ID 14/18 to implement new regulations removing existing reporting requirements for licensed insurers and amending rules for Lloyd’s service companies. The circular details consequential amendments to the Insurance (Valuation and Capital) Regulations 2004 and various MAS Notices to align insurance returns with Singapore Financial Reporting Standards by reporting policy liabilities gross of reinsurance. These regulatory changes take effect on 31 December 2018 for specific valuation amendments and 1 January 2019 for the broader reporting requirement updates.
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