Regulatory Alerts2018-11-07
Added
Submission of Annual Returns
The Monetary Authority of Singapore issued Circular No. ID 12/18 to clarify that insurers must obtain prior approval from their Chief Executive and Board before submitting electronic annual returns. This directive addresses instances where insurers failed to secure necessary internal governance approvals prior to lodging returns by the 31 March deadline. The Authority reminds all direct and reinsurance companies to implement appropriate processes to ensure compliance with these governance requirements ahead of the submission date.
Circular No. ID 12/18 7 November 2018 Chief Executives All Direct Insurers and Reinsurers (other than Marine Mutual Insurers) Dear Sir/Madam SUBMISSION OF ANNUAL RETURNS Regulation 15 of the Insurance (Accounts and Statements) Regulations 2004 requires insurers to lodge – (a) annual returns in electronic form (“electronic returns”) by 31 March; and (b) the certificate on the Accounts of the Insurer (Form 24), Report of the Auditor (Form 25) and Auditor’s Supplementary Report (Form 26) (collectively “signed returns”) by 30 April. 2 It has come to the Authority’s attention that some insurers might not have obtained prior approval from their Chief Executive and/or Board on the electronic returns before submission to the Authority. The Authority would like to clarify that such approval is required before the insurer submits the electronic returns to the Authority. The longer deadline for submission of signed returns is meant to allow more time for insurers to obtain the signatures from the applicable signatories for the returns. 3 Insurers are reminded to put in place appropriate governance processes to ensure that the electronic returns are approved by their Chief Executive and Board before submission to MAS by 31 March. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT cc: Institute of Singapore Chartered Accountants