Regulatory Alerts2012-12-24
Added
Submission of Board Minutes and Reporting of Breaches
The Monetary Authority of Singapore requires all direct insurers and reinsurers incorporated in Singapore to submit specific Board meeting minutes within three weeks after the end of each quarter starting from Q4 2012. Tier 1 insurers must provide minutes from main Board, Audit, Investment, and Risk Management Committee meetings, while Tier 2 insurers are only required to submit main Board meeting minutes. Additionally, all regulated entities must immediately notify the Authority of any events that may significantly impact the company, including breaches of regulations administered by other authorities.
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