Submission of Board Minutes and Reporting of Breaches

Circular No. ID 24/12
24 December 2012
To Principal Officers
All Direct Insurers and Reinsurers
Dear Sir/Madam
SUBMISSION OF BOARD MINUTES AND REPORTING OF BREACHES For all Direct Insurers and Reinsurers Incorporated in Singapore Under MAS’ supervisory framework, the assessment of an insurer is built upon a strong understanding of the company, the inherent risks prevailing in its significant activities and the adequacy of the corresponding risk management systems and internal controls. The Board of Directors (“Board”) and senior management of an insurer play pivotal roles in ensuring effective corporate governance and in building the right values and culture to support sound risk management and internal control practices. 2 The Authority would like to formalise the arrangement for Board minutes to be submitted to the Authority regularly. In this regard, please provide the Authority, within 3 weeks from the last day of each quarter starting from Q4 2012, with the following:
For Tier 1 insurers1
A copy of the minutes of the main Board meeting, and of the Audit, Investment and Risk Management Committee meetings (where applicable) held during the quarter. For Tier 2 insurers2 A copy of the minutes of the main Board meeting held during the quarter.

1
Tier 1 insurer means any registered insurer which — (a) is incorporated in Singapore; (b) in the case of a direct life insurer, has total assets of at least $5 billion or its equivalent in any foreign currency, as reported in Form 8 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 (G.N. No. S 494/2004), lodged by the insurer for the accounting period in the preceding year; (c) in the case of a direct general insurer or a reinsurer, has gross premiums of at least $500 million or its equivalent in any foreign currency, in its insurance funds established and maintained under the Act and Overseas (Branch) Operations, as reported in Form 9 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004, lodged by the insurer for the accounting period in the preceding year; and (d) in the case of a direct composite insurer, falls within sub-paragraph (b) or (c) above. 2 Tier 2 insurer means any registered insurer which – (a) is incorporated in Singapore; (b) in the case of a direct life insurer, has total assets of less than $5 billion or its equivalent in any foreign currency as reported in Form 8 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004, lodged by the insurer for the accounting period in the preceding year; (c) in the case of a direct general insurer or reinsurer, has gross premiums of less than $500 million or its equivalent in any foreign currency in its insurance funds established and maintained under the Act and Overseas (Branch) Operations, as reported in Form 9 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004, lodged by the insurer for the accounting period in the preceding year; and (d) in the case of a direct composite insurer, falls within sub-paragraph (b) or (c) above.

For all Direct Insurers and Reinsurers
3 Please notify the Authority immediately if the company becomes aware of any event that may have a significant impact on the company, including any breach of regulations administered by other authorities. 4 Please contact your company’s liaison officer in MAS should you require further clarification. Yours faithfully (sent via MASNET) MS LUZ FOO EXECUTIVE DIRECTOR INSURANCE DEPARTMENT