Update to Notice 133 and Notice FHC-N133 on Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers

Circular No: ID 15/25
8 December 2025
To Chief Executives
All Licensed Insurers except for Captive Insurers, Marine Mutual Insurers and SPRVs All Designated Financial Holding Companies (Licensed Insurer) Dear Sir/Madam UPDATE TO NOTICE 133 AND NOTICE FHC-N133 ON ADDITIONAL CRITERIA FOR ADDITIONAL TIER 1 (AT1) AND TIER 2 CAPITAL INSTRUMENTS FOR INSURERS On 9 October 2025, MAS issued a response paper (link) outlining our position on the recognition of capital instruments issued by a locally-incorporated DFHC (Licensed Insurer) or a locally-incorporated licensed insurer in Singapore, collectively referred to as insurer, under the Risk-Based Capital 2 (RBC 2) framework. Following the review, MAS will proceed with the proposal to recognise capital instruments issued by insurers as AT1 or Tier 2 Capital under the RBC 2 framework, subject to the condition that such capital instruments are sold only to persons who are not retail investors in Singapore from 1 January 2026. 2 To reflect these changes, Notice 133 Valuation and Capital Framework for Insurers (“Notice 133”) and Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer) (“Notice FHC-N133”) have been updated on 8 December 2025. The revision will take effect from 1 Jan 2026 and the updated notices and amendment notes can be accessed on the MAS websites:

• Notice 133 - https://www.mas.gov.sg/regulation/notices/notice-133
• Notice FHC-N133 - https://www.mas.gov.sg/regulation/notices/notice-fhc-n133
  3 Please contact your company’s liaison officer in MAS should you have anyqueries. Yours faithfully x [sent via MAS-TX] x DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT