MAS issues revised Guidelines on Risk Management Practices for Insurance Business

30 January 2024

On 10 January 2024, the Monetary Authority of Singapore (“MAS”) issued revised versions of the (a) Guidelines on Risk Management Practices for Insurance Business - Core Activities (“Insurance Business Guidelines”) and (b) Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk (“Fraud Risk Guidelines”).

The Insurance Business Guidelines and Fraud Risk Guidelines apply to all insurers. They respectively set out sound practices in carrying out insurance business, covering core activities such as product development, pricing, underwriting, claims handling and reinsurance management, as well as risk management practices to mitigate insurers’ exposure to insurance fraud risk.

MAS has revised both sets of guidelines to align with international standards and best practices, and to enhance the clarity of several areas within these guidelines.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg:

• Circular ID 01/24 on Amendments to Guidelines on Risk Management Practices for Insurance Business - Core Activities and Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk
• Guidelines on Risk Management Practices for Insurance Business - Core Activities
• Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk