31 January 2018
The Monetary Authority of Singapore (“MAS”) will be implementing its revised insurance returns on 1 January 2019, instead of 1 January 2018 as previously intended. This was revealed by the MAS in Circular No. ID 13/17 on “Review of Insurance Returns - Implementation Timeline” (“Circular”) which was released by the MAS on 15 December 2017.
By way of background, MAS issued a consultation paper entitled “Review of Insurance Returns” in October/November 2014 as part of a complete review of the insurance returns to enhance information requirements for its supervisory needs and provide further clarification for completion of the returns.
On 28 June 2016, MAS issued its Response to the feedback received on the consultation paper. It was stated in the Response that MAS would implement the revised insurance returns on 1 January 2018.
In the Circular, MAS explains that there has since been a delay in the issuance of the relevant legislation to effect the implementation given competing legislative priorities. MAS also received feedback from some insurers that they face challenges in complying with the submission requirements by 1 January 2018.
In view of these developments, MAS will defer the implementation date for the revised insurance returns to 1 January 2019. There will be no further changes to the submission requirements and revised insurance returns, which were appended in the Response. As MAS targets to issue the necessary legislation for the revised insurance returns by 30 September 2018, insurers are encouraged to make the necessary changes to their systems to comply with the submission requirements by the new implementation date of 1 January 2019.