30 October 2018

On 28 September 2018, the Monetary Authority of Singapore (“MAS”) issued various new Notices on Insurance Returns which will take effect on 1 January 2019. MAS also issued Circular No. ID 11/18 on “Review of Insurance Returns” (“2018 Circular”) on the same day.

The 2018 Circular makes reference to Circular No. ID 03/16 (“2016 Circular”) dated 28 June 2016 and Circular No. 13/17 (“2017 Circular”) dated 15 December 2017.

Background

From 13 October 2014 to 27 November 2014, MAS sought feedback on its “Consultation Paper on Review of Insurance Returns”. MAS had embarked on a complete review of 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, stating that the revised insurance returns would be implemented on 1 January 2018.

Following feedback from some insurers that they faced challenges in complying with the submission requirements by 1 January 2018, MAS issued the 2017 Circular providing for a new implementation date of 1 January 2019.

New Notices on Insurance Returns

In preparation for the implementation date of 1 January 2019, MAS issued the following Notices on 28 September 2018, all of which will take effect on 1 January 2019:

  • MAS 129 Notice on Insurance Returns (Accounts and Statements)
  • MAS 130 Notice on Insurance Returns (Accounts and Statements) for Captive Insurers
  • MAS 131 Notice on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles
  • MAS 212 Notice on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers
  • MAS 213 Notice on Insurance Returns (Accounts and Statements) for Financial Guarantee Insurers

MAS will also be issuing amendment regulations to remove the existing submission requirements in the insurance regulations by 31 December 2018.

MAS reminds insurers that carry on general insurance business that they will be required to perform a parallel run, with respect to Form 6 (Statement of Premiums, Claims and Underwriting Results in respect of General Business) of the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 for the periods from 1 January 2019 to 31 December 2019 (for both the quarterly and annual returns). This Form does not need to be audited for the parallel run.

Reference materials

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

 

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