As part of its continued effort to enhance the governance of the insurance industry in Singapore, the Monetary Authority of Singapore (MAS) has issued a number of new notices and guidelines in recent weeks.
Key elements include:
- Guidelines on risk management practices and enterprise risk management (ERM)
- Notice on investments of insurers
- Guidelines on use of internal models for liability and capital requirements for life insurance products containing investment guarantees with non-linear payouts
- Public disclosure requirements
- Revised regulations on corporate governance