Key Supervisory and Regulatory Initiatives

INSPECTIONS AND SUPERVISORY REVIEWS

Inspections on Motor Insurance
Last year, MAS conducted thematic inspections on motor insurance. The scope covered the assessment of pricing, reserving, credit, underwriting and operational risks inherent in the conduct of motor insurance business. In most of the insurers, there were no major concerns regarding these risks. However, we noted operational weaknesses in the underwriting and claims reserving processes. The insurers concerned were asked to strengthen their operational systems.