CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

Risk Management Guidelines for Insurance Companies

On 28 November 2007, MAS issued the Risk Management Guidelines for Insurance Business (Guidelines). The Guidelines supplement the guidelines on sound risk management practices for all financial institutions issued in February 2006. The Guidelines contain sound practices for the conduct of insurance business and covers the core activities of product development, pricing, underwriting, claims handling and reinsurance management. It also provides guidance on sound risk management practices to identify and mitigate insurers' exposure to the risk of insurance fraud.