Monetary Authority of Singapore Annual Report 2011/2012
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Enhancing Reinsurance Contract Certainty

MAS supported an industry initiative to foster reinsurance contract certainty amongst insurers. The Contract Certainty Working Group (CCWG) was formed in 2011 and comprised representatives from the Singapore Reinsurers Association, Lloyd’s Asia, General Insurance Association of Singapore, the Reinsurance Brokers Association of Singapore and Insurance Law Association of Singapore.

The objective of contract certainty is to provide clarity for all parties to a reinsurance contract on the terms and conditions of the policy prior to inception or renewal, and that full documentation of the risk and risk acceptance is properly maintained by all parties. The CCWG aims to finalise its proposals by end of 2012.