Monetary Authority of Singapore Annual Report 2011/2012
Our Work

Fostering a Sound and Reputable Financial Centre

In February 2012, MAS issued public consultation papers on Regulatory Framework for Financial Holding Companies (FHCs) and Insurance Group-wide Supervision (IGWS). The FHC consultation paper sets out a proposed Financial Holding Companies Act to provide greater clarity on the regulation of holding companies of significant banks or insurance companies incorporated in Singapore. The paper proposes how such FHCs will be regulated at the solo and group level, including group concentration risk regulations and capital adequacy requirements. MAS is also enhancing its group-wide supervision framework for insurance groups and the IGWS paper sets out the proposed rules on group structure, corporate governance and solvency and capital adequacy. These have been developed in line with international standards issued by the International Association of Insurance Supervisors (IAIS). The IAIS is an international standard-setting body of insurance supervisors, of which MAS is a member. MAS is reviewing feedback from the public consultation and will incorporate relevant changes into the proposed regulatory frameworks.