Monetary Authority of Singapore Annual Report 2012/2013
Serving the Public

ENGAGING THE INDUSTRY

Working with Key Stakeholders

MAS holds regular dialogues with industry associations such as the General Insurance Association of Singapore (GIA), Life Insurance Association Singapore (LIA), Singapore Reinsurers’ Association (SRA), the Institute of Certified Public Accountants Singapore (ICPAS) and the Singapore Actuarial Society (SAS). These dialogues help us to better understand the risks and challenges facing the industry, and provides a good foundation for MAS and the industry to collectively work toward good supervisory outcomes and financial stability.

Since 2011, MAS has supported an industry initiative to foster reinsurance contract certainty. Comprising industry partners such as the Reinsurance Brokers Association of Singapore, Lloyd’s Asia, SRA and the GIA, the Contract Certainty Working Group (CCWG) finalised a set of best practices to achieve reinsurance contract certainty in February 2013. The CCWG will continue to work towards embedding these agreed best practices amongst industry players.