SERVING THE PUBLIC,
- WORKING WITH INDUSTRY
- Industry Initiative on Contract Certainty
- Partnership with Academia
WORKING WITH INDUSTRY
INDUSTRY INITIATIVE ON CONTRACT CERTAINTY
Since 2011, MAS has supported the industry initiative to foster reinsurance contract certainty. A Contract Certainty Working Group (CCWG), comprising members from the Reinsurance Brokers Association of Singapore, Lloyd's Asia, Singapore Reinsurers' Association, General Insurance Association of Singapore and Life Insurance Association Singapore, was formed to develop a set of guidelines on the best practices to achieve reinsurance contract certainty. The CCWG finalised its set of best practices in February 2013 and has shared it with all direct insurers, reinsurers and brokers.
In April 2013, MAS amended the "MAS Guidelines on Risk Management Practices for Insurance Business - Core Activities" to encourage all insurers to adopt the industry's definition, guidance, and best market practices and standards in the area of contract certainty. In an effort to monitor the industry's progress in achieving contract certainty, the CCWG has also developed an online portal (www.contractcertainty.sg) where the industry (direct insurers, reinsurers and brokers) are encouraged to submit compliance reports on a monthly basis. This would allow the CCWG to closely analyse the level of contract certainty and identify areas for further improvement.
In May and June 2013, the CCWG held multiple workshops for the industry to clarify questions on its proposals and to demonstrate the online portal. The CCWG commenced the collection of monthly reports in July 2013.