supervisors. MAS also continues to contribute to the development of the Insurance Capital Standard, which is a group-wide risk-based global insurance capital standard. It is designed to achieve greater comparability of the capital requirements of Internationally Active Insurance Groups across jurisdictions at the group-wide level.

MAS continues to participate actively in various Task Forces of the BCBS, which are responsible for developing policies that promote a sound global banking system. In the past year, MAS joined the Task Force on Standardised Approaches, which focuses on the review of the standardised approach for credit risk. This is to ensure that the standardised approaches continue to be suitable for assessing the capital adequacy of internationally-active banks and banks that are not using the advanced approaches. MAS is also a member of the Task Force on Interest Rate Risk in the Banking Book, which is responsible for examining options for capturing interest rate risks in the banking book within the capital framework. In addition, MAS is participating in the BCBS' review of the existing regulatory treatment of sovereign risk, which will consider policy options to improve the treatment of such exposures.