31 July 2002
To: Principal Officers of All Insurers
Dear Sir/Madam
REVISION OF MAS NOTICE 103
STATUTORY DEPOSITS AND BANK COVENANTS
1. The Authority has made some revisions to MAS Notice 103 and the bank covenant forms. The revised forms will take immediate effect for insurers who are lodging new bank covenants. Insurers with existing bank covenants lodged with the Authority are required to re-submit the bank covenants three months before 1 January 2003.
2. In submitting the forms, insurers should take note of the following:
(a) Certification of the copy of the Power of Attorney or directors? resolution submitted to the Authority should be done by a legal adviser.
(b) If the bank executing the bank covenant is incorporated outside Singapore, the bank is required to furnish the Authority with a written confirmation from its legal adviser that it has properly and validly executed the bank covenant according to the law of the place of its incorporation and its Memorandum and Articles of Association.
3. A copy of the revised MAS Notice 103 is attached. It can also be retrieved from the MAS website (http://www.mas.gov.sg).
Yours faithfully
(Sent via MASNET)
MRS HAUW SOO HOON
EXECUTIVE DIRECTOR
INSURANCE DEPARTMENT
FINANCIAL SUPERVISION GROUP
