16 April 2002
To: All Principal Officers
All Insurers
Dear Sir/ Madam
SURVEY ON REINSURANCE MANAGEMENT STRATEGY
The Authority is continuing its work to implement a risk-based supervisory methodology for its oversight of insurance companies that operate in Singapore. Risk-based supervision requires the Authority to identify the major risks that each company, and the industry generally, face. For this approach to be effective, the Authority has to understand the practices that companies have adopted and the nature of the internal controls that are in place.
2 In the area of reinsurance management, the Authority has issued MAS Notice 114, which sets out guiding principles on the roles and responsibilities of the Board of Directors and senior management of insurers. In line with our risk-based supervisory framework, in order to obtain a better understanding of insurers' processes and practices in reinsurance management in respect of their Singapore operations, we request soft copies of the following information by 15 June 2002:
- Appendix A (PDF, 7.60KB): to be submitted by all insurers
[Please note that foreign subsidiaries/ branches, whose reinsurance arrangements are structured on a global basis at their head office/ parent company, can merely provide a broad description of their Reinsurance Policy/ Guidelines applicable to their Singapore operations and fill in the sections in Appendix A where possible, such as (A)2, (B)6, and (E)12].
- Appendix B (PDF, 8.20KB): to be submitted by general insurers only
- Appendix C (PDF, 8.15KB): to be submitted by life direct insurers only
3 Captive insurers and insurers currently on run-off are exempted from the above submissions. Insurers who have already submitted the information need not resubmit.
4 All information provided will be held confidential and be used for supervisory purposes only. Any supporting information that is used to justify the response to each question should be retained at the company and not sent to the Authority.
5 Please contact Mr Wan Siew Wai (tel: 62299 435; email swwan@mas.gov.sg) or Ms Wendy Soh (tel: 62299 914; email: wendysoh@mas.gov.sg) for any clarification.
Yours sincerely
(sent via MASNET)
MRS HAUW SOO HOON
EXECUTIVE DIRECTOR
INSURANCE DEPARTMENT
FINANCIAL SUPERVISION GROUP
