Insurers may carry on insurance business in Singapore as licensed insurers, authorised reinsurers, approved Marine, Aviation and Transit (MAT) insurers, or foreign insurers. Insurance brokers may conduct insurance broking activities in Singapore as registered insurance brokers or approved insurance brokers. Find out about the regulations, updates and licensing for such institutions.
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Prudential and Supervisory Requirements
Licensing, Authorisation and Registration
MAS conducted thematic inspections on the AML/CFT name screening frameworks and processes of selected financial institutions in 2021. The paper sets out MAS’ supervisory expectations and good practices, areas for improvement, and illustrative examples observed from the inspections. Financial institutions should benchmark themselves against the supervisory expectations and good practices in the paper.
This Monograph outlines the approach that the Monetary Authority of Singapore (“MAS”) takes towards enforcement, the role that enforcement plays in the wider objective of financial industry oversight and the key areas of MAS’ enforcement practice and powers across the financial industry.
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
Informs all licensed insurers, licensed financial advisors, registered insurance brokers of the publication of best practice papers by the ICCSC. Encourages all insurers and insurance intermediaries to study the papers and adopt the best practices and recommendations as appropriate.
This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.
- Consultation number:
- Start date:
- 09 July 2021
- Closing date:
- 10 August 2021
- MAS response date:
- 01 March 2022