Notice FHC-N133 sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.

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.

This consultation paper sets out the proposed enhancements to the RBC 2 capital treatment for equity counter-cyclical adjustment and additional criteria for Additional Tier 1 and Tier 2 Capital for insurers under RBC 2 framework.

Consultation number:

P001 - 2025

Start date:

27 March 2025

Closing date:

28 April 2025

MAS response date:

09 October 2025