Merchant banks are currently approved under the MAS Act. The Banking (Amendment) Act 2020 introduced a new licensing framework for merchant banks (MB) in the Banking Act. As certain Notices make reference to MB, consequential amendments and other amendments had to be made to these Notices.
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.
Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.
Requirements and best practice standards for direct general insurers in relation to training and competency for their insurance agents and other relevant persons.
This consultation paper sets out the remaining amendments to Regulations, Notices and Guidelines for the rest of the Banking (Amendment) Act 2020 (BAA) that have not yet commenced.
Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.
Governs the lending of S$ by insurers (except captive insurers) to non-resident financial institutions, including requirements for submitting monthly returns.