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.

Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the additional criteria to recognise capital instruments issued by insurers as AT1 or Tier 2 Capital under the RBC 2 framework, subject to the condition that such capital instruments are sold only to persons who are not retail investors in Singapore from 1 January 2026.

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