Notices
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.
Issued pursuant to:
This notice applies to all licensed insurers.
It sets out requirements and guidelines for insurers to:
- Seek MAS' approval for the appointment of any director, chairman or key executive person.
- Notify MAS of any additional directorship or key executive person role taken up by a key executive person.
- Notify MAS of outstanding engagements accepted by the appointed actuary or certifying actuary.
- Ensure that the proposed appointees for the appointment of directors and key executive persons are fit and proper to fulfil their roles and responsibilities.
Amendment Notes
- 24 Sep 2021
- Notice 106 (Amendment) 2021 (875.6 KB) with effect from 27 September 2021.
- 18 Apr 2013
- Notice 106 (Amendment) 2013 (215 KB) takes effect.
- 02 Apr 2013
- Notice 106 dated 2 Apr 2013 (139.2 KB) [cancelled with effect from 18 Apr 2013]
Related to this Notice
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GuidelinesPublished Date: 31 July 2024
Guidelines on Fit and Proper Criteria [FSG-G01]
Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.
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CircularsPublished Date: 09 November 2021
ID 18/21 Issuance of Revisions to the CG Guidelines
Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.
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ConsultationsLast Revised Date: 09 November 2021
Consultation Paper on Revisions to the Guidelines on Corporate Governance
This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.
- Consultation number:
- P004-2021
- Start date:
- 07 May 2021
- Closing date:
- 18 June 2021
- MAS response date:
- 09 November 2021
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GuidelinesLast Revised Date: 09 November 2021
Guidelines on Corporate Governance
Guidelines on corporate governance for financial institutions incorporated in Singapore.
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CircularsPublished Date: 24 September 2021
ID 14/21 Amendments to MAS Notice 106
Informs insurers of the amendments to MAS Notice 106
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GuidelinesLast Revised Date: 28 June 2021
Guidelines on Risk Management Practices – Board and Senior Management
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
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CircularsPublished Date: 10 May 2021
ID 09/21 Consultation on Revisions to the Guidelines on Corporate Governance
Informs locally incorporated insurers on the release of the consultation paper on the proposed revisions to the guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore
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Subsidiary LegislationPublished Date: 19 December 2018
Insurance (Corporate Governance) Regulations 2013
Sets out the corporate governance requirements applicable to all direct insurers and reinsurers incorporated in Singapore (except marine mutual insurers)
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Subsidiary LegislationPublished Date: 18 April 2013
Insurance (Actuaries) Regulations 2013
Sets out the roles and responsibilities of appointed and certifying actuaries, and MAS' expectations on the appointment process and notification of engagements in equivalent roles in other jurisdictions.
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ConsultationsPublished Date: 08 August 2012
Consultation Paper on Legislative Changes Relating to Requirements on Key Executive Persons and Directors for Insurers
- Consultation number:
- P009 - 2012
- Start date:
- 08 August 2012
- Closing date:
- 14 September 2012
- MAS response date:
- 21 May 2013