Notices

Last Revised Date: 05 March 2020

Notice 114 Reinsurance Management

Requirements and guiding principles for insurers on the management of outward reinsurance arrangements.

Issued pursuant to:

Insurance Act (Cap. 142) section 64(2)

Applies to: Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer

View Notice Notice 114 Reinsurance Management (907.5 KB)

This notice applies to all licensed insurers, except for paragraph 5, which does not apply to reinsurers and captive insurers.

It sets out:

Mandatory requirements for direct insurers to submit annual returns pertaining to their outward reinsurance arrangements and exposures to their top ten reinsurance counterparts.
Guiding principles that relate to the oversight of the reinsurance management process of insurers and the determination of significant insurance risk transfer.

05 Mar 2020: MAS 114 (Amendment) 2020 (978 KB) takes effect on 31 Mar 2020

22 Apr 2013: MAS 114 (Amendment) 2013 (64.7 KB) takes effect.

01 Apr 2011: MAS 114 dated 1 Apr 2011 (141.1 KB) takes effect. [Cancelled with effect from 22 Apr 2013]

Guidelines

Last Revised Date: 10 January 2024

Guidelines on Risk Management Practices for Insurance Business - Core Activities

Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.

Guidelines on Risk Management Practices Insurance Risk Insurance Products and Business Types
Subsidiary Legislation

Published 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.

Key Appointments Valuation and Capital Licensing, Authorisation and Registration Corporate Governance Fit and Proper Criteria Financial Returns
Consultations

Published Date: 30 June 2010

Consultation Paper on Proposed Framework for Reinsurance Management

This consultation paper sets out the proposed supervisory and regulatory framework governing reinsurance management of insruers, including requiring a direct insurer to submit information on its outward reinsurance arrangements on an annual basis, and removing the need to seek MAS'approval before entering into financial reinsurance arrangements in respect of life insurance business.

Financial Returns

Consultation number:

P010 - 2010

Start date:

30 June 2010

Closing date:

30 July 2010

MAS response date:

01 April 2011