Notice 114 Reinsurance Management
Requirements and guiding principles for insurers on the management of outward reinsurance arrangements.
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.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
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.
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.
- Consultation number:
- P010 - 2010
- Start date:
- 30 June 2010
- Closing date:
- 30 July 2010
- MAS response date:
- 01 April 2011