ID11/22 Amendments to Notices 124, 125 and 126
Informs insurers of the amendments to MAS Notice 124, 125 and 126, and MAS' response to feedback received on the public consultation on proposed revision to MAS Notice 124, 125 and 126.
Notices
Notice 126 Enterprise Risk Management (“ERM”) for Insurers
Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
Issued pursuant to:
This notice applies to all licensed insurers, except captive insurers and marine mutual insurers.
It sets out the ERM requirements and guidelines for insurers to identify and manage interdependencies between key risks, and how these are translated into management actions related to strategic and capital planning matters.
Amendment Notes
- 30 Sep 2022
- MAS 126 (Amendment) 2022 (553.4 KB) takes effect from 1 Jan 2023
- 05 Mar 2020
- MAS 126 (Amendment) 2020 (790.2 KB) takes effect from 31 Mar 2020
- 07 Dec 2015
- MAS 126 (Amendment) 2015 (31 KB) takes effect.
- 22 Apr 2013
- MAS 126 dated 22 Apr 2013 (417 KB) [Cancelled with effect from 7 Dec 2015]
Related to this Notice
-
-
NoticesLast Revised Date: 30 September 2022
Notice 124 Public Disclosure Requirements
Public disclosure requirements for licensed insurers.
-
NoticesPublished Date: 29 June 2022
Notice FHC-N126 Enterprise Risk Management ("ERM")
Requirements and guidelines on enterprise risk management for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
-
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.
-
ConsultationsPublished Date: 19 February 2021
Consultation Paper on Proposed Revisions to Enterprise Risk Management, Investment and Public Disclosure Requirements for Insurers
To respond to the feedback received on the consultation paper on MAS' proposed revisions to the MAS Notices 124,125 and 126.
- Consultation number:
- P002-2021
- Start date:
- 19 February 2021
- Closing date:
- 19 March 2021
- MAS response date:
- 30 September 2022
- Status:
- Responded
-
GuidelinesPublished Date: 18 January 2021
Guidelines on Risk Management Practices – Technology Risk
Risk management principles and best practice standards to guide financial institutions in managing technology risk.
-
GuidelinesLast Revised Date: 05 October 2018
Guidelines on Outsourcing
Guidelines for financial institutions on risk management of outsourcing arrangements.
-
GuidelinesPublished Date: 19 July 2017
Guidance on Insurers' Own Risk and Solvency Assessments
Information paper outlining MAS' key observations from a review of the industry’s Own Risk and Solvency Assessment (ORSA) reports, with the aim of guiding insurers towards improving their respective ORSAs.
-
GuidelinesPublished Date: 01 July 2014
Guidelines on Risk Management Practices – Internal Controls
Guidance to financial institutions on sound practices for their internal control environment and business process controls.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices – Liquidity Risk
Guidelines for financial institutions on managing their liquidity risk.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices – Credit Risk
Guidelines for financial institutions on managing their credit risk.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices – Objectives and Scope
Articulates the objectives and scope of MAS’ Guidelines on Risk Management Practices.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices – Market Risk
Guidelines for financial institutions on managing their market risk.
-
ConsultationsPublished Date: 23 January 2013
Consultation Paper on Enterprise Risk Management for Insurers
This consultation paper sets out MAS proposals to introduce ERM requirements and guidelines for all licensed insurers (except captives and marine mutuals), to expand on MAS' expectations on how insurers identify and manage interdependencies between key risks, and how these should be translated into strategic management actions and capital planning.
- Consultation number:
- P002 - 2013
- Start date:
- 23 January 2013
- Closing date:
- 28 February 2013
- Status:
- Responded
-
CircularsPublished Date: 10 July 2006
ID 17/06 Internal Audit/Compliance Function and Head Office Oversight
Requests insurers to provide MAS with a copy of their Internal Audit and/or Compliance work plans and reports.