Notices
Notice 133 Valuation and Capital Framework for Insurers
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.
This Notice is issued following the RBC 2 review and comprises both mandatory requirements and guidelines on the supervisory intervention levels, valuation of policy liabilities in respect of life business and general business, and the calculation of the total risk requirements and financial resources. Existing technical details on valuation of assets and liabilities, as well as the computation of financial resources and risk requirements in the Insurance (Valuation and Capital) Regulations 2004, MAS Notice 319, and Guidelines ID 1/04 have been moved to this Notice.
Section 1 of this Notice applies to all licensed insurers. Sections 2 to 5 of this Notice apply to all licensed insurers except captive insurers, marine mutual insurers and special purpose reinsurance vehicles (“SPRVs”). Section 6 of this Notice applies to captive insurers, marine mutual insurers and SPRVs only.
Amendment Notes
- 19 Dec 2022
- MAS 133 (Amendment No.2) 2022 (1.84 MB) takes effect on 31 Dec 2022.
- 29 Mar 2022
- MAS 133 (Amendment) 2022 (1.48 MB) takes effect on 31 Mar 2022.
- 28 Jun 2021
- MAS 133 (Amendment) 2021 (1.5 MB) takes effect on 1 Jul 2021.
- 23 Dec 2020
- MAS 133 (Amendment) 2020) (1.85 MB) takes effect on 31 Dec 2020.
Related to this Notice
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GuidancePublished Date: 28 September 2023
Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Direct Insurers and Reinsurers
This Compliance Toolkit is to guide and facilitate direct insurers and reinsurers’ compliance with the various MAS approval and reporting requirements and timelines.
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NoticesLast Revised Date: 30 September 2022
Notice 125 Investments of Insurers
Requirements and principles that govern insurers' investment activities.
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CircularsPublished Date: 30 June 2021
ID 11/21 Consequential Amendments To Notices Arising From The Banking (Amendment) Act 2020
Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.
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CircularsPublished Date: 24 December 2020
ID 40/20 Guidelines on the Preparation of the Actuarial Investigation Report and Updates to Notice 133
Informs licensed insurers on new guidelines on the preparation of the actuarial investigation report and changes to Notice 133
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GuidelinesPublished Date: 23 December 2020
Guidelines on the Preparation of Actuarial Investigation Report (ID 01/20)
To provide guidance on the information that should be disclosed when an actuary prepares a report referred to in section 37(1)(b) of the Act (an “actuarial investigation report”).
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GuidelinesLast Revised Date: 06 March 2020
Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products Containing Investment Guarantees with Non-Linear Payouts [ID 01/13]
Guidelines for insurers seeking exemption to use internal models to determine the regulatory liability and capital requirements for life insurance products with investment guarantees which have non-linear payouts.
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CircularsPublished Date: 28 February 2020
ID 07/20 Issuance of Insurance (Valuation And Capital) (Amendment) Regulations 2020 and New MAS Notice 133 on Valuation and Capital Framework for Insurers
Informs all licensed insurers of the issuance of the Insurance (Valuation and Capital) (Amendment) Regulations 2020 and new MAS Notice 133 on Valuation and Capital Framework for Insurers
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Subsidiary LegislationPublished Date: 22 April 2019
Deposit Insurance and Policy Owners' Protection Schemes (Policy Owners' Protection) (Scheme Returns)
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Subsidiary LegislationPublished Date: 19 December 2018
Insurance (General Provisions and Exemptions for Marine Mutual Insurers) Regulations 2018
Sets out requirements for direct general insurers licensed to write marine mutual insurance business.
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Subsidiary LegislationPublished Date: 19 December 2018
Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018
Sets out requirements for reinsurers established as special purpose reinsurance vehicles for purposes of insurance securitisation.
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ConsultationsPublished Date: 15 July 2016
Consultation Paper on RBC 2 Review - Third Consultation
The third public consultation paper on MAS’ review of the Risk-Based Capital framework for insurers sets out the revised proposals after taking into account the feedback received from the previous consultation in 2014 and subsequent engagements with the industry.
- Consultation number:
- P007 - 2016
- Start date:
- 15 July 2016
- Closing date:
- 20 October 2016
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ConsultationsPublished Date: 26 March 2014
Consultation Paper on RBC 2 Review - Second Consultation
This consultation paper sets out more specific proposals, following the first consultation of the roadmap for MAS’ review of the RBC framework in June 2012. The consultation paper also contains the detailed technical specifications for insurers to conduct a full scope Quantitative Impact Study (“QIS”) to fully understand the impact of RBC 2.
- Consultation number:
- P003 - 2014
- Start date:
- 26 March 2014
- Closing date:
- 30 June 2014
- MAS response date:
- 15 July 2016
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Subsidiary LegislationPublished Date: 18 April 2013
Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018
Sets out requirements for captive insurers licensed under the Insurance Act (Cap.142).
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ConsultationsPublished Date: 11 July 2011
Consultation Paper on Proposed Revisions to the Risk Based Capital Framework - Financial Resources Adjustment Reinsurance Adjustment C2 Risk Requirements
This consultation paper sets out MAS review of areas relating to credit risks arising from insurance contracts, and contagion risk arising from intra-group transactions. The proposals touch on changes to the financial resources adjustment, the reinsurance adjustment and the C2 risk requirements under our RBC framework.
- Consultation number:
- P006 - 2011
- Start date:
- 11 July 2011
- Closing date:
- 11 August 2011
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GuidelinesLast Revised Date: 03 January 2008
Valuation of Policy Liabilities of General Business [ID 1/04]
Guidelines for valuation of general insurance policy liabilities, and for preparing an actuarial investigation report for general insurance business.