Last Revised Date: 29 March 2022

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

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.