Notices
Notice 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 31 Mar 2020]
Requirements and guidelines on the valuation and reporting of policy liabilities.
Issued pursuant to:
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
,
Reinsurer (Life)
,
Reinsurer (Composite)
This notice applies to all insurers licensed to carry on life business, except captive insurers.
It sets out:
- Mandatory requirements on the valuation of policy liabilities relating to the life business.
- Guidelines on valuation of policy liabilities relating to the life business.
Amendment Notes
- 05 Mar 2020
- MAS 319 dated 24 Aug 2004 (416.4 KB) take effect from 31 Mar 2020
- 22 Apr 2013
- Notice 319 (Amendment) 2013 (78.5 KB) takes effect.
- 24 Aug 2004
- Notice 319 dated 24 Aug 2004 (33.9 KB)
Related to this Notice
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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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Subsidiary LegislationLast Revised Date: 31 March 2020
Insurance (Valuation and Capital) Regulations 2004
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.
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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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Subsidiary LegislationPublished Date: 19 December 2018
Insurance (Accounts and Statements) Regulations 2018
Applies to all licensed insurers, except for captive insurers, marine mutual insurers and Special Purpose Reinsurance Vehicles. It sets out the requirements for insurers to submit returns to MAS.
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Subsidiary LegislationPublished 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.