Notices
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
Notice FHC-N133 sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.
Amendment Notes
- 16 March 2026
-
MAS Notice FHC-N133 (2.81 MB)
MAS Notice FHC-N133 Amendment 2026 takes effect on 31 Mar 2026 (2.84 MB)
- 08 December 2025
-
MAS Notice FHC-N133 (2.42 MB)
MAS Notice FHC-N133 Amendment 2025 (2.33 MB) takes effect on 1 January 2026.
- 15 November 2023
-
Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer) (2.3 MB)
takes effect on 1 Jan 2024.
Related to this Notice
-
CircularsPublished Date: 04 September 2026
ID 10/26 MAS Response to the Consultation Paper on Changes to the Group Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
Informs insurers on the issuance of the Response to Consultation Paper on the proposed changes to MAS Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer).
-
CircularsPublished Date: 16 March 2026
ID 05/26 Issuance of Revised Notice 133 and Notice FHC-N133
Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the proposed introduction of equity counter-cyclical adjustment (CCA), and the capital treatment for structured products and infrastructure investments, amongst others.
-
CircularsPublished Date: 08 December 2025
ID 15/25 Update to Notice 133 and Notice FHC-N133 on Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers
Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the additional criteria to recognise capital instruments issued by insurers as AT1 or Tier 2 Capital under the RBC 2 framework, subject to the condition that such capital instruments are sold only to persons who are not retail investors in Singapore from 1 January 2026.
-
CircularsPublished Date: 09 October 2025
ID 12/25 Response to Consultation Paper on Proposed Inclusion of Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers
Informs insurers on the issuance of the Response to Consultation Paper on Proposed Inclusion of Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers.
-
CircularsPublished Date: 25 August 2025
ID 10/25 Response to Consultation Paper on Proposed Equity Counter-Cyclical Adjustment for Insurers
Informs insurers on the issuance of the Response to Consultation Paper on Proposed Equity Counter-Cyclical Adjustment for Insurers.
-
ConsultationsPublished Date: 24 July 2025
Consultation Paper on Proposed Changes to the Group Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
This consultation paper sets out the proposed amendments to MAS Notice FHC-N133 on Valuation and Capital Framework for Designated Financial Holding Companies (Licensed Insurer).
- Consultation number:
- P011-2025
- Start date:
- 24 July 2025
- Closing date:
- 25 August 2025
- MAS response date:
- 04 September 2026
-
CircularsPublished Date: 24 July 2025
ID 07/25 Issuance of Consultation Paper on Proposed Changes to the Group Capital Framework for Designated Financial Holding Companies (Licensed Insurer)
Informs insurers of the issuance of the Consultation Paper on Proposed Changes to the Group Capital Framework for Designated Financial Holding Companies (Licensed Insurer).
-
CircularsPublished Date: 27 March 2025
ID 02/25 Consultation Paper on Proposed Equity Counter-Cyclical Adjustment and Inclusion of Additional Criteria for AT1 and Tier 2 Capital Instruments for Insurers
Informs insurers on the issuance of the Consultation Paper on Proposed Equity Counter-Cyclical Adjustment and Inclusion of Additional Criteria for AT1 and Tier 2 Capital Instruments for Insurers.
-
ConsultationsPublished Date: 27 March 2025
Consultation Paper on Proposed Equity Counter-Cyclical Adjustment and Inclusion of Additional Criteria for Additional Tier 1 and Tier 2 Capital Instruments for Insurers
This consultation paper sets out the proposed enhancements to the RBC 2 capital treatment for equity counter-cyclical adjustment and additional criteria for Additional Tier 1 and Tier 2 Capital for insurers under RBC 2 framework.
- Consultation number:
- P001 - 2025
- Start date:
- 27 March 2025
- Closing date:
- 28 April 2025
- MAS response date:
- 09 October 2025
-
CircularsPublished Date: 03 December 2024
ID 17/24 Amendments To MAS Notice FHC-N125 On Investment Activities
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N125 on Investment Activities.
-
NoticesLast Revised Date: 03 December 2024
Notice FHC-N125 Investment Activities
Requirements and principles on investment activities of designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
-
CircularsPublished Date: 29 April 2024
ID 09/24 Amendments To MAS Notice FHC-N126 On Enterprise Risk Management
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N126 on Enterprise Risk Management.
-
CircularsPublished Date: 07 December 2023
ID 16/23 Amendments to MAS Notice FHC-N129 on Returns
Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N129 on Returns. This is to take into account the valuation and capital requirements under MAS Notice FHC-N133.
-
NoticesLast Revised Date: 07 December 2023
Notice FHC-N129 on Returns
Requirements on the returns to be lodged with MAS for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore.
-
CircularsPublished Date: 15 November 2023
ID 13/23 Issuance of the Group Capital Notice for Designated Financial Holding Companies (Licensed Insurer) ("MAS Notice FHC-N133")
Informs all licensed insurers and Designated Financial Holding Companies (Licensed Insurer) of the issuance of Notice FHC-N133 which sets out the valuation and capital requirements for a DFHC (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.
-
ConsultationsPublished Date: 27 October 2022
Consultation Paper on Group Capital Framework for a Designated Financial Holding Company (Licensed Insurer)
This consultation paper sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) (“DFHC (Licensed Insurer)”) based on Risk Based Capital 2 consolidation approach.
- Consultation number:
- P010 - 2022
- Start date:
- 27 October 2022
- Closing date:
- 15 December 2022
- MAS response date:
- 28 July 2023
-
ActsPublished Date: 29 June 2022
Financial Holding Companies Act 2013
Regulates financial holding companies