Ongoing regulatory changes in Singapore

As part of its continued effort to enhance the governance of the insurance industry in Singapore, the Monetary Authority of Singapore (MAS) has issued a number of new notices and guidelines in recent weeks.

Key elements include:

• Guidelines on risk management practices and enterprise risk management (ERM)
• Notice on investments of insurers
• Guidelines on use of internal models for liability and capital requirements for life insurance products containing investment guarantees with non-linear payouts
• Public disclosure requirements
• Revised regulations on corporate governance