In the introduction to its Review of Requirements on Investment Activities of Insurers, the Monetary Authority of Singapore explains that with the growth of assets and corresponding increase in the investment activity of direct general insurers and reinsurers over the years, it was thought that the scope of the regulations governing them needed to be extended to match that of direct life insurers.
All insurers are expected to comply with the authority’s Guidelines on Risk Management – issued in 2006 – and to “maintain sound investment practice”, but direct life insurers have had to meet additional requirements, contained in so-called MAS Notice 317 on Asset Management of Life Insurance Funds, otherwise known as MAS Notice 317.
Comments are being taken until 28 Feb by the Insurance Department of MAS, either by post, email or fax. Via email, the address is investment_13@mas.gov.sg.
