30 October 2023

On 29 September 2023, the Monetary Authority of Singapore (“MAS”) published its Consultation Paper on New Notice for Recovery and Resolution Planning for Insurers and Proposed Enhancement of Resolution Powers for the Insurance Sector. The consultation closes on 31 October 2023.

On 29 October 2018, various provisions in the Monetary Authority of Singapore (Amendment) Act 2017 came into force, supported by the Monetary Authority of Singapore (Resolution of Financial Institutions) Regulations 2018, which enhanced the resolution regime for financial institutions in Singapore.

To augment the resolution regime for the insurance sector, MAS is seeking feedback on:

  • the proposed requirements on recovery and resolution planning that will be set out in a Notice on Recovery and Resolution Planning for Insurers; and
  • the proposed powers for a statutory bail-in regime for the insurance sector and to stay early termination rights of reinsurers.

These proposed enhancements take into consideration international standards by the Financial Stability Board (“FSB”). These standards are issued under FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions (“FSB KAs”) and the accompanying sector-specific guidance on the implementation of the FSB KAs for the insurance sector.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg: