MAS will accept comments on the Risk-Based Capital framework for insurance business till 25 August 2012.
The Monetary Authority of Singapore (MAS) released a consultation paper on the review of the Risk-Based Capital (RBC) framework for insurance business.
The RBC framework was first introduced in Singapore in 2004. It adopts a riskfocused approach to assessing capital adequacy and seeks to reflect the relevant risks that insurance companies face. MAS is reviewing the framework, given evolving market practices in the insurance industry and in international accounting and regulatory standards. The review aims to improve the comprehensiveness of the risk coverage and risk sensitivity of the framework, and is not expected to result in a significant overhaul to the current framework.
The consultation paper seeks feedback on the additional risks to be included, the methodology to better calibrate the risks covered, as well as the implementation schedule.
It is available on the MAS website (www.mas.gov.sg) and comments should reach MAS by 25 August 2012. Interested parties may email their comments to rbc2con@mas.gov.sg.
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