ACTOMATE
RBC SINGAPORE
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Introduction
This Notice is issued pursuant to section 18 and 64(2) of the Insurance Act (Cap. 142) [“the Act”] and comprises both mandatory requirements and guidelines on the supervisory intervention levels, valuation of policy liabilities in respect of life business and general business, and the calculation of the total risk requirements and financial resources.
Applicability
This Notice applies to all licensed insurers, including:
captive insurers
marine mutual insurers
special purpose reinsurance vehicles (“SPRVs”).
Requirements
An insurer must at all times maintain its fund solvency requirement at the adjusted fund level and the capital adequacy requirement at the company level. At the company level, the insurer must calculate its Capital Adequacy Ratio (“CAR”) determined in accordance with Section 5 as Financial Resources ("FR") divided by Total Risk Requirement ("TRR") determined in accordance with Section 4.
Effective Date
MAS Notice 133 (Amendment) 2024 dated 14 June 2024 is effective from 30 June 2024.
PRACTICE LEADER
Nicholas Yeo
FIA C. Act FASM FSA FSAS CIA FASHK
Founder & Actuary
Nicholas founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of the strategic, operational, governance, and risk management aspects of the business.
Nicholas has developed various technologies and software applications, including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, PAA Robot, and Sallesillus Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence, and data analytics.
Nicholas has 20 years of experience in actuarial work, including life insurance, family takaful, general insurance, general takaful, employee benefits, pensions, social security, medical insurance, reinsurance, and Insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdictions across Asia.
Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is also a Certified Internal Auditor from The Institute of Internal Auditors.