Introduction

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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.

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Applicability

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This Notice applies to all licensed insurers, including:

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• captive insurers​​​

• marine mutual insurers

• special purpose reinsurance vehicles (“SPRVs”).

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Requirements​

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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.

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Effective Date​

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MAS Notice 133 (Amendment) 2024 dated 14 June 2024 is effective from 30 June 2024.