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MAS risk-based capital framework consultation.
(From Insurance Day)
Byline: Edward Ion
THE Monetary Authority of Singapore (MAS), the republic's insurance industry regulator, on Friday released a consultation paper on a proposed risk-based capital framework for insurance business.
MAS proposes to adopt a risk-based capital (RBC) framework, which was formulated in close consultation with insurance practitioners and representatives from the actuarial and accounting professions.
The regulator said a new framework is needed for the insurance sector because companies are facing greater challenges in their businesses, particularly in terms of volatility of assets and diversity of insurance risks, as well as keener competition from other financial institutions.
In a statement, MAS said: "While the existing statutory solvency framework has served its purpose well, it is not transparent or risk-focused enough to reflect the true financial conditions of insurance companies in the new environment.
"The proposed risk-focused framework is based on emerging international standards and good practices in developed countries. It ...
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