SINGAPORE - Four insurers have been named as “systemically important” to Singapore, in a new move that will subject them to higher regulatory standards and closer supervision, given that their collapse would significantly affect the country’s economy. They are AIA Singapore, Income Insurance, Prudential Assurance Company Singapore and Great Eastern Life Assurance Company. The Monetary Authority of Singapore, in unveiling...
SINGAPORE - Four insurers have been named as “systemically important” to Singapore, in a new move that will subject them to higher regulatory standards and closer supervision, given that their collapse would significantly affect the country’s economy.
Currently, the framework is in place for seven domestic systemically important banks: Citibank, DBS, UOB, OCBC, Standard Chartered, Maybank and HSBC. A recovery plan would bolster an insurer’s ability to restore its financial strength and viability in a period of distress, said MAS, while a resolution plan would enhance the regulator’s ability to ensure the timely and orderly restructuring or exit of an insurer if it fails. This will minimise the impact to the financial system and economy.
Basically, the larger the firm and its share of domestic activity, the higher the likelihood that its failure or distress will negatively affect the domestic economy and financial markets. In response to a public consultation on the enhanced framework, which closed on Nov 30, 2022, MAS said the framework does not aim to assess the probability of an insurer’s failure.
MAS will monitor developments in the financial system as well as international assessment methodologies to ensure that the framework remains appropriate, and will make refinements when required.
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