Singapore’s financial regulator has published a list of four «domestic systemically important insurers» that will be subject to additional supervisory measures.
The Monetary Authority of Singapore (MAS) has published a list of four insurers deemed as domestic systemically important insurers (D-SIIs), according to a statement. They are AIA Singapore Private, Income Insurance, Prudential Assurance Company Singapore and the Great Eastern Life Assurance Company.
«Insurers whose failures are assessed to have a significant impact on the financial system and broader economy in Singapore will be formally designated as D-SIIs and subject to additional supervisory measures,» the regulator said.
Additional Measures
According to MAS, the additional measures «largely mirror those applicable to domestic systemically important banks». They include higher capital requirements as well as recovery and resolution preparedness. The overall D-SII framework will come into effect on 1 January 2024.
«Enhancing the D-SII framework is part of MAS’ continuous efforts to strengthen the resilience of Singapore’s financial sector. It ensures that domestic systemically important insurers are subject to higher regulatory standards and closer supervision,» said deputy managing director (financial supervision) Ho Hern Shin.
