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Singapore’s Financial Institutions Face New Risks as MAS Updates Framework

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The Monetary Authority of Singapore (MAS) has revised its Framework for Impact and Risk Assessment of Financial Institutions to strengthen risk management policies and enhance the resilience of financial institutions in the country.

Updated Framework Includes D-SII Framework and Policy Measures

The updated framework includes the domestic systemically important insurer (D- SII) framework and policy measures under Appendix 2, which aim to promote a more robust and resilient financial sector in Singapore. This is critical for maintaining economic stability and growth.

Background on MAS’ Updates

Last September, MAS published a consultation response on the D-SII framework, along with an inaugural list of D- SIIs that will take effect from January 2024. The regulator also launched a public consultation on a new notice for recovery and resolution planning for insurers (MAS Notice 134) in December 2023.

Key Provisions of MAS Notice 134

The notice applies to insurers that have been notified by MAS, which currently includes D- SIIs. Notified insurers are required to develop and implement recovery plans and resolution strategies to mitigate the impact of potential failures on the financial system.

Industry Implications

Industry players will be keenly watching how this new framework unfolds, as it is expected to have a significant impact on their risk management policies.

Next Steps

For further information on the MAS Framework for Impact and Risk Assessment of Financial Institutions, D- SII framework, and MAS Notice 134, please visit the MAS website at www.mas.gov.sg. Relevant reference materials include:

• Framework document
• ID 06/24 Inclusion of Domestic Systemically Important Insurers (D-SII) Framework in MAS’ Framework for Impact and Risk Assessment of Financial Institutions