Singapore: Detailed Assessment of Observance-Insurance Core Principles

International Monetary Fund

No 2013/343, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses findings of the Detailed Assessment of Observance on Insurance Core Principles on Singapore. The insurance industry in Singapore is growing, in particular the offshore nonlife sector. Gross premium of the sector has grown significantly by more than 80 percent in the last five years. The Monetary Authority of Singapore has made significant progress in improving the insurance regulatory regime and supervisory practice since the initial Financial Sector Assessment Program in 2004.The updated regulatory framework and supervisory practices have a significantly high level of observance of the Insurance Core Principles.

Keywords: ISCR; CR; risk management; parent company; chief executive; financial market; MAS guideline; line of business; MAS officer; risk assessment; MAS staff; MAS website; MAS power; MAS director; MAS supervisor; Insurance companies; Insurance; Corporate governance; Stress testing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Asia and Pacific; Global (search for similar items in EconPapers)
Pages: 90
Date: 2013-12-05
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