MAS consults on new guidelines to MAS Notice 134 on Recovery and Resolution Planning
29 October 2024
On 25 September 2024, the Monetary Authority of Singapore (“MAS”) published a consultation paper seeking feedback on proposed new guidelines to provide further guidance and elaboration on the requirements set out in MAS Notice 134 on Recovery and Resolution Planning (“MAS Notice 134”). MAS Notice 134 sets out the recovery and resolution planning requirements applicable to notified insurers and notified designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed, or established in Singapore (“DFHCs (Licensed Insurer)”). The consultation closed on 25 October 2024.
The proposed guidelines to MAS Notice 134 will take effect, together with MAS Notice 134, on 1 January 2025. Feedback was sought on:
- the expectations on the governance of the recovery planning process, as well as the factors to be considered in the drafting of a recovery plan;
- the factors to be considered when identifying, formulating, and monitoring recovery triggers;
- the need to consider potential effectiveness and feasibility when establishing recovery options, as well as the level of detail to be included on each recovery option within the recovery plan;
- the expectations on the communication plan to address communications with relevant stakeholders when the recovery plan is triggered;
- the information requirements for resolution planning that should be maintained by a notified insurer and notified DFHC (Licensed Insurer);
- the expectations with regard to the management information systems that a notified insurer and notified DFHC (Licensed Insurer) should maintain; and
- the expectations on the operational continuity plan and arrangements that a notified insurer and notified DFHC (Licensed Insurer) should put in place.
Reference materials
The following materials are available on the MAS website www.mas.gov.sg: