Proposed Group-Wide Regulatory Supervision of Banks and Insurance Companies

26 Feb 2012

The Monetary Authority of Singapore (“MAS”) recently announced plans to develop a regulatory framework for financial groups. In Singapore, such financial groups are typically headed by a financial institution such as a bank or an insurance company, or by a non-operational holding company commonly referred to as a financial holding company (“FHC”). 

In relation to this, two consultation papers were published by MAS.  The first, titled “Regulatory Framework for Financial Holding Companies”, discusses a new regime for FHCs which have at least one Singapore-incorporated bank or insurance company within the group. The other consultation paper, titled “Insurance Group-wide Supervision”, relates to group-wide supervision of insurance operations. 

To read the update, please click here.