Insurers come under closer MAS watch over reinsurance contracts

Move comes after report by global body flags risks from exposure to alternative assets

- Claire Huang

Industry players here who sell their risks to reinsurers have been asked to submit the terms and conditions of their contracts to the Monetary Authority of Singapore (MAS).

MAS on Aug 26 told 300 participants of the Singapore Actuarial Senior Business Correspondent Society conference that it is monInsurers in Singapore will be more closely watched by the financial regulator, especially when it comes to reinsurance, or insurance for insurers.

Participants told The Straits Times that the regulator had made it clear that insurers who have such deals could be audited.

Typically, insurers buy reinsurance to recover some or all amounts paid out to claimants. In doing so, insurers ensure they are solvent.