SINGAPORE: AIA Singapore, Income Insurance, Prudential Assurance, and Great Eastern Life have been designated domestic systemically important insurers, in an inaugural list published by the Monetary Authority of Singapore on Thursday .
These measures include higher capital requirements for insurers. A 25 per cent capital add-on will apply, increasing its higher and lower supervisory intervention levels, as well as Common Equity Tier 1 and Tier 1 capital requirements. "Resolution planning will enhance MAS’ ability to ensure the timely and orderly restructuring or exit of an insurer if it fails, so as to minimise impact to the financial system and economy."
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