FRS 117 vs MAS’ Risk-Based Capital 2 (Part 4)
TAKEAWAYS The third article of the series by the IFRS 17 working group, published in the December 2022 issue of this journal, in collaboration with the committee members of the Singapore Actuarial Society (SAS) Life IFRS 17 Workgroup, explored specific considerations around the measurement of insurance liabilities for life insurance business under FRS 117 Insurance Contracts (FRS 117) and […]
FRS 117 vs MAS’ Risk-Based Capital 2 (Part 3)
TAKEAWAYS The measurement of insurance liabilities under the Risk-Based Capital 2 (RBC 2) framework is mainly prescribed in the Insurance (Capital and Valuation) Regulations 2004 and MAS Notice 133 Notice on Valuation and Capital Framework for Insurers. Under FRS 104 Insurance Contracts (FRS 104), many insurers align the measurement basis for MAS reporting and the statutory financial statements, […]
FRS 117 vs MAS’ Risk-Based Capital 2 (Part 2)
TAKEAWAYS The first article of the series by the IFRS 17 Working Group, published in the July issue of this journal, provided an overview of the differences between FRS 117 Insurance Contracts (FRS 117) and the reporting and solvency requirements under the Risk-Based Capital 2 (RBC 2) framework prescribed by the Monetary Authority of Singapore (MAS). The […]
Understanding our Minds Better, Enhancing our Well being
TAKEAWAYS “It is okay to not be okay” is now a phrase that is commonly associated with mental wellness; more specifically, it pertains to seeking help and talking to others about what’s affecting our mental wellbeing. What’s the difference between mental wellness and mental health? According to the Singapore Association for Mental Health, being mentally well means […]
Healthy Eating and Mindfulness for busy professionals
TAKEAWAYS Professionals lead increasingly stressful and hectic lives, juggling a myriad of commitments and responsibilities in their respective capacities as an employer or employee, a parent, child, and so on. With the growing pace of change brought about by the shorter economic cycles, advancement in technology and drastic climate shifts etc, professionals have to also […]
FRS 117 vs MAS’ Risk-Based Capital 2 (Part 1)
TAKEAWAYS For insurers in Singapore, 1 January 2023 will represent the beginning of a new era as FRS 117 Insurance Contracts (FRS 117) will finally come into effect, which would affect the preparation of statutory financial statements. The new accounting standard brings greater comparability and transparency on the profitability of new and in-force businesses and will give […]
