MAS Notice 133: Insurer Valuation and Capital Framework

MAS Guidelines

Published March 16th, 2026

Detected March 23rd, 2026

Summary

The Monetary Authority of Singapore (MAS) has issued an amendment to Notice 133, which sets out the risk-based capital framework for licensed insurers, including asset and liability valuation requirements. This update consolidates existing technical details and takes effect on March 31, 2026.

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What changed

MAS Notice 133, concerning the valuation and capital framework for licensed insurers, has been amended with an effective date of March 31, 2026. This revision follows the RBC 2 review and consolidates previously dispersed technical details on asset and liability valuation, risk requirements, and financial resources into this single notice. The notice applies to various types of licensed insurers, with specific sections tailored to different entities.

Licensed insurers must review the updated Notice 133 to ensure compliance with the revised valuation and capital requirements. The amendments incorporate details from the Insurance (Valuation and Capital) Regulations 2004, MAS Notice 319, and Guidelines ID 1/04. Compliance officers should pay close attention to the specific sections applicable to their entity type and ensure all necessary adjustments to financial reporting and risk management practices are made by the effective date.

What to do next

Review updated MAS Notice 133 for changes to insurer valuation and capital framework requirements.
Ensure compliance with revised asset and liability valuation, risk requirement, and financial resource computation rules.
Update internal policies and procedures to align with the notice's requirements by the effective date.

Source document (simplified)

Decrease font size Increase font size Print this page Notices Last Revised Date: 16 March 2026

Notice 133 Valuation and Capital Framework for Insurers

Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
- Regulatory Submissions
- Financial Returns
- Licensing, Authorisation and Registration
- Prudential and Supervisory Requirements
- Valuation and Capital
Applies to: Direct Insurer (Life), Direct Insurer (General), Direct Insurer (Composite), Reinsurer (Life), Reinsurer (General), Reinsurer (Composite), Captive Insurer
View Notice Notice 133 Valuation and Capital Framework for Insurers (2.09 MB)

This Notice is issued following the RBC 2 review and comprises both mandatory requirements and guidelines on the supervisory intervention levels, valuation of policy liabilities in respect of life business and general business, and the calculation of the total risk requirements and financial resources. Existing technical details on valuation of assets and liabilities, as well as the computation of financial resources and risk requirements in the Insurance (Valuation and Capital) Regulations 2004, MAS Notice 319, and Guidelines ID 1/04 have been moved to this Notice.

Section 1 of this Notice applies to all licensed insurers. Sections 2 to 5 of this Notice apply to all licensed insurers except captive insurers, marine mutual insurers and special purpose reinsurance vehicles (“SPRVs”). Section 6 of this Notice applies to captive insurers, marine mutual insurers and SPRVs only.

16 Mar 2026 MAS 133 (Amendment) 2026 (1.84 MB) takes effect from 31 Mar 2026.

8 Dec 2025 MAS 133 (Amendment) 2025 (1.65 MB) takes effect from 1 Jan 2026.

14 Jun 2024 MAS 133 (Amendment) 2024 (1.53 MB) takes effect on 30 Jun 2024.

8 Dec 2023 MAS 133 (Amendment) 2023 (1.16 MB) takes effect on 31 Dec 2023.

19 Dec 2022 MAS 133 (Amendment No.2) 2022 (1.84 MB) takes effect on 31 Dec 2022.

29 Mar 2022 MAS 133 (Amendment) 2022 (1.48 MB) takes effect on 31 Mar 2022.

28 Jun 2021 MAS 133 (Amendment) 2021 (1.5 MB) takes effect on 1 Jul 2021.

23 Dec 2020 MAS 133 (Amendment) 2020 (1.85 MB) takes effect on 31 Dec 2020.

Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the proposed introduction of equity counter-cyclical adjustment (CCA), and the capital treatment for structured products and infrastructure investments, amongst others.
Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.
This Compliance Toolkit is to guide and facilitate direct insurers' and reinsurers’ compliance with the various MAS approval and reporting requirements and timelines.
Informs insurers on the amendments of Notice 133 and Notice FHC-N133 to include the additional criteria to recognise capital instruments issued by insurers as AT1 or Tier 2 Capital under the RBC 2 framework, subject to the condition that such capital instruments are sold only to persons who are not retail investors in Singapore from 1 January 2026.
Informs insurers on the issuance of the Response to Consultation Paper on the proposed enhancements to the RBC 2 capital treatment for investment in structured products and infrastructure investments for insurers under RBC 2 framework. View more