Revised MAS Notices 133 and FHC-N133 for Insurers

MAS Guidelines

Published March 16th, 2026

Detected March 23rd, 2026

Summary

The Monetary Authority of Singapore (MAS) has issued revised Notices 133 and FHC-N133 for insurers. These revisions introduce the proposed equity counter-cyclical adjustment (CCA) and update capital treatment for structured products and infrastructure investments.

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What changed

The Monetary Authority of Singapore (MAS) has revised Notices 133 and FHC-N133, impacting direct insurers, reinsurers, and financial holding companies. Key changes include the introduction of the equity counter-cyclical adjustment (CCA) and updated capital treatment for structured products and infrastructure investments. These revisions are part of the enhanced valuation and capital framework for licensed insurers.

Insurers and financial holding companies must review and implement these updated valuation and capital requirements. While a specific compliance deadline is not explicitly stated in this notice, the effective date of the revised notices is March 16, 2026. Failure to comply with these revised prudential and supervisory requirements could result in regulatory action by MAS.

What to do next

Review and implement revised Notice 133 and Notice FHC-N133
Update capital treatment for structured products and infrastructure investments
Incorporate equity counter-cyclical adjustment (CCA) into capital calculations

Source document (simplified)

Decrease font size Increase font size Print this page Circulars Published Date: 16 March 2026

ID 05/26 Issuance of Revised Notice 133 and Notice FHC-N133

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.
- Prudential and Supervisory Requirements
- Valuation and Capital
Applies to: Direct Insurer (Life), Direct Insurer (General), Direct Insurer (Composite), Reinsurer (Life), Reinsurer (General), Reinsurer (Composite), Financial Holding Company (Insurance)
View Document ID 05/26 Issuance of Revised Notice 133 and Notice FHC-N133 (156 KB)

Notice FHC-N133 sets out the valuation and capital requirements for a Designated Financial Holding Company (Licensed Insurer) based on the enhanced valuation and capital framework (“RBC 2”) consolidation approach.
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.