Position paper on risk based capital framework 2 (RBC2)

April 23, 2019

An updated implementation of the second Risk Based Capital framework (RBC2) will be introduced by the Monetary Authority of Singapore due to evolving global regulatory landscapes. The new capital regime is expected to enhance risk assessments and more accurately reflect insurance companies’ businesses and their risks profiles.
The EuroCham Financial Services committee provided substantial feedback to the Monetary Authority of Singapore in anticipation of this planned implementation of RBC2, representing the views of the European insurers operating in Singapore, to complement the consultation process conducted by MAS.
European insurers and reinsurers with a presence in Singapore have contributed feedback relating to RBC2 in terms of how risk is measured and balanced as part of their long term business, including the treatment of collateral, derivatives, internal models, and structured products. Members of the financial services committee have also provided feedback relating to how the RBC2 framework could converge slightly towards the European insurance regulation Solvency II, and also provided inputs on the new international insurance accounting standard IFRS 17 as well.
Despite the uncertainty on the implementation timeline, insurers and reinsurers will plan and review the portfolio arrangements and asset allocation to optimise capital, improve efficiency, and to better prepare for regulatory changes and consumer needs.

Please contact info@eurocham.org.sg for more information.

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