Industry Initiatives
The Singapore Reinsurers' Association is represented on various industry-wide committees and workgroups that have been formed to address various industry-related issues. These committees include:
Contract Certainty Workgroup (CCWG)
The Contract Certainty Working Group (CCWG) was formed in 2011 and comprises representatives from the Singapore Reinsurers' Association, Lloyd’s Asia, General Insurance Association of Singapore, Life Insurance Association of Singapore and the Reinsurance Brokers' Association of Singapore.
The objective of contract certainty is to provide clarity for all parties to a reinsurance contract on the terms and conditions of the policy prior to inception or renewal, and that full documentation of the risk and risk acceptance is properly maintained by all parties. Since July 2013, the CCWG has been monitoring and reviewing the collection of contract certainty data submitted through the Contract Certainty Portal (www.contractcertainty.sg) from all in-scope firms on a monthly basis, with the aim of achieving at least 85% contract certainty.
The CCWG meets monthly to review the contract certainty performance of the industry, and initiate programmes aimed at improving the performance and compliance of in-scope firms. The CCWG also meets up regularly with officials from the Monetary Authority of Singapore, which also closely monitors the industry CCWG performance.
Insurance Culture and Conduct Steering Committee (ICCSC)
The Insurance Culture and Conduct Steering Committee (ICCSC) was established in December 2019 as an industry initiative involving the Monetary Authority of Singapore (MAS) with General Insurance Association (GIA), Life Insurance Association Singapore (LIA Singapore) and Singapore Reinsurers’ Association (SRA) as founding members, to foster sound culture and strengthen standards of conduct among insurers in Singapore. The Association of Financial Advisers (AFAS) and Singapore Insurance Brokers Association (SIBA) joined ICCSC subsequently.
The ICCSC, chaired by Dr Khoo Kah Siang, Chief Executive Officer, Manulife (Singapore), comprises members from 11 insurers, reinsurers, brokers, financial advisory and consultancy firms in Singapore. These members have responsibilities in business, distribution, risk management, and compliance. It monitors trends and identifies emerging issues, collaborates with MAS on initiatives such as industry self-assessments and the development of best practice guides, and champions adoption of good practices by the insurance industry including distributors.
