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.
Natural Catastrophe Workgroup (Nat Cat WG)
The Natural Catastrophe Workgroup (Nat Cat WG) was formed in 2012 to advise the Monetary Authority of Singapore (MAS) on the development of Singapore as a leading natural catastrophe (re)insurance market in Asia. Arising from this WG, two sub-workgroups were formed – a regulatory sub-workgroup to advise on the design and development of the regulatory framework for catastrophe risks, as well as a developmental sub-workgroup that seeks to propose specific strategies and initiatives to support the development of Singapore as the primary natural catastrophe marketplace in Asia.
The workgroup is chaired by an MAS officer, and comprises members from the Singapore Reinsurers’ Association; General Insurance Association; Singapore Actuarial Society; Institute of Catastrophe Risk Management as well as representatives from Lloyd’s, a reinsurance broking firm and a catastrophe modelling firm.