Singapore op risk charge many times greater than Solvency II
Increased capital charges for equity and credit spread risk are fine but the approach to operational risk is not wholly logical according to one Singapore CRO
The operational risk charge proposals for the second round of the Monetary Authority of Singapore's (MAS) risk-based capital charge (RBCII) are many times higher than the equivalent proposals put forward as part of the European Union's Solvency II regime, according to Ronnie Tan, chief risk officer of Singapore-based insurer Great Eastern Life.
Earlier this year the MAS proposed an overhaul of its
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