Module 1: Advanced Capital Modelling
This module provides an advanced overview of the RBC framework and solvency levels, including RBC development, solvency requirements, intervention levels, Capital Adequacy Ratio, Financial Strength Ratio, Tier 1 capital and CET considerations. It will examine the detailed risk requirement modules under RBC2, including insurance risks such as mortality, morbidity, dread disease, expense and persistency risks, as well as market risks such as equity risk, interest rate mismatch, counterparty risk and credit spread risk. The module will also cover operational risk, correlation, diversification, aggregation approaches, financial resources, regulatory adjustments, capital add-ons and supervisory interventions.
Module 2: Stress Testing & Scenario Analysis
This module examines the role of stress testing and scenario analysis under RBC2, including MAS expectations on stress testing, Insurance-Wide Stress Testing and ORSA requirements. Participants will explore reverse stress testing for tail risks and consider how insurers can assess vulnerabilities under severe but plausible scenarios. The module will include case study discussions on catastrophic event simulation for life and non-life insurers, as well as a practical workshop on building multi-scenario stress testing models and identifying appropriate management actions.
Module 3: Liability Valuation & Complex Adjustments
This module focuses on advanced liability valuation issues under RBC2, including discounting techniques, risk-free rates and participating fund discount rates. It will also cover matching adjustment, volatility or illiquidity premium considerations, and their implications for RBC assessments. Participants will examine contract boundaries and interactions with IFRS 17, including differences relating to discount rates, expenses and contract boundary treatment. The module will include a workshop on valuation under stressed market conditions, with reference to how RBC results may be affected during and after market stress events.
Module 4: Capital Optimisation & Strategic Responses
This module explores how insurers can use RBC2 insights to support capital planning and strategic decision-making. Topics include capital levels, fungibility and transferability issues, corporate planning, intra-group considerations, product strategy based on RBC considerations, product capital intensity, reinsurance optimisation, governance requirements and the impact of reinsurance on capital outcomes. The module will also examine regulatory and accounting arbitrage considerations, asset-liability management under RBC2 constraints, duration matching, foreign exchange matching, investment risk hedging, participating fund management and unit-linked fund management.
Module 5: Global Regulatory Alignment
This MAS-led module will examine how Singapore’s RBC2 framework compares with selected international regulatory regimes, including the Insurance Capital Standard, Solvency II and China’s C-ROSS. It will consider the implications for cross-border insurance groups, conglomerates and insurers operating across multiple jurisdictions. The session will also provide perspectives on MAS supervisory priorities and emerging regulatory developments relevant to insurers.
Module 6: Governance, Risk Appetite & Case Studies
This MAS-led module focuses on governance, risk appetite and supervisory expectations under RBC2. Participants will examine how insurers can build an enterprise-wide risk and capital governance framework and link RBC2 more effectively with risk appetite statements, ERM frameworks and board-level oversight. The module will include case studies on MAS regulatory reviews and industry responses, followed by a panel discussion or group exercise on how insurers should respond to supervisory challenges.
