About the 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. The CCWG will begin collection of data from all in-scope firms from July 2013.

Scope

This initiative applies to all reinsurance contracts entered into by an MAS-regulated insurer or reinsurer, or arranged through an MAS-regulated intermediary.

Definition of Contract Certainty

Contract Certainty is achieved by the complete and final agreement of all terms and signed lines between the reinsured and the reinsurer by the time they enter the contract. Contract documentation shall be provided to all parties within 30 days of the reinsurer’s risk inception or the reinsured’s order to bind whichever is later.