The Monetary Authority of Singapore (MAS) has called on life insurers to continue doing well the important social role they play in society, as it works on ensuring insurance companies stay healthy.

The executive director of the insurance department, Ms Loo Siew Yee, said that insurers help to provide social protection for those hit with a misfortune, easing the financial burdens of those affected.

Speaking at the Life Insurance Association's (LIA) lunch on Wednesday, she added that life insurers provide people with savings and wealth management options, as well as promote economic progress.

While noting that life insurers here are facing more challenges, like changing demographics, cyber risks and regulatory changes, Ms Loo encouraged industry players to work with MAS to come up with sound market conduct practices and serve society.

One change that's on the way is the revision of the risk-based capital framework guiding insurance companies.

Revised proposals for the framework would explore the risk calibration methodology for insurers.

A new consultation paper will be issued by MAS before the end of this month.

The consultation will be open for three months and insurers will have to submit their feedback and reports on how the new framework may impact them.