At the Life Insurance Association of Singapore (LIA) AGM held a few days ago, Mr Low Kwok Mun, Executive Director (Insurance Supervision) of MAS addressed a few things affecting the insurance industry in his speech. Some of his points include: Reminding the industry not to neglect the important social role which only insurers can play, […]
Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore. Two key changes being proposed include raising the coverage limit from S$20,000 to S$50,000 and also to provide coverage beyond the deposits of individuals and charities, to other non-bank depositors […]
Back in March 2009, MAS issued a consultation paper on the sale and marketing of unlisted investment products. MAS has carefully reviewed and considered feedback received on the consultation paper and published their responses to the feedback in two parts. MAS Review Part One MAS Review Part Two After careful consideration, MAS has decided to […]
Other than the insurance resolution, the other set of measure proposed by MAS to strengthen the protection of insurance policy owner is an enhancement of the Policy Owners’ Protection Fund (PPF) scheme. Just to recap, the PPF schemes for life and general insurance will compensate policy owners of life policies and compulsory insurance policies respectively, […]
The Monetary Authority of Singapore (MAS) announced a few days ago that it is reviewing two sets of measures in order to further strengthen the protection of insurance policy owners. One set of measures seeks to enhance MAS’ powers relating to the resolution of insurers in Singapore. This governs the power of MAS to act […]