On 26 July 2023, the Monetary Authority of Singapore (“MAS“) announced that insurance policy owners will have online options to nominate their beneficiaries. Amendments to the Insurance (Nomination of Beneficiaries) Regulations 2009, made via the Insurance (Nomination of Beneficiaries) (Amendment) Regulations 2023, will permit insurers to provide these alternative online options from 2 January 2024.
The current process for nominating beneficiaries involves hardcopy submissions with in-person witnessing. From 2 January 2024, insurers will be able to provide alternatives to in-person witnessing via online means under two approaches.
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