On 4 November 2022, the Monetary Authority of Singapore (“MAS“) issued the “Consultation Paper on Amendments to the Insurance Act and the Insurance (Intermediaries) Regulations” containing its proposals to amend:
a. the Insurance Act 1966 (“IA“) to achieve four main objectives: (1) enhance MAS’ supervisory powers; (2) clarify MAS’ existing policy intent; (3) align with other IA provisions or MAS-administered Acts; and (4) reflect changes in policy intent; and
b. the Insurance (Intermediaries) Regulations (“IIR“) to align the regulations governing insurance brokers with other MAS-administered regulations.
The consultation ends on 13 January 2023.
This Update outlines certain key proposed changes to the IA and IRR.
For more information, click here to read the full Legal Update.
