Regulatory Alerts2020-07-06
Added
Annual Audits Conducted by ARB on Agents
The Monetary Authority of Singapore issued Circular ID 29/20 to support annual audits conducted by the Arbitration and Mediation Centre (ARB) on insurance agents under GIARR 2020. The regulator requires agents to fully cooperate with ARB and its appointed auditors by promptly providing all requested information. Insurers are reminded to take necessary steps to ensure their agents comply with these audit obligations to confirm adherence to the Insurance Act and relevant notices.
Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Circular No: ID 29/20 6 July 2020 To Chief Executives Direct General Insurers Dear Sir / Madam ANNUAL AUDITS CONDUCTED BY ARB ON AGENTS MAS supports the annual audits conducted by ARB on agents under Regulation 4.1(e) of GIARR 2020 as the objective of the audits is to assist insurers in confirming the compliance of their agents to the mandatory requirements of the Insurance Act (i.e. Part IIB on Insurance Intermediaries), MAS Notice 211 and GIARR. 2 MAS expects agents to cooperate fully with ARB and ARB’s appointed auditor. MAS would like to remind insurers to take steps such that their agents cooperate fully with ARB and ARB's appointed auditor in these audits, including to promptly provide the information requested by the auditor for the purpose of the audit. Yours faithfully (Sent via MASNET) DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT