Regulatory Alerts2017-04-19
Added
FAQs on Spreading and Capping of Commission Rules
The Monetary Authority of Singapore issued this circular to direct insurers to its newly published Frequently Asked Questions regarding the Spreading and Capping of Commission Rules. These FAQs provide guidance on the Financial Advisers and Insurance Remuneration Amendment Regulations 2017 which took effect on 1 April 2017. The document instructs chief executives to access the detailed guidance via the provided MAS website link and contact their liaison officer for further queries.
Circular No. ID 04/17 19 April 2017 To Chief Executives All Direct Life and Composite Insurers Dear Sir/Madam Frequently Asked Questions (FAQs) on the Spreading and Capping of Commission (“SCC”) Rules under the Financial Advisers (Remuneration) (Amendment) Regulations 2017 and the Insurance (Remuneration) (Amendment) Regulations 2017 Following the publication of the Financial Advisers (Remuneration) (Amendment) Regulations 2017 and the Insurance (Remuneration) (Amendment) Regulations 2017 to effect the SCC Rules on 1 April 2017, MAS has issued a set of Frequently Asked Questions (“FAQs”) for the above regulations. 2 The set of FAQs is available on the MAS website at the following link: http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulations-Guidance-andLicensing/Financial-Advisers/FAQs/2017/FAQs-on-Spreading-and-Capping-of-CommissionRules.aspx 3 If you have queries on this matter, please contact your company’s liaison officer in MAS. Yours faithfully [sent via MASNet] MS HO HERN SHIN EXECUTIVE DIRECTOR INSURANCE DEPARTMENT