Regulatory Alerts2024-01-03
Added · Updated
Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk
The Monetary Authority of Singapore requires insurers to establish a risk management framework covering strategy, structure, and policies to manage insurance fraud risk. Insurers must report any suspected or confirmed fraud cases to the Monetary Authority of Singapore no later than 5 working days upon discovery if the incidents are material to the safety, soundness, or reputation of the insurer. The guidelines mandate that insurers implement client acceptance policies, conduct background checks on intermediaries, provide regular anti-fraud training, and maintain detailed records of fraud suspicions and investigations.