Regulatory Alerts2024-01-10
Added
Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk
The Monetary Authority of Singapore issued these guidelines to establish risk management practices for identifying and mitigating insurance fraud exposure. The document mandates that insurers embed specific principles within their risk management frameworks to effectively prevent and detect fraudulent activities. It supersedes the previous version dated 1 November 2012 and takes effect on 10 January 2024.
Guidelines
Last Revised Date: 10 January 2024
These guidelines apply to all insurers.
They set out:
Risk management practices to identify and mitigate insurers' exposure to the risk of insurance fraud.
Principles that should be embedded in a risk management framework.
10 Jan 2024 Previous version dated 1 Nov 2012 (336.3 KB) takes effect. (Cancelled with effect from 10 Jan 2024)
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Articulates the objectives and scope of MAS’ Guidelines on Risk Management Practices.
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