Regulatory Alerts1995-01-31
Added
MAS Notice 108: Staff Agency Business
The Monetary Authority of Singapore issued this notice to require insurers to exercise underwriting prudence and prevent conflicts of interest in staff agency business. Insurers are prohibited from paying commissions to principal officers, directors, senior executives, or other staff members unless specific independent underwriting conditions are met. Additionally, staff receiving commissions must be excluded from claims assessment, and companies must maintain a detailed register of all staff agencies.
Topics
Share