Regulatory Alerts2020-04-16
Added · Updated
MAS Notice 117 Training and Competency Requirement: Health Insurance
Direct insurers, direct insurance brokers, exempt direct insurance brokers, licensed financial advisers, and exempt financial advisers must ensure that individuals providing advice on or arranging health insurance products pass the health insurance module conducted by the Singapore College of Insurance. Entities employing or appointing such individuals are prohibited from accepting or passing on business from non-compliant persons, subject to specific exclusions for prior experience or alternative module passes. Additionally, individuals advising on shield plans must complete a minimum of 2 hours of structured continuing professional development training annually by the end of each calendar year, with entities required to retain written records of compliance for five years.
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