Regulatory Alerts2022-10-31
Added
Mitigating Measures against Fraud Incidents Involving Fraudsters Masquerading as Captive Insurers
The Monetary Authority of Singapore mandates captive insurers to implement specific measures to combat fraudsters impersonating them through fake websites. Insurers must conduct ongoing surveillance for fraudulent sites, notify MAS immediately upon discovery, and proactively establish a verifiable online presence with clear contact details. Additionally, captive insurers are required to report persistent complaint trends to the police and request the takedown of fraudulent websites from their hosts.