Regulatory Alerts2013-11-29
Added · Updated
Notice 118: Requirements for Insurers Granting Unsecured Credit Facilities to Individuals
MAS Notice 118 establishes requirements for direct insurers granting unsecured non-card credit facilities to individuals, including a minimum annual income threshold of $20,000 for Singapore citizens and permanent residents. It mandates comprehensive credit bureau checks prior to issuing facilities or increasing credit limits, and requires verified income documentation. The Notice defines excluded credit facilities for specific purposes such as education, medical treatment, and renovation loans, while imposing caps on aggregate credit limits based on borrower income and outstanding unsecured amounts.
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