Regulatory Alerts2020-11-06
Added
Notice 118: Requirements for Insurers Granting Unsecured Credit Facilities to Individuals
The Monetary Authority of Singapore issued Notice 118 to establish compliance requirements for direct insurers in Singapore when granting unsecured non-card credit facilities to individuals. This regulatory notice applies to direct life, general, and composite insurers and mandates adherence to specific standards under the Insurance Act. The document outlines the operational obligations insurers must fulfill to ensure proper governance and risk management in these credit arrangements.
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