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.
Notices
Last Revised Date: 06 November 2020
Requirements for insurers when granting an unsecured non-card credit facility to an individual.
Credit Cards and Unsecured Credit
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (General)
,
Direct Insurer (Composite)
View Notice
Notice 118 Unsecured Credit Facilities to Individuals
(232.7 KB)
This notice applies to all direct insurers in Singapore. It sets out the requirements a direct insurer has to comply with when granting an unsecured non-card credit facility to an individual.
06 November 2020 Notice 118 (Amendment No.2) 2020
(238.6 KB) takes effect from 9 November 2020.
05 May 2020 Notice 118 (Amendment) 2020
(470.7 KB) takes effect from 6 May 2020.
30 May 2017 Notice 118 (Amendment) 2017 (211.7 KB) takes effect from 1 Jun 2017.
27 May 2015
Notice 118 (Amendment) 2015 (54.6 KB) takes effect from 1 Jun 2015.