Regulatory Alerts2010-11-26
Added · Updated
Notice 504 Reporting of Misconduct of Broking Staff by Insurance Brokers
Registered insurance brokers and exempt insurance brokers must report misconduct by their broking staff to the Monetary Authority of Singapore within 14 days of discovery using the Misconduct Report form via MASNET. Reportable misconduct includes fraud, dishonesty, failure to exercise due care, failure to satisfy fit and proper criteria, and other serious breaches resulting in regulatory non-compliance or severe internal disciplinary action. Brokers must also submit Update Reports for significant developments in ongoing cases and file an Annual Declaration of Nil Return if no misconduct occurred during the calendar year. This Notice replaces MAS 503 and takes effect on 1 January 2011.
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