Regulatory Alerts2013-05-17
Added
Notice 504 Reporting of Misconduct of Broking Staff by Insurance Brokers
The Monetary Authority of Singapore issued Notice 504 to mandate registered and exempt insurance brokers to report misconduct committed by their broking staff. The notice outlines specific reporting requirements, including the submission of relevant information, details of internal investigations, and disciplinary actions taken. It also requires an annual declaration via MAS-Tx to confirm whether any misconduct occurred during the reporting period.
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