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.
Notices
Last Revised Date: 17 May 2013
Notice 504 Reporting of Misconduct of Broking Staff by Insurance Brokers
Requirements and template for reporting the misconduct of broking staff.
Fit and Proper Criteria
Notifications
Representative-related
Record Keeping
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Registered Insurance Broker
,
Exempt Insurance Broker
View Notice
Notice 504 Reporting of Misconduct of Broking Staff by Insurance Brokers
(139.4 KB)
This notice applies to all registered insurance brokers and exempt insurance brokers.
It sets out the responsibilities and reporting requirements of insurance brokers for misconduct committed by their broking staff, including:
Relevant information to include in the report.
Conduct of internal investigations and record keeping.
Disciplinary action taken.
Annual declaration through MAS-Tx if there is no misconduct to report.
17 May 2013
MAS Notice 504 (Amendment) 2013 (105.6 KB) takes effect.
This Compliance Toolkit is to guide and facilitate insurance brokers’ compliance with the various MAS approval and reporting requirements and timelines.
Requirements for financial institutions to report misconduct of broking staff and representatives
This consultation seeks views on the revised notices on misconduct reporting requirements.
Consultation number:
P002-2022
Start date:
19 April 2022
Closing date:
20 May 2022
MAS response date:
30 December 2025
Proposed revisions to requirements for the submission of misconduct reports and proposals to mandate FIs to conduct and respond to reference checks on representatives.
Consultation number:
P012 - 2018
Start date:
06 July 2018
Closing date:
06 August 2018
MAS response date:
14 May 2021