Regulatory Alerts2022-03-22
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Publication of Best Practice Papers by the Insurance Culture and Conduct Steering Committee
The Monetary Authority of Singapore issued Circular No. ID 03/22 to encourage insurers and intermediaries to adopt best practices released by the industry-led Insurance Culture and Conduct Steering Committee. The ICCSC published two papers on culture and conduct regarding human resources and corporate governance, with a third paper on life insurance intermediaries scheduled for April 2022. MAS urges all market participants to study these guidelines to reinforce customer trust and strengthen standards of conduct within the Singapore insurance sector.
Circular No. ID 03/22 22 March 2022 To Chief Executives of all Insurers, Licensed Financial Advisors, Registered Insurance Brokers Dear Sir/Madam PUBLICATION OF BEST PRACTICE PAPERS BY THE INSURANCE CULTURE AND CONDUCT STEERING COMMITTEE (ICCSC) The industry-led ICCSC was established in December 2019 to foster sound culture and strengthen standards of conduct in the Singapore insurance sector. On 22 March 2022, the ICCSC released two papers on culture and conduct best practices in the areas of human resources and corporate governance. A third paper on life insurance intermediaries is targeted for release in April 2022. 2 For more information, please refer to ICCSC’s media release (https://www.lia.org.sg/news-room/media-releases/2022/higher-standards-of-culture-andconduct-from-insurance-industry/). 3 The papers provide useful guidelines and recommendations across different aspects of culture and conduct and will help reinforce customer trust in the insurance industry. MAS encourages all insurers and insurance intermediaries to study the papers and adopt the best practices and recommendations as appropriate. Yours faithfully (Sent via MASNET) DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT