Regulatory Alerts2024-03-21
Added
Response to Feedback - Consultation Paper on Amendments to the Insurance Act and the Insurance (Intermediaries) Regulations
The Monetary Authority of Singapore issued this circular to acknowledge and respond to stakeholder feedback received on its November 2022 consultation regarding proposed amendments to the Insurance Act 1966 and the Insurance (Intermediaries) Regulations. The regulator confirmed that it has carefully considered the submissions and will incorporate appropriate feedback into the upcoming Insurance (Amendment) Bill and the revised regulations. While the specific amendment wordings will be consulted on at a later stage, the full response document is currently available on the MAS website for public reference.
Circular No. ID 05/24 20 March 2024 To Chief Executives [All Licensed Insurers] [Registered and Exempt Insurance Brokers] Dear Sir/Madam CONSULTATION PAPER ON AMENDMENTS TO THE INSURANCE ACT AND THE INSURANCE (INTERMEDIARIES) REGULATIONS - RESPONSE TO FEEDBACK On 4 November 2022, MAS issued a consultation paper to seek feedback on the proposed amendments to the Insurance Act 1966 and the Insurance (Intermediaries) Regulations (“IIR”). 2 MAS would like to thank all respondents for their feedback. We have carefully considered the feedback received and where appropriate, will incorporate them into the Insurance (Amendment) Bill and the IIR. We will consult on the proposed amendment wordings for both documents at a later stage. Our response to the feedback received is available on the MAS website1 . 1 https://www.mas.gov.sg/publications/consultations/2022/consultation-paper-on-amendments-to-theinsurance-act-and-the-insurance-intermediaries-regulations
2 3 Please contact your company’s liaison officer in MAS should you have any queries. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT