Regulatory Alerts2015-07-06
Added
Revision of MAS Notice 211
The Monetary Authority of Singapore issued Circular No. ID 13/15 to revise MAS Notice 211, which governs mandatory examination and non-mandatory best practice standards for direct general insurers. The revision clarifies that requirements apply to outsourced claims handlers and introduces fit and proper criteria regarding age, residency, and academic qualifications for general insurance agents. Additionally, the Notice separates and updates annexes listing acceptable professional qualifications, with the revised standards taking effect on 20 July 2015.
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