Introduction
On 4 November 2022, the Monetary Authority of Singapore
("MAS") issued the
"Consultation Paper on Amendments to the Insurance Act and
the Insurance (Intermediaries) Regulations" containing
its proposals to amend:
- the Insurance Act 1966 ("IA") to
achieve four main objectives: (1) enhance MAS' supervisory
powers; (2) clarify MAS' existing policy intent; (3) align with
other IA provisions or MAS-administered Acts; and (4) reflect
changes in policy intent; and
- the Insurance (Intermediaries) Regulations
("IIR") to align the regulations
governing insurance brokers with other MAS-administered
regulations.
The consultation ends on 13 January 2023.
This Update outlines certain key proposed changes to the IA and
IRR.
