News

MAS Seeks Comments on Proposed Regulatory Framework for Accident & Health Insurance 
Posted on Thursday, October 16, 2003 - 10:00 PM

The Monetary Authority of Singapore (MAS) today (16 October 2003) released a consultation paper on the proposed regulatory framework for accident & health insurance (A&H) and invites public comments.

2. MAS first sought the public's comments on an A&H framework in August 2002. This consultation paper incorporates feedback from the August 2002 consultation and includes details on the operations of the revised framework.

3. This consultation paper focuses on the operational details of the framework and aims to:

• describe the scope of the proposed regulatory framework for A&H insurance business
• explain the re-classification of life and general insurance business
• explain the activities that insurers and insurance intermediaries are allowed to undertake
• detail the operational requirements of A&H insurance products' sales process - disclosure, fact-finding, and needs analysis
• describe the reporting and reserving requirements with respect to the proposed risk-based capital framework and
• present the Draft Notice on Disclosure and Advisory Process Requirements for A&H insurance products

4. To establish the proposed A&H regulatory framework, the Insurance Act will be amended. The proposed changes to the Act are expected to take effect on 1 January 2004.

5. The consultation paper is posted on the MAS website www.mas.gov.sg and comments should reach MAS by 17 November 2003. Interested parties may email their comments to hicon03@mas.gov.sg.

***************************

For the entire consultation paper, please go to our web site:

http://www.mas.gov.sg-> publications-> MAS Consultation Paper -> Consultation Paper on the Proposed Regulatory Framework for Accident & Health Insurance Business