Singaporean regulator co-launches steering committee for the local insurance industry

It will monitor trends and identify emerging issues, collaborate with MAS on initiatives.

The Monetary Authority of Singapore (MAS), together with the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers’ Association (SRA), has established the Insurance Culture and Conduct Steering Committee (ICCSC) to foster sound culture and strengthen standards of conduct amongst insurers in Singapore, an announcement revealed.

MAS seeks to promote prudent risk-taking and robust risk management that support the insurer’s safety and soundness, and ethical business practices that safeguard consumer interest and ensure fair dealing, the regulator said in the press release.

ICCSC will monitor trends and identify emerging issues, collaborate with MAS on initiatives such as industry self- assessments and the development of good practice guides, and champion adoption of good practices by the insurance industry including distributors.

Manulife (Singapore) CEO Khoo Kah Siang will serve as ICCSC’s chairman, along with members from 12 other insurers in Singapore who have responsibilities in business, distribution, risk management, legal, compliance, operations and human resources.

“Long term success of the insurance industry is built on the premise that consumers can rely on recommended products and solutions to meet their needs,” said Khoo. “The right culture will foster the right conduct in employees and sales representatives - to do the right thing and serve the best interest of their customers.”